Research
Gaming law, one mechanic at a time.
How each gaming mechanic works, where it is being enforced, and the structures builders use to stay lawful.
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- Sweepstakes casinosThe Free Play That Costs EverythingHow sweepstakes became America’s shadow casino industry — and why the states are finally shutting it down.Jun 9, 2026 · 57 min (opens on Medium)
- Loot boxes and skinsHow Valve’s Loot Box Empire Exposed the Legal Fiction of Virtual GamblingThe New York Attorney General’s case against Valve, the skin-to-cash market behind it, and five structures that stay compliant.Apr 23, 2026 · 50 min (opens on Medium)
- Prediction marketsThe House That HedgesHow prediction markets are infiltrating the casino floor — and why the entire American gaming regulatory architecture is unprepared.Jun 7, 2026 · 87 min (opens on Medium)
Prediction markets
- The Commodity Exchange Act and Prediction MarketsA complete guide to the statute, the guidance, the no-action letters, and the historical precedents that define where event contracts stand.Jun 24, 2026 · 82 min (opens on Medium)
- The Missing HedgeWhy market makers cannot hedge event contracts — and how an options layer hiding inside today’s scalar markets would change that.Jun 18, 2026 · 29 min (opens on Medium)
- The Perpetual Event ContractHow removing expiry from prediction markets creates a new derivative class — and why the funding rate is the missing piece.Jun 15, 2026 · 93 min (opens on Medium)
- The Instruments That Never Expire: How Prediction Markets Became Derivatives ExchangesKalshi and Polymarket are launching perpetual futures. The move reveals what prediction markets always were — and what regulators failed to see.May 10, 2026 · 40 min (opens on Medium)