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Strip away the language of contracts, order books and event trading and Bernard Marantelli has a blunt description of what is happening inside US sports prediction markets. “Kalshi is a sportsbook that’s just not allowed to have an in-house risk team,” says the founder of White Swan Data, one of the specialist firms now making markets on prediction exchanges.

The difference is all about the risk function. A sportsbook employs traders to price bets and manage its exposure. An exchange provides an API through which firms compete to quote prices and supply liquidity.

“Here’s an API. Bernard and 88 other people can market-make all these request-for-quotes (RFQs),” Marantelli says. “Some people might come in and just do esports because they’re esports experts. Others do everything. Some focus on same-game parlays. But it’s a sportsbook.”

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The maximum win probability has been listed at roughly one occurrence in 88 million spins

The point for an experienced slots reader is not how the multipliers stack, but why Nolimit City is chasing a bigger number. A higher position ceiling concentrates more of the game’s potential into deep cascade sequences and fully developed bonus play. That reinforces the studio’s reputation for reward structures built around rare, high-magnitude outcomes rather than steady returns.

The rarity of that ceiling is baked into the math. The maximum win probability has been listed at roughly one occurrence in 88 million spins. That figure underlines that the 40,000x headline is a marketing peak, not a realistic session target, a familiar trade-off in the volatile end of the market Nolimit City serves.

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Through its membership with AiA, SmartSoft will participate in events such as regulatory discussions, strategic roundtables and research initiatives, alongside other operators and suppliers in the market.

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