The Gibraltar regulator labels the criticism of Predictstreet’s licence as “sensationalist” and dismisses it

(AsiaGameHub) –   Gibraltar’s gambling regulator has responded to increasing criticism regarding the swift licensing of ADI Predictstreet, maintaining that the procedure was correctly managed and comprehensively assessed.

Gambling Commissioner Andrew Lyman verified that he endorsed the approval prior to the public announcement of the company’s FIFA partnership, with Minister Nigel Feetham providing the final authorization after due diligence. Both officials dismissed the negative reaction, labeling the reporting as “sensationalist.”

The timing of the licence grant has been a specific focus, given that it was issued just one day before Predictstreet publicized its FIFA collaboration. Although Feetham characterized the decision as a chance to stimulate Gibraltar’s economy, detractors have challenged both the rapidity of the process and the histories of people associated with the firm.

Scrutiny has been heightened by recent media accounts. The Norwegian publication Josimar referred to Predictstreet’s executives as a “cast of controversial characters,” noting that licensing in places such as Malta or the Isle of Man often requires several months. The report also mentioned appointments of individuals with prior regulatory or legal connections, voicing unease even in the absence of formal misconduct rulings against them.

Lyman upheld the regulator’s judgement, emphasizing that the licence was issued after a complete due diligence review and his official advice. He acknowledged the schedule was fast-tracked because of the approaching FIFA World Cup but asserted that this did not equate to compromised standards. “Speed does not mean lack of scrutiny,” he stated, clarifying that the application received “focused scrutiny” from start to finish.

He further clarified that the licence was first approved under Gibraltar’s 2005 regulatory system before being moved to the modernized 2025 framework. In countering the criticism, Lyman contended that the unfavorable press is motivated by a desire for dramatic headlines over factual depth, reaffirming that regulatory choices need to find a balance between fostering opportunity and maintaining oversight.

Gambling Commissioner Andrew Lyman, said:

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.

Minister Feetham supported this position, affirming that while prediction markets are a contentious industry, Gibraltar needs to remain receptive to innovation to stay competitive.