Esports prediction market platform Forkast launched in 2025, and CEO Chris Gonsalves is targeting growth in 2026 amid a “huge growth spurt” in esports.
The US prediction market space has become increasingly crowded as Kalshi expands, Polymarket returns, and sportsbooks, such as FanDuel and DraftKings, launch their own platforms.
Gonsalves believes there is an opportunity to expand the use of prediction markets in other regions, specifically Latin America.
In an interview this week, he stated, “A lot of people have been focused on the US market, US sports in particular. You could make a case that’s starting to get saturated. That’s a competitive area. But it’s not like people around the world don’t like trading stocks, watching sports, or watching esports. There’s a huge untapped audience.”
Forkast is targeting huge growth in esports. Image Credit: Forkast
Esports Audience Outside the US
Gonsalves added that he expects esports events to become more popular this year. He commented, “We think esports is going to have a huge growth spurt this year. Esports is still massively watched. There are record viewership numbers.”
A lot of those viewers are coming from outside the US. He added, “Last week, Mobile Legends became the fourth most-watched esports event. And then you have League of Legends getting nearly 7 million peak concurrent viewers. Most of this isn’t coming from the US. The data is saying that the viewership is there.”
The company is particularly targeting esports fans in Latin America, adding, “We have boots on the ground, team members in Brazil, Argentina, so I think we have a real advantage, and it’s an untapped area that’s going to grow.”
Prediction Markets Face Legal Scrutiny
Prediction markets in the US are facing increased legal scrutiny, with several states challenging platforms that offer sports betting.
Forkast is targeting users outside of the country, but could also face legal scrutiny in markets such as Brazil.
The country has proposed tighter restrictions on online gambling and is clamping down on unlicensed operators.
Prediction markets remain a grey area in much of Latin America, but Gonsalves believes esports teams will look to validate the industry.
He said many teams are benefiting from Riot Games’ decision to allow betting sponsors, and believes the peer-to-peer nature of prediction markets can appeal to esports fans.
He added, “I think the esports teams probably want to move away from the non-peer-to-peer platforms into these more peer-to-peer platforms that are more user-centric.”
