Media attention on ADI Predictstreet licence "sensationalist", say Gambling Commissioner & Minister

A gambling licence approved at “record speed” in Gibraltar continues to attract media attention, with questions raised about the approval process and the individuals involved.

The Gambling Commissioner has told GBC the licence for ADI Predictstreet was approved by the Minister for Justice, Trade and Industry, Nigel Feetham, following a due diligence process.

Andrew Lyman said he recommended that the licence should proceed ahead of the company’s public announcement of its partnership deal with FIFA.

Both he and Mr Feetham dismissed controversy surrounding the start-up as “sensationalist” reporting.

The forecasting platform, ADI Predictreet made international headlines when it signed a multi-year partnership deal with FIFA earlier this month.

The day before, the Minister with responsibility for Financial Services Nigel Feetham, announced the company had been awarded its gambling licence at record speed, adding this could be a new area of economic growth on the Rock.

However, media outlets have been quick to question the speed of the approval, highlighting the controversies surrounding some of those involved.

The latest article was written by Norwegian investigative football outlet Josimar, headlining its piece "ADI Preststreet's cast of controversial characters keeps growing."

It highlights how other jurisictions, such as Malta and the Isle of Man, typically take months to approve a licence.

The company, which launched on the 9th April, is owned by the Abu Dhabi Royal Family. Josimar reports that two employees have joined the firm last week.

The first is Colin Piri, a Gibraltarian who was once employed by Wave Crest Holdings Limited - a fintech company investigated by the Financial Services Commission for Anti-money laundering failings. Wave Crest agreed to pay a financial penalty of £250,000 by way of a regulatory settlement. There were no adverse findings as to Mr Piri's fitness and propriety.

And the second is new CEO Dimitrios Psarrakis, who reportedly worked for the former European Parliament Vice President Eva Kaili, arrested in 2022 for corruption and money laundering linked to the Qatar World Cup. Mr Psarrakis was reportedly investigated, insisting he had nothing to do with the scandal, while Ms Kaili has denied any wrongdoing.

The two recruits follow Principal Council Member Ajay Hans Raj Bhatia, who settled insider trading charges with the Indian Government last year, with no admission of liability.

GBC put the following questions to the Gibraltar Gambling Commissioner Andrew Lyman, who replied as follows:-

1. Who approved the licence?

Andrew Lyman: The Minister is the Licensing Authority (although alongside my regulatory role as Gambling Commissioner , I am the Executive director of the Gambling Division that provides support to the Licensing Authority). The licence was approved by the Minister (as Licensing Authority) following a due diligence process and discussions with the Minister and a recommendation by me that the licence could proceed, subject to his decision.

2. On what basis was the usual period taken to approve a licence bypassed to issue this one at record speed and will this set a precedence?

Andrew Lyman: Licence applications vary in the amount of time they take to process (generally weeks not months, but circumstances and quality of applications vary). There was a concentrated focus of the progression of this licence because of the need to licence before the run up to the FIFA World cup, but speed does not mean lack of scrutiny (in fact there was a lot of focussed scrutiny).

3. Does this licence fall under the old legislation or the new one?

Andrew Lyman: The licence was initially granted under the 2005 Act (for a few days) and then "grandfathered" under the 2025 Act. 

4. Are you concerned about the negative publicity Gibraltar has been drawn into as a result of questions being raised about the speed of the licence approval and some of the individuals involved?

Andrew Lyman: In terms of the publicity, the licensing of Predictstreet has created a lot of excitement in the business community and a lot of interest in Gibraltar as a place to licence gambling or gambling derivative models. We only see negativity from journalists looking naturally for a sensationalist angle in what is a newsworthy and hotly debated area (Prediction Markets). We cannot generate the economy by being overly risk averse and spending months reflecting on business models that are the future. Being too risk averse means business looks elsewhere and doesn't comeback as the business model grows in another jurisdiction. We do not discuss what is a confidential due diligence process, but what has been speculated about publicly is information that was not unknown or not considered during the due diligence process. Part of licensing is to consider fitness and propriety and apply the principles of proportionality and fairness to any historical adverse media on companies and individuals. Being associated with a previous publicly reported "controversy" does not necessarily lead to a conclusion of a lack of fitness and propriety or unsuitability; albeit I respect the right of journalists to speculate within the boundaries of the law of defamation.      

GBC also reached out to Nigel Feetham for comment. He said: There has been a tendency by certain journalists to focus on sensationalism in coverage of prediction markets, despite their growing relevance globally. If we are serious about economic growth in Gibraltar, we cannot afford to delay engagement with emerging industries.

Mr Feetham said he is currently in San Salvador invited by the local authorities, where he is actively advancing discussions on economic development and meeting with potential investors.