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In a rare punitive move, commissioners also directed the Minnesota Attorney General’s Office to investigate the cooperative for potential statutory violations, which carry fines between $100 and $1,000 per infraction.

The commission also agreed with the state Department of Commerce’s assessment that the cooperative’s actions were driven by concerns over lost electricity sales rather than legitimate safety risks.

Commissioners pointed to evidence suggesting the tribe may have already been overcharged compared to other member customers.

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How to play Fortunes Of The Fox

Marantelli identifies White Swan and Susquehanna as two firms operating at industrial scale in parlays, with Jump Trading, Mojo and DL Trading among the possible leading group. Below them are numerous smaller syndicates, some managing between $5 million and $10 million, alongside sports-specific specialists.

Enda Kendrick, chief executive of service provider Veltium, similarly says the largest UK and European sharp-betting groups have moved rapidly into US prediction markets. He believes there are also more than 100 smaller operations, ranging from individual traders to teams of around 10, interested in entering the regulated US market.

Yet the presence of professional counterparties complicates the customer-facing idea that prediction markets merely allow users to trade opinions with one another. As Kendrick puts it, two ordinary customers are not going to place $10 million or $20 million behind the Philadelphia Eagles. Markets at that scale require institutions.