ProphetX said the capital will be used to accelerate product development, increase market liquidity and expand its B2B platform and partnerships. The raise comes shortly after ProphetX launched as a Commodity Futures Trading Commission (CFTC)-regulated prediction market following its previous incarnation as a sweepstakes platform. “ProphetX is building the industry-leading infrastructure that will define how everyday Americans and institutional investors alike participate in sports prediction markets,” he said. Players’ Lounge became its first announced B2B partner earlier this month, integrating ProphetX markets into its gaming platform. Sisun backs federal prediction market modelThe expansion comes as prediction market operators remain locked in a battle with state gambling regulators over whether sports event contracts should fall under federal or state jurisdiction.