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Questions over how quickly ADI Predictstreet secured its gambling license in Gibraltar continue to draw headlines, but officials insist the approval was handled properly.
Gambling Commissioner Andrew Lyman confirmed in an interview with GBC that he advised the license should go ahead before the company’s FIFA partnership was made public, and Minister Nigel Feetham signed off after a due diligence review. Both men have rejected the criticism, describing the coverage as “sensationalist.”
The start‑up’s deal with FIFA was announced only a day after Feetham revealed the license had been granted at record speed, a move he said could open new economic opportunities for Gibraltar.
Media outlets, however, have focused on the pace of the approval and the controversies surrounding some of those connected to the company, keeping the spotlight firmly on the regulator’s decision.
Reports reveal Predictstreet’s recruits with shady histories
Fresh reporting has added fuel to the debate over Predictstreet’s rapid licensing in Gibraltar, with Norwegian outlet Josimar describing the firm’s line‑up as a “cast of controversial characters.”
The article, titled “ADI Predictstreet’s cast of controversial characters keeps growing,” pointed out that jurisdictions such as Malta and the Isle of Man usually take months to approve a license, contrasting sharply with Gibraltar’s record‑speed decision.
Predictstreet, owned by the Abu Dhabi Royal Family and launched on 9 April, has recently hired two new figures. Colin Piri, a Gibraltarian, previously worked at Wave Crest Holdings Limited, a fintech company fined £250,000 after anti‑money laundering failings.
Regulators did not find him unfit, but the link has raised eyebrows. The new chief executive, Dimitrios Psarrakis, previously worked for former European Parliament Vice President Eva Kaili, arrested in 2022 in a corruption case tied to the Qatar World Cup. Psarrakis has said he was not involved, while Kaili has denied wrongdoing.
They join Ajay Hans Raj Bhatia, a council member who last year settled insider trading charges with the Indian Government without admitting liability.
Lyman defend regulator’s decision
Lyman has defended the way Predictstreet’s license was granted, stressing that the approval came after due diligence and his own recommendation.
He explained in a GBC interview that the Minister acts as the Licensing Authority, while his office provides support. “The license 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 license could proceed, subject to his decision,” Lyman told GBC.
On the speed of the approval, he said license applications vary in length but this one was pushed forward because of the upcoming FIFA World Cup. “There was a concentrated focus of the progression of this license because of the need to license 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),” he explained.
He added that the license was first granted under the 2005 Act and then “grandfathered” into the 2025 Act.
Responding to criticism, Lyman argued that the publicity around Predictstreet has created excitement in Gibraltar’s business community. He said negativity was coming mainly from journalists seeking a “sensationalist angle” in a hotly debated area.
“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,” he noted.
He also stressed that past controversies linked to individuals do not automatically mean they are unfit, as licensing decisions must weigh proportionality and fairness.
Minister Nigel Feetham echoed that view, saying some journalists have focused on sensationalism despite prediction markets gaining relevance globally. He added that Gibraltar cannot afford to delay engagement with emerging industries if it wants economic growth.
