01 / 28
Social Parlay · Investor Deck · October 2026

Golf has always had money on it.
Now it has a modern clubhouse.

The social prediction market for golf. Social-first since 2020.

Raising $2.5M · SAFE · $11.0M Post-Money
October 2026
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Social Parlay · Investor Deck · October 2026
Important Notice

Disclaimer

Confidentiality
This presentation is confidential and is provided for discussion purposes only. It may not be reproduced, distributed, or disclosed to any third party without the prior written consent of Social Parlay.
No Offer of Securities
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. Any offer or sale of securities will be made only pursuant to definitive transaction documents and in compliance with applicable securities laws.
Forward-Looking Statements
This presentation contains forward-looking statements, including projections of market size, trading volume, revenue, users, and profitability. These statements are estimates based on assumptions that are inherently uncertain and are not guarantees of future performance. Actual results may differ materially.
Third-Party Data
Market data and industry statistics cited herein are drawn from third-party sources believed to be reliable. Social Parlay has not independently verified this information and makes no representation as to its accuracy or completeness.
Regulatory Considerations
Prediction markets and event contracts are subject to evolving regulation. Availability of the platform and its products may vary by jurisdiction, and there is no assurance that required approvals or exemptions will be obtained or maintained.
Risk of Loss
An investment in an early-stage company involves a high degree of risk, including the possible loss of the entire investment. Prospective investors should conduct their own due diligence and consult their own legal, tax, and financial advisors.

All dollar figures are expressed in U.S. dollars (USD) unless otherwise noted. By reviewing this presentation, you acknowledge and agree to the foregoing. © 2026 Social Parlay. All rights reserved.

03 / 28
Social Parlay · Investor Deck · October 2026
The Founding Thesis · Est. 2020

The 19th Hole

Golfers don’t need to be taught to bet. Every weekend group already has a skins game, a nassau, somebody pressing on 14. The 19th hole is where it all gets settled — over drinks, with the scorecards out. Nobody has ever built software for that room. That’s what we’ve done.

Imagine your golf group chat, with peer-to-peer trading built in.
04 / 28
Social Parlay · Investor Deck · October 2026
The Insight

Golfers already bet. Just not on anyone's platform.

Observe a Saturday four-ball. Games get priced on the first tee, tracked in someone's head, settled in the parking lot or the group text. It works. None of it happens in an app, because no app has ever replicated the group dynamic.

01
Priced on the tee
Agreed out loud, no record.
02
Tracked in heads and scorecards
Presses get forgotten, totals get argued.
03
Settled at the 19th hole
Cash, transfers and “I’ll get you next time.”
05 / 28
Social Parlay · Investor Deck · October 2026
Why I'm building Social Parlay · Colin Masters, Co-Founder & CEO

I thought we were playing golf. My co-founders were running a market.

The course
I took up golf in my thirties with no idea what I was doing. My first rounds were with Kris and Gilly. A Nassau on the first tee, skins, somebody pressing, all of it kept on a scorecard and in someone’s head, settled at the bar. After seven years building trading systems I knew what I was looking at: a market with no software.
The first try
In 2020 we built an app for golf friend groups to run their games. About 200 people used it. They liked it on Saturday, then the round ended and there was nothing to do until the next one. We shut it down and kept the lesson: the room needs a market that is always open.
The rebuild
Professional golf is that market: a tournament almost every week, a new price with every shot. From 2024 we rebuilt market-first, and the clubhouse now sits on top. It runs end to end on devnet today.

Seven years on trading floors at JPMorgan, Deutsche Bank and Barclays. Eight years building consumer products, including an open-source Bitcoin wallet.

Read the full story →

06 / 28
Social Parlay · Investor Deck · October 2026
The market exists. The room doesn't.

One golf tournament traded $545M. Alone, anonymous, one contract at a time.

$545M
traded on the 2026 Masters
on a single generalist exchange
84%
of it ($460M) sat in one contract
the outright winner
+33%
golf volume growth
year on year (SBJ)
$1T
prediction markets by 2030
Bernstein forecast, Apr 2026
“Kalshi recorded $545 million in volume on the Masters, beating the most recent Super Bowl.”
Bill King, Sports Business Journal, April 17, 2026sportsbusinessjournal.com/Articles/2026/04/17
The roomThe market
The 2020 appYesNo
Generalist exchangesNoYes
Social ParlayYesYes
Most golfers don't trade because they love markets. They trade because their friends are in.

Sources: SBJ (King, Apr 17, 2026) · DeFi Rate (Apr 13, 2026) · FT (Feb 2026) · Covers (Apr 13, 2026) · Kalshi Help Center · Bernstein via CNBC

07 / 28
Social Parlay · Investor Deck · October 2026
The Product

A clubhouse, not a trading floor.

Anyone can start a clubhouse for their own group.

Saturday Four-ball
Private · invite-only · 12 members
JM
SK
RT
AP
DL
+7
Clubhouse chat
SK
Scheffler at 32¢ with a two-shot lead is a gift
RT
Wind's up tomorrow. Enjoy your gift
JM
Copying Sara on this one
The crew is holding
Scheffler to win5 members
McIlroy top-103 members
Fleetwood make cut4 members
Clubhouse leaderboard
#1Sara K.+$289
#2Ryan T.+$174
#3Jon M.+$91
Illustrative UI with sample data.
The Clubhouse
A private space for your group: chat, live positions, a leaderboard.
Live on devnet
The Challenge Board
The games your group already plays, run between members: Nassau, skins, presses, head-to-heads.
Live on devnet
The Money Game
Pooled group positions on a live tournament, tracked as one ticket.
Funded by this round
The Gallery
The live tournament feed during play: position swings and the group’s board.
Funded by this round
Live on devnetAlso live on devnet: follow traders, copy-trading at a level you choose, control over what others see of your book, shareable tickets.
08 / 28
Social Parlay · Investor Deck · October 2026
The First Tee

One link. One minute. No wallet.

Inviting a friend is a link in the group chat.

Group chat
SK
Get in here before the wind picks up
The Open · Round 3
YES Scheffler @ 32¢
@sara_k is backing Scheffler
socialparlay.com · link preview
Sent from the clubhouse
01Share
A ticket or clubhouse invite goes into the group chat as a link with a preview.
Live on devnet
Saturday Four-ball
JM
SK
RT
AP
+8 members
The crew is holding
Scheffler to win5 members
McIlroy top-103 members
Join the clubhouse
02Tap
The friend sees the clubhouse, who is in it and what they hold.
Live on devnet
Fund your account
Card number
•••• •••• •••• 4242
Expiry
08 / 29
Amount
$25.00
Custodial wallet and escrow created for you.
Add card and fund
03Add a card
A wallet is created behind the scenes. No seed phrase, no exchange account.
Funded by this round
Your position
● LIVE
The Open · Round 3
YES Scheffler @ 32¢
$25 · +$4.20 so far
Alongside
Sara K.YES @ 31¢
Ryan T.NO @ 66¢
Jon M.YES @ 32¢
04In the game
They are holding a live position alongside the group.
Live on devnet
For most golfers this will be their first crypto transaction. They should not have to know that.
Illustrative UI with sample data.
09 / 28
Social Parlay · Investor Deck · October 2026

Everyone else stops at the Tour.

We cover golf all the way down to Saturday's four-ball.

Thursday to Sunday the clubhouse trades the Tour. On Saturday morning it runs its own game. The room is never quiet. That is what the 2020 app was missing.

The Majors
The Tour
Club championships
League night
Saturday’s four-ball
Everyone else
Generalist exchanges and sportsbooks
Social Parlay

On-course games run for real money only where permitted and in free-play everywhere else. Formats are subject to regulatory review by jurisdiction.

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Social Parlay · Investor Deck · October 2026
How we get users

0 → 100 → 1,000 → 5,000. Three stages, three different costs.

Stage 1 · 0 → 100
In the room
●Founders run course activations: about 50 golfers in a room, a live game on the board, everyone leaves in a clubhouse.
●At home (BC) these run in free-play. Funded users come from golf trips to launch markets.
●Six activations, about $75K. About $750 per funded user, and deliberately uneconomic: this stage buys learning.
Gate to move on · 100 funded users in 10 active clubhouses
Stage 2 · 100 → 1,000
The invite loop
Play
→Share
→Invite
→Challenge
↻
●A funded invite credits both sides when the friend funds.
●Target under $50 per funded user, about $45K.
Gate to move on · Every two funded members bring in at least one more within 60 days
Stage 3 · 1,000 → 5,000
Channels
●Courses, golf societies, leagues and small creators, each bringing a group rather than a person.
●Tournament-week pushes at the majors.
●Target under $150 per funded user, about $600K.
Gate to move on · Critical mass: Tour books on majors and signature events fill peer-to-peer
A clubhouse works with four people on day one. On-course games need no outside liquidity. Depth on Tour markets comes from clubhouses adding up.
The model only works if Stage 2 becomes the main engine. That is what this round tests.

About $720K of the $1.25M go-to-market budget, roughly $144 blended per funded user. The remainder is on-ramp cost and reserve for whichever stage works.

11 / 28
Social Parlay · Investor Deck · October 2026
Where we are

The hard part is built.

Core engine
✓Live peer-to-peer order book with on-chain matching and settlement; the operator never takes the other side
Blockchain
✓Custodial escrow and wallets on Solana; devnet today, mainnet 2027 H1
Data
✓Multi-source live player, round and course data, verified across feeds and auto-resolved
Social
✓Clubhouses, follow and copy-trading, leaderboards, market chat, profile visibility, shareable tickets
2020
First app for golf friend groups. About 200 users. Went quiet between rounds. Shut down.
Dec 2020
Parlay Social Inc. incorporated.
2021–22
Explored a blockchain fantasy version. Never launched.
2024
Rebuilt market-first. About $250K pre-seed from friends, family and angels.
Apr–May 2026
Devnet live, full market lifecycle.
2026
Clubhouses live on devnet. Course activation talks under way.Now
2027 H1
Security audit, mainnet, gated launch outside the US and Canada.
Devnet, founding team and friends. No real-money users yet.
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Social Parlay · Investor Deck · October 2026
How we make money

About 4% of every settled dollar.

Two posted fees, plus market making. Averaged across markets the blended take is about 4% of settled volume, depending on how much market making a market needs.

2%
Settlement fee
Deducted on-chain
Deducted on-chain from the settlement pool when the event resolves, before winners are paid.
0.5%
Taker fee
Order book fills
Charged to the seller on order book fills. Nothing to open a position.
What that means per user
$25
revenue per user per year
≈
$625
settled per user per year
At a blended take of about 4%. That is the model's 2027 line.

The operator never takes the other side of a trade.

Later, and only after golf is proven: licensing the Arcline engine to other operators. See appendix.

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Social Parlay · Investor Deck · October 2026
Regulation and where we launch

Outside the US and Canada first. Geofenced from day one.

Where we launch
Real-money trading opens only in jurisdictions selected with gaming counsel. The US and Canada are blocked at launch.
The geofence
Enforced at sign-up and again at funding. Blocked regions get free-play only.
The US
Registration is a two-year, $2M+ process. It is a next-round decision. This round scopes it and does not fund it.
How we operate
Peer-to-peer. Custodial escrow, disclosed. Results verified across more than one data feed before anything settles.

Social Parlay is not a CFTC-registered exchange and does not claim to be.

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Social Parlay · Investor Deck · October 2026
The plan

Golf trades in seasons. Growth will not be a straight line.

Activity spikes at the majors and drops when the Tour goes quiet. The number that matters is how many funded users are still trading in January.

Funded users active in the week · semi-monthly, log scale
Shaded: off-season
Active in weekFunded users (cumulative)|1 Seed closes2 Mainnet, gated launch3 Stage 1 → 2 gate4 Stage 2 → 3 gate5 Next raise
2027 · Stages 1 to 3
About 5,000 funded users, $125K first revenue. Still a loss year.
2028 · Weekly Tour calendar
100K funded is the target, conditional on the invite loop hitting its Stage 2 gate.
2029 and beyond · A scenario, not a plan
See appendix.

Year-end totals match the company model. Monthly shape is illustrative of the Tour calendar, not a forecast.

15 / 28
Social Parlay · Investor Deck · October 2026
The Team

Trading floors, consumer apps, Solana and golf.

CM
Colin MastersCo-Founder & CEO
●Seven years building trading and market-data systems at JPMorgan, Deutsche Bank and Barclays in New York and London
●Eight years leading consumer product teams: iOS lead on Blockstream Green, the open-source Bitcoin wallet; Apple Platforms Lead at Neone; shipped SHRED, a US App Store Top-20 app Featured by Apple
●Built the first Social Parlay in 2020 (about 200 users), rebuilt it market-first from 2024 and took it to devnet
●British Army veteran, Royal Irish Rangers
JL
Jason LeeCo-Founder & CTO
●Formerly Senior Engineer at Triton One, the Tier-1 Solana RPC provider powering the platform's settlement infrastructure. Full-time at Social Parlay.
●Principal Engineer at One Medical, consumer platform engineering at scale
●Co-Founder at Fenix Global, where the core Social Parlay team first collaborated
●Leads engineering across the Arcline AMM, Solana custodial wallets, and multi-source golf data integrations
K
Kris Dahl
CFO
Former TD Bank executive. Finance and compliance. One of the two golfers who got Colin into the game.
C
Chris “Gilly” Gillard
Sales & Marketing
Golf industry relationships and go-to-market. The other one.
J
Jared Clark
COO
Operations.

Core team collaborated at Fenix Global and Acuitas Trading Technologies.

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Social Parlay · Investor Deck · October 2026
The Ask

$2.5M SAFE · $8.5M Pre / $11.0M Post-Money · 22.7%

Use of funds

Go-to-market
50%
$1.25M
Course activations, golf trips to launch markets, funded invites, card on-ramp
Engineering
25%
$625K
Security audit, mainnet, geofence, card onboarding, group money games
Legal and compliance
15%
$375K
Launch-jurisdiction opinions, geofence policy, terms; scoping the US registration
Operations and reserve
10%
$250K
Runway and one or two hires. No market-making line.
Total
$2.5M

What $2.5M gets you to

1Audit complete and mainnet live outside the US and Canada, 2027 H1
2The first 100 funded users, in the room, through course activations
31,000 funded users through the invite loop, with a measured cost per user
4About 5,000 funded users and first revenue by the end of 2027
5Cost per user proven at each stage, which is the case for the next round

Stacks on the existing pre-seed (friends, family, angels). $2.5M SAFE at $8.5M pre-money / $11.0M post-money — 22.7% as-converted, fully diluted.

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Social Parlay · Investor Deck · October 2026

Golf has always had money on it.
Now it has a modern clubhouse.

Let's talk.

socialparlay.com · Vancouver, BC

Founder story →

18 / 28
Social Parlay · Investor Deck · October 2026
Supporting Material

Appendix

Market opportunity · Golf demand detail · Competitive position · How trades execute · Product readiness · Arcline engine
Go-to-market budget · The US path · Long-range scenario · P&L detail · Comparables and exit

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Social Parlay · Investor Deck · October 2026
Appendix A1 · Market Opportunity

Prediction Markets Are Forecast to Hit $1 Trillion by 2030.

Sports drive the majority of prediction market volume. Bernstein (Apr 2026) forecasts $51B of volume in 2025 and ~$1T by 2030, an ~80% CAGR.

Prediction Market Volume Trajectory
Bernstein forecast
~$8B
2023
~$20B
2024
$51B
2025
$240B
2026
$1T
2030
$167B
US Sports Handle (2025)
US context, not our launch market · AGA State of the States
~80%
Sports Share of Prediction Volume
Pew Research (Kalshi, since Jul 2024)
+33%
Golf Volume Growth
YoY (SBJ)

Sources: AGA State of the States 2025 · Bernstein via CNBC / CoinDesk (Apr 2026) · Pew Research · SBJ

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Social Parlay · Investor Deck · October 2026
Appendix A2 · Golf Demand Detail

One Golf Tournament Drove $545M in Prediction Market Volume.

The 2026 Masters generated $545M on a single generalist exchange — the largest pure-sports handle in that platform's history. $460M of that (84%) was the outright champion contract.

Proof of Demand: Scale of Golf Events
golf · single platform
$130M
PGA Championship, day 1 (golf)
$460M
Outright champion · 84% of Masters volume
$545M
Masters total (single generalist exchange, golf)
$1.3B
Leading exchange, annualized sports revenue
~20% of DraftKings est. 2026 revenue (FT)
+33%
Golf Volume Growth (YoY)
+15% more participants (SBJ)
85%
Sports share, Masters week (single exchange)
Not golf-only — all sports that week. DeFi Rate / Covers

Sources: SBJ (King, Apr 17, 2026) · DeFi Rate (Apr 13, 2026) · FT (Feb 2026) · Covers (Apr 13, 2026)

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Social Parlay · Investor Deck · October 2026
Appendix A3 · Competitive Position

Depth Wins the Vertical

A generalist exchange already proved golf. We do not out-count it. We are golf-native: a few deep books, live golf data in the ticket, clubhouses, follow / copy-trade / leaderboards. “Depth” means 4–6 deep books, not 30 tickets.

PolymarketKalshiDraftKingsSocial Parlay
FocusGeneralistGeneralist (US DCM)SportsbookGolf-native
Golf booksSome majorsBroad (outright + finish + H2H + props)Sportsbook menu4–6 deep types (outright, top-5/10, cut, H2H, 3-ball)
P2P / no houseYesYesNoYes
SocialWeakWeakMedia / promoFollow, copy-trade, leaderboards
Private groups / clubhouses———Yes — private groups alongside Tour markets
On-course games between friends———Yes
Player / round dataThinGenericContentMulti-source, merged in ticket
UXGeneric exchangeGeneric exchangeSportsbookBuilt for golf
Near-term calendarSelect eventsSelect PGA + majorsMost PGAMajors + signatures first, then weekly Tour
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Social Parlay · Investor Deck · October 2026
Appendix A4 · How Trades Execute

A Real Order Book.

How trades execute today

Buys fill against resting sell orders on a peer-to-peer book first, and anything left is minted by an on-chain bonding curve that moves the price with every order; sells post to the book once a market clears its liquidity threshold.

Scheffler YES, Live Order BookPrice · Size (shares)
SELL$0.36
420
SELL$0.35
810
SELL$0.34
1,200
spread $0.01
BUY$0.33
950
BUY$0.32
640
BUY$0.31
380
Illustrative UI with sample data.
Settlement
Positions sit in custodial escrow on Solana. When the event resolves, results are verified across more than one data feed, the 2% settlement fee is deducted on-chain, and winners are paid from the pool. With the 0.5% taker fee and market making, the blended take averages about 4%. The operator never takes the other side.
Roadmap: zero-cost tradingRoadmap
Target model: no taker fee, with maker and taker rebates paid from the settlement pool at resolution. Roadmap; not yet built.
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Social Parlay · Investor Deck · October 2026
Appendix A5 · Product Readiness

What's built

Full market lifecycle on Solana, live on devnet with the founding team and friends.

Core Engine
Live on devnet
✓Live P2P order book (limit or hit the book)
✓Claims-based pool; operator never takes the other side
✓On-chain matching and settlement
Blockchain
Live on devnet
✓Custodial escrow / wallets on Solana (devnet today, mainnet in 2027 H1)
✓Tier-1 Solana RPC via Triton One
✓Settlement at event resolution
Data
Live on devnet
✓Multi-source live player, round and course data, merged into the ticket
✓Results verified across more than one feed before settlement
✓Auto-resolution of tournament outcomes
Social
Live on devnet
✓Clubhouses: private groups with chat, positions and a leaderboard
✓Follow traders and see their positions
✓Optional copy-trading
✓Live trading leaderboards
✓Market chat
✓User-controlled profile visibility, down to wallet balance
✓Shareable tickets with link preview
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Social Parlay · Investor Deck · October 2026
Appendix A6 · Engine Optionality

Golf is the proof. Arcline is the platform.

Social Parlay is a golf-only product and stays that way; it is where the technology is proven. Arcline is the engine underneath it: pricing, settlement, wallets, and audit. Each future vertical (F1, cricket) is its own fan experience built on Arcline under its own brand, never a rebadged Social Parlay. Operators can also license Arcline outright. Both are options we earn by proving golf first.

GolfLIVE
F1LATER
CricketLATER
Soccer · eSports · UFC/MMA
ARCLINE ENGINE
AMM Pricing · Order Book · Settlement · Wallets · Audit Trail
Solana · USDC
F1
24 race weekends a year, a global and fast-growing fanbase, and a natural fit for field markets: race winner, podium, and driver head-to-heads on live timing data.
Cricket
One of the world's largest fan bases (IPL, T20, international tests), rich multi-outcome markets, and in-play potential from ball-by-ball data feeds.
Licensing Model
Option value — exercised only after golf is proven
$180–250K
annual platform fee
+ rev share
on partner volume
Software revenue, not trading revenue. Recurring, higher margin, lower regulatory exposure, and it prices on an infrastructure multiple rather than a gaming one.

Golf is the only vertical in production. Each future vertical is a data integration, not a rebuild — and none ships before the golf books are deep.

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Social Parlay · Investor Deck · October 2026
Appendix A7 · Go-to-Market Budget

$1.25M, by stage

The 50% go-to-market allocation, broken out by the three stages on the acquisition slide. Counsel stays a separate line on the Ask, kept out of cost per user.

Where the budget goes — $1.25M
Stage 1 · 0 → 100 · In the room
$75K
About $750 per funded user. Gate: 100 funded users in 10 active clubhouses.
Stage 2 · 100 → 1,000 · The invite loop
$45K
Under $50 per funded user. Gate: Every two funded members bring in at least one more within 60 days.
Stage 3 · 1,000 → 5,000 · Channels
$600K
Under $150 per funded user. Gate: Tour books on majors and signature events fill peer-to-peer.
On-ramp cost and reserve
$530K
Card on-ramp cost, and reserve for whichever stage works.
What it funds
100
Funded users, in the room
Stage 1 · $75K
1,000
Through the invite loop
Stage 2 · $45K · measured cost per user
~5,000
Funded users and first revenue, end of 2027
Stage 3 · $600K · $125K first revenue
$144
Blended cost per funded user
$720K across the three stages

Stage allocations are proposals, to be refined as each gate is tested. Year-end totals per the Company model (Aug 2026; user path revised Sep 2026).

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Social Parlay · Investor Deck · October 2026
Appendix A8 · The US Path

The US: two years, $2M+, and a next-round decision.

Background on the category. The incumbents fought and paid to open it. We launch where a peer-to-peer operator is already permitted, and we geofence from day one.

“States cannot circumvent the clear directive of Congress. If you interfere with the operation of federal law in regulating financial markets, we will sue you.”
The Category Is Onshore
CFTC-registered DCMs made event contracts a mainstream product. The leading generalist exchange, distributed through major retail brokerages, opened the category. That is their war and their cost.
Capital Is In
The leading generalist exchange raised $1B at a $22B valuation in May 2026. Bernstein forecasts $240B of prediction-market volume in 2026 and $1T by 2030.
The Fight Is Live
Twenty-plus state actions and a live circuit split. We do not need to fight the frontier. Registration is a two-year, $2M+ process, and a next-round decision: this round scopes it and does not fund it.
Outside the US and Canada first
Real-money trading opens only in jurisdictions selected with gaming counsel. The US and Canada are blocked at launch. The geofence is enforced at sign-up and again at funding; blocked regions get free-play only. Social Parlay is not a CFTC-registered exchange and does not claim to be.
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Social Parlay · Investor Deck · October 2026
Appendix A9 · Scenario

Long-range scenario: 2029–2032

A scenario, not a plan. Everything past 2028 assumes the stage gates were cleared, white-label partners acquire their own users from 2029, and blended revenue per user narrows as lower-take-rate partner volume scales. Company model (Aug 2026; user path revised Sep 2026).

Revenue ($M) · scenario
2027–28 are the plan; 2029+ is the scenario
2026202720282029203020312032
Revenue$0$125K$2.75M$30M$60M$122.5M$202.5M
Mainnet users05K100K1M3M7M13.5M
Rev / user—$25$27.50$30$20$17.50$15
$202.5M
Revenue run-rate (2032)
Direct + white-label · scenario
13.5M
Mainnet users (2032)
From 5K in 2027 · scenario
$25 → $15
Blended rev / user
Narrows as white-label mix scales
Capital in the scenario
$2.5M SAFE
2026
Golf vertical buildout on Arcline
$10M
2027
Solana mainnet (non-US) · scope US registration
$25M
2028
Grow non-US users
$50M
2029
Growth round or listing · US registration · white-label launches
$87.5M
Cumulative capital 2026–29, including a growth round or listing
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Social Parlay · Investor Deck · October 2026
Appendix A11 · Comparables and Exit

Category comps, not our multiple. Buyers, and return math as ranges.

CompanySectorMetricValueSource / date
KalshiPrediction marketsAnnualized sports revenue$1.3B (Feb 2026) → ~$4B (2026)FT via Yahoo · SBJ
KalshiPrediction marketsMasters week volume (golf)$545M (Apr 2026)DeFi Rate · SBJ
PolymarketPrediction marketsDaily volume$200–300MPolymarket
DraftKingsSportsbook (DKNG)Sports revenue$2.7B (2023)DKNG 10-K
FanDuelSportsbook (Flutter, FLUT)Sports revenue$2.4B (2023)Flutter 10-K
Golf (category)Golf trading volumeVolume growth+33% YoY (2026)SBJ
BetMGMSportsbookSportsbook volume$37B+ (2025)SBJ
Buyers
DraftKings (DKNG)
Sports + predictions; already buying adjacent platforms.
Flutter (FLUT)
FanDuel is a Flutter brand; the other US sports giant.
Kalshi
Already in golf; may buy a golf-native layer rather than build it.
Golf / media / venue platforms
The prediction-layer thesis, licensed in.
Return math — ranges, not one number
Scenario (2032)
$202.5M revenue run-rate. Gaming / marketplace multiples of 3–8× → ~$600M–1.6B, before a strategic premium.
Base (2030, mid-scenario)
$60M revenue at 3–8× → $180–480M.
A golf-native book with real users, retention, and an engine someone else can plug in is a buy. Licensed infrastructure (Arcline) is the second exit vector.