The Closing Line podcast sat down with EDGE Markets CEO Seni Thomas as the company announced a Series A round of $29.2 million on Monday.
The new raise comes a little more than a year after a $17 million seed round that helped the financial services company launch EDGE Boost, which created a debit and banking platform tailored for gamblers.
The new funding will help with the launch of:
EDGE Connect, a payment rail specifically designed for gambling and prediction markets.
EDGE Pro, which will allow for high throughput accounts with real-time deposits at CFTC-regulated prediction markets.
CoinFund led the round, alongside:
Indicator Ventures
Mantis VC
Stepstone Group
Bullpen Capital
More detail from the press release:
…EDGE Pro solves the two largest friction points for institutional capital to scale: multi-liquidity pool post-execution settlement and margin. To enable this solution, EDGE Markets is actively pursuing both an Introducing Broker and Future Commission Merchant registrations with the National Futures Association. These registrations will allow EDGE Pro users to execute orders directly through their EDGE Pro accounts and conduct post-execution settlement across various liquidity pools to dramatically amplify capital efficiencies vs. the current model where all trading accounts need to be prefunded and fully collateralized. Finally, EDGE Pro users will be able to plug and play existing margin from third party prime brokerages. To sign up for early access to EDGE Pro, market makers can visit www.edgemarkets.io/pro.
“The core vision of EDGE Markets has always been to decrease friction for capital to flow in regulated markets. With the high velocity growth of prediction markets, we are excited to build and support the core infrastructure for traders to efficiently scale their activity. There are many talented groups building exchanges, but we’re building the base station for capital allocation, to address their real needs,” said Seni Thomas, Founder and CEO, EDGE Markets.
…EDGE Connect will replace traditional consumer rails with a real-time network that will deliver significantly lower transaction costs for operators by only charging a fee on Net New Deposits over a 24-48 hour period. EDGE Connect significantly reduces churn costs, eliminates chargebacks, and provides users with a faster, more secure experience. Back testing with major operators has shown a 70%+ cost reduction in payment processing fees. EDGE Connect also supports high throughput Real Time Payments (RTP) at no cost for EDGE users or operators to push funds into their accounts 24/7/365. RTP is supported by the majority of banks in the US and requires no integration from operators. To support the early growth of the prediction market ecosystem, both EDGE Connect for operators and EDGE Pro for market makers will be provided at no cost for all early users and operators in 2026.
“The biggest moments in gaming and prediction markets happen on nights and weekends, exactly when the banking system slows to a crawl. EDGE built the rails to match that reality. And, as institutions start to participate in these markets seriously, the ability to move capital in size, in real time, any day of the week, stops being a nice-to-have and becomes table stakes. We think EDGE becomes the default settlement layer for an entirely new category of financial markets,” said Alex Felix, Co-Founder, Managing Partner and CIO of CoinFund.
Since its launch a year ago, EDGE Markets’ VISA debit program, EDGE Boost, has processed over two billion in transactions to date, making it one of the fastest growing debit cards in the history of VISA. The company has also partnered with ZeroHash to introduce a compliant crypto-to-USD conversion path for users, ensuring a seamless ability to access funds.
As the only banking platform dedicated to the gaming and prediction market industries, EDGE Boost offers instant access to funds with no hidden fees, or pain points associated with gaming and traditional banks. EDGE Boost separates these funds from every day finances and gives users tools to track and control their spending across multiple operators. Proprietary research conducted by EDGE Boost in partnership with Betting Hero found that 85% of high-value gaming users expressed interest in a financial product tailored specifically to gaming.
Michelle Cohen guides and defends Ifrah Law’s iGaming clients when government agencies launch enforcement actions alleging unlawful gambling, advertising, and marketing practices. Michelle has decades of experience advising and defending organizations facing these and other claims related to consumer protections and privacy.
When faced with cease-and-desist orders and costly litigations, Michelle’s clients count on her credibility, diligence, and deep knowledge of iGaming advertising and consumer protection laws to successfully negotiate with Federal Trade Commission (FTC) officials, state attorneys general, and gaming regulators.
Read More: Cohen on iGaming Marketing: Five Critical Steps When Regulators Call
Gambling news roundup
🚨The important stuff
bet365 Launches Fantasy Sports, a New Era of Fantasy Competition (press release): bet365, a leading global online sportsbook and casino, has officially launched bet365 Fantasy Sports, a free-to-play mobile game that blends real-world sports with the excitement of fantasy competition and collectible card gameplay. Developed through an expanding partnership with LOW6, the award-winning global creator of sports betting and gamification platforms, bet365 Fantasy Sports is now available for users 18+ across the United States and Canada (excluding Washington state).
Designed for both casual fans and serious players, bet365 Fantasy Sports combines fast-paced gameplay, collectible player packs, and competitive energy to deliver an accessible mobile gaming experience that reflects bet365’s “Winning is Everything” mindset. Each day, users have the opportunity to open in-app athlete card packs to collect over time, as well as the ability to earn and spend coins, build strategic lineups, train athletes, and climb division-based leaderboards through a user-first platform powered by real-life player statistics and competitive gameplay.
As a global leader in sports betting and one of the most popular sportsbooks internationally, bet365 is excited to launch bet365 Fantasy Sports ahead of the 2026 FIFA World Cup – one of the most anticipated, competitive, and beloved sporting events worldwide. Soccer remains the #1 most bet-on sport globally and a fundamental part of bet365’s fanbase, making the tournament the perfect moment to introduce an interactive experience for all fans. The app taps into the intensity and winning energy of bet365’s customers by infusing the viral excitement of collectible pack openings with real-world player performance, creating an innovative World Cup experience that rewards strategic gameplay while remaining fun, immersive, and accessible for all users.
“We’re thrilled to introduce the launch of the bet365 Fantasy Sports app across North America ahead of the World Cup, a tournament deeply valued by our fanbase,” said Trip Stoddard, Head of Business Development at bet365. “Fantasy creates a fresh way for users to engage with the sports they love. By combining real player data with the excitement of collectible pack openings, we’ve created an experience that feels authentic, engaging, and unique while allowing bet365 to connect with our fans during one of the biggest moments in global sports.”
bet365 CMO: US sustainability comes from ‘focusing on the serious sports fans’ (SBC Americas): British operator bet365 is leveraging its expertise as a long-established gaming brand in Europe to solidify a footprint in North America’s burgeoning online gambling market. In a recent interview with SBC, bet365 CMO Stephanie De Flora details how the company’s expertise as an international gaming provider is informing its plans to be a major player in North American markets. De Flora also reflected on the unique conditions and challenges bet365 faces in U.S. markets during expansion across America.
Sports betting integrity violations involving 4 men’s basketball student-athletes occurred at Alabama State (NCAA): Sports betting integrity violations occurred in the Alabama State men’s basketball program when former men’s basketball student-athletes engaged in game manipulation for sports betting reasons, according to an agreement released by a Division I Committee on Infractions panel. One former student-athlete agreed to his violations, but three former student-athletes chose not to participate in the investigation or were unresponsive. All four student-athletes are permanently ineligible.
The individuals — Amarr Knox, Shawn Fulcher, Corey Hines and Tony Madlock — are no longer members of the school’s men’s basketball program and are not currently competing in NCAA college sports.
In July 2025, Temple informed the NCAA enforcement staff that Hines, who had transferred to Temple, was contacted by the FBI and shown text messages concerning a sports integrity issue when he was a student-athlete at Alabama State. In October 2025 and January 2026, the NCAA enforcement staff interviewed Knox, who reported that Fulcher put other teammates in a group chat in December 2024 with one of two known bettors, both of whom were later indicted Jan. 14 by the U.S. Attorney’s Office for the Eastern District of Pennsylvania on wire fraud and bribery charges related to sports contests. The bettor offered the student-athletes money for the team to throw its game against Southern Mississippi the next night. Knox’s teammates, including Fulcher, Hines and Madlock, then participated in a FaceTime call with the bettor the morning of the game in which Madlock told the bettor he was injured and was not going to play that night. The group agreed on the call to throw the game.
Evoke Shares Rise After Board Agrees to $326 Million Takeover by Bally’s Intralot (WSJ): “Shares in Evoke rose after the gambling company said it had agreed to a 243.1 million-pound ($326.4 million) takeover bid from peer Bally’s Intralot. London-listed shares in the owner of betting brands William Hill and 888 were up 13% at 45 pence in Friday morning trading.”
“Evoke said the offer of 52 pence a share represented a premium of about 138% over its price before the bid was made public. The board said the deal would immediately offer maximum value for shareholders that the market wasn’t giving them independently.”
Bally’s Intralot announces the submission of a firm offer for the acquisition of all shares of evoke plc (press release): Mr. Sokratis Kokkalis, Chairman of the BoD of Bally’s Intralot, stated: “Today marks the beginning of a major new chapter for our company with the submission of a binding offer for the acquisition of evoke, aimed at creating a very strong global player in the gaming industry. This move demonstrates the new momentum our company has gained, justifying the trust shown to us by the investment community.”
The gamblification of everything (Webinar): Gambling is everywhere and everything is gambling. Over the last few years, gambling has become a rapidly normalized part of American life, and sports betting is just the tip of the iceberg. From online casino games to wagering on drone strikes via prediction markets to slot-machine mechanics built into video games, Americans can find gambling and gambling-like games everywhere. What is the spread of gambling doing to individuals and to society at large? How much further could gambling go?
Join the American Institute for Boys and Men for a webinar to reckon with the new place of gambling in American life. German Lopez (New York Times) will moderate a conversation featuring Kyla Scanlon (economic commentator), Matt King (Fanatics Betting and Gaming), and Jonathan Cohen (AIBM).
Register here.
FanDuel Drops Episode 2 of Series Highlighting Special Olympics Athletes
FanDuel is an Official Partner of the 2026 Special Olympics USA Games, taking place this month in Minneapolis. The partnership reflects the company’s commitment to creating more inclusive opportunities to participate in sports. To help amplify the stories of athletes preparing for this summer’s competition, FanDuel created a short-form content series spotlighting athletes on their journeys to the USA Games.
This week’s episode features Shaun Ridley, a unified basketball athlete, and his unified partner Louis Scott as they share what they mean to each other as teammates and how they’re preparing for their biggest competition to-date. Episodes will continue to air across FanDuel social channels every week in the lead up to the 2026 USA Games. Watch the full episode below:
🏛️Legislative and regulatory updates
Looking for revenue, NC lawmakers agree to raise taxes on sports gambling operators (WRAL): “People familiar with the negotiations previously told WRAL that discussions have centered on a possible tax rate of between 20% and 30%. Sources now tell WRAL that officials reached a tentative agreement last month on a figure at the lower end of that range. The people spoke on the condition of anonymity because they weren’t authorized to publicly discuss the negotiations. The figures could change as lawmakers hammer out the overall spending plan, and if lawmakers listen to pushback from the industry.”
Rhode Island Senate approves ‘open invitation’ to allow more sportsbooks (SBC Americas): “Senators approved Senate Bill 3118 by a 30-6 vote near the end of a long floor session on June 4, sending it over to the state House of Representatives. Presenting the legislation on the floor on June 4, co-sponsor Sen. Frank Ciccone III described SB 3118 as “an open invitation” to sports wagering applicants, parroting the language used in the bill.”
Legislative Roundup: Illinois Bill To Regulate Sports Event Contracts Sent To Governor (InGame): “Buried on pages 1,281-1,289 of the Illinois budget bill that got out of the legislature in the wee hours Sunday morning is language that puts sports event contracts offered on prediction markets under state regulation.”
🔮Prediction markets
Survey: Almost Half Planning To Bet On World Cup To Use Prediction Markets (InGame): Almost half of those planning on betting on the World Cup will do so at a prediction market, according to a new survey released Thursday. The figures come from the SEON World Cup Survey, which questioned 588 U.S. adults aged 18 and older. SEON is an AI-powered fraud prevention and AML compliance company.
📍 I’ll take the under on that number.
Prediction markets offer the lure of fast money. Young men say they like their odds. (CBS News): “Young men like Owens say they are drawn to prediction markets in search of thrills, fast money and in some cases, financial security. Close to 40% of young men between 18 and 34 use prediction markets, according to an April survey from Navigator Research, a public opinion research organization. On Kalshi, one of the leading prediction markets in the U.S., roughly 3 million of the platform’s 4 million active users are male. Six in 10 of the platform’s total users are between the ages of 18 and 34.”
My latest roundup:
📖 Other things you should know/read
The World Cup Is Sports Betting’s Biggest Moment—and Maybe Its Last Hurrah (Barron’s): The 2026 World Cup is set to be the biggest betting event in history: An estimated $50 billion will be wagered globally on the tournament—48 teams in 104 matches over 39 days. In the U.S., local time zones will allow for live betting on matches as they unfold. According to Sportradar, some 90% of Americans planning to bet on the tournament will be wagering on a World Cup for the first time.
This month also brings the National Basketball Association Finals, Stanley Cup Finals, and the U.S. Open golf tournament. The betting bonanza will be a boon to sportsbooks, notably the U.S. sports betting duopoly of FanDuel and DraftKings.
Beyond those tentpole events, though, the business of sports betting faces an uncertain future. Now that a long run of state legalizations has largely played out, the easy growth looks to be over. Excluding the new market of Missouri, in the first quarter of this year, total U.S. sports wagers, known as the handle, fell 3.1% from a year earlier, according to the American Gaming Association. March represented the steepest drop since June 2020.
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