It’s a truism in casinos that the house always wins. But what if there is no house? Prediction markets are adding a new spin on betting, letting users take a punt on the outcome of events, from sports matches to the bestowal of the Nobel Peace Prize.

Among the companies chasing this market are online brokerage Robinhood, which is specifically targeting American football, and stock exchange group CME, which last week partnered with Flutter’s FanDuel, a mobile gaming and sports betting outfit.

But do not, the companies urge, call it gambling. Prediction market operators are themselves betting on courts recognising a distinction between sports betting and an activity the companies say is merely a financial market, in which they act as neutral intermediaries.