Lawyer with Trump Ties Aims to Create National Sports Betting Exchange

Well-known gaming lawyer Jeff Ifrah plans to start a new platform to bring sports betting markets into the mainstream of US financial trading. His company RSBIX, has asked the Commodity Futures Trading Commission (CFTC) to name it a Designated Contract Market (DCM). This status would allow the company to list and approve contracts across the country.

Ifrah’s RSBIX Wants CFTC to Give Green Light for US Sports Trading Exchange

Ifrah, who used to be a federal prosecutor and started Ifrah Law, said that RSBIX now has a forever license to use Matchbook’s betting technology, where people bet against each other. Matchbook, which follows UK rules for sports exchanges, is big in Europe but cannot be used in the US right now. RSBIX, which means Regulated Sports Book Index Exchange, says it wants to become America’s most trusted place to trade sports bets.

The CFTC’s website showed the application last week, and it is still waiting for a decision. Ifrah thinks that if things go well, they might get the green light and start up in about half a year.

This is not the first time RSBIX has tried to break into regulated sports contracts. In 2020, the company attempted to launch NFL futures through ErisX, a derivatives marketplace Cboe later bought. These proposals, which looked like sportsbook-style bets on spreads and totals, caught the CFTC’s eye. The commission wondered if such contracts went against rules on gaming-related products. ErisX pulled the plans in 2021 before the commission made a call, but several commissioners hinted they were ready to stop the markets.

Quintenz Pick and Ifrah’s Connections Put RSBIX in Good Spot with CFTC

One key outlier was Brian Quintenz, who served as commissioner at the time. He contended that the regulator’s actions might overstep their bounds. Quintenz now sits on the board of Kalshi, a leading US prediction market, while he waits for the Senate to confirm his nomination by President Donald Trump to head the CFTC. His previous stances hint at a more relaxed approach to sports event markets. This has led people to think the climate could now be more suitable for RSBIX’s goals.

Ifrah has deep connections to Trump’s circle. His company acted as legal counsel for the former president in several notable lawsuits, and one of his firm’s partners worked as Trump’s personal lawyer. This year, Ifrah helped start NexusOne Consulting, a lobbying group near the White House that deals with new issues in crypto, AI, and online rules.

The CFTC, under new management, now seems more open to prediction products, which might work in RSBIX’s favor. However, ongoing court battles about whether states can stop approved event markets could affect how wide any launch might be. Right now, RSBIX hopes that changing rules will at last make it possible for sports predictions to trade across the US.