ADI Predictstreet, which became a FIFA partner for this summer's World Cup, positions itself as the frontend of institutional blockchain ADI Chain with a fully diluted valuation of $6.82bn. A Gambling Insider investigation found otherwise: the platform generates around $7,248 in daily fees, while total value locked sits at $4.14m.
The company disclosed 126,000 trades in its first 18 days — roughly 7,000 a day. It did not disclose their value. On-chain analysis showed average bet size ranging from $4 to $35. Estimated handle for the period: $1m to $4m. By contrast, the World Cup winner market alone processed over $1bn on Kalshi and $4bn on Polymarket. Companies with real volume cite money. ADI cited transactions.
Someone else's dollar and opaque governance
Trades on ADI Chain settle in USDC.e, a bridged version of Circle's dollar stablecoin. The company's own stablecoin DDSC, licensed by the Central Bank of the UAE and pegged to the dirham, has 63 holders. ADI's exchange contracts copy open-source code from Polymarket. The network is governed by a three-key multisig; the keyholders have not been identified. Audits by OpenZeppelin and Hacken did not cover governance contracts.
In the UK, ADI directs clients to Matchbook, an ordinary exchange with no blockchain. The DAZN partnership announced in July operates only as free-to-play, according to a source at the company. ADI has raised $50m. Rival Novig processed $125m in its first week in the US — several times what ADI handled during the entire World Cup.
Source: Gambling Insider.
