Key Moments:
- InPlay Global has applied to the SEC for approval to operate a trading platform linked to sports team performance
- Troy Kane has been named president and COO to oversee operations, regulatory strategy, and technology
- Market proposal is under regulatory review, with supporters and critics debating its impact on finance and sports
Introducing InPlay: Merging Finance with Athletics
InPlay Global, a US-based firm, has unveiled plans to launch a regulated marketplace where investors can actively trade securities tied to the real-time performance of sports teams. The company’s aim is to create a new asset class at the intersection of finance and athletics.
To make this vision a reality, InPlay Global has submitted an application to the Securities and Exchange Commission (SEC), seeking authorization for a financial market based squarely on team performance metrics. If the SEC gives the green light, InPlay’s initiative will become the first US platform to enable the trading of securities related to both college and professional sports teams’ achievements.
Leadership and Platform Structure
In a recent development, Troy Kane has been appointed as president and COO of InPlay Global. Kane’s responsibilities span leading market operations, shaping regulatory strategies, and managing the company’s technology infrastructure. The firm described its service as:
“a regulated financial marketplace designed around transparent price formation, neutral market operations, and unified liquidity. I am excited to help bring this new market category to life alongside Edwin and the InPlay team.”
Not a Wager, but a Financial Instrument
InPlay Global emphasizes that its model should not be mistaken for sports betting. Instead, the company positions its “Performance Securities” as a new category within financial markets, offering a transparent mechanism for pricing and risk management based on real-world sports outcomes. InPlay’s founder and CEO, Edwin Johnson, stated:
“Financial markets price commodities, equities, and risk, but they have never priced real-world competitive performance. InPlay is changing that by introducing a regulated market structure where performance can be evaluated, traded, and risk-managed transparently. We are not building a gaming product; we are building a market.”
The concept allows participants to gain exposure to a team’s entire season performance, as opposed to focusing on outcomes of single games. Vince Gennaro, executive director of the NYU Lab for Transformative Leadership, commented that the project could “democratise investment in sports teams’ performance” and alter fan engagement with the sports business.
“While Kalshi trades cleared swaps under the purview of the CFTC, InPlay's products will instead be structured as securities and regulated by the SEC. This will allow for the use of leverage and enable market makers to sidestep onerous swap dealer registration requirements.” pic.twitter.com/xImBA9w5XM
— Daniel Wallach (@WALLACHLEGAL) October 20, 2025
Regulatory Scrutiny and Industry Debate
The InPlay sports securities marketplace is navigating a detailed review process with both the SEC and the Financial Industry Regulatory Authority (FINRA). The company’s proposal involves registering its Alternative Trading System (ATS), called InPlay Markets, to ensure full compliance.
Despite InPlay’s assertions of a financial focus, skepticism persists among industry experts. Gaming attorney Daniel Wallach expressed concerns that season-long trading could eventually lead to short-term, game-based markets mimicking prediction platforms. He characterized the regulatory initiative as “a continuation of a federal agency takeover of sports gambling without congressional authorisation.”
Potential Implications for Investors and Markets
Should InPlay Global secure regulatory approval, the move could establish a precedent for new asset classes that bring financial market sophistication to sports performance. Advocates argue that the approach would enhance transparency and create sustained investment opportunities. Detractors caution that it may blur boundaries between gaming and regulated markets.
The regulatory outcome may ultimately determine the extent to which financial innovation can become intertwined with athletic achievement, raising the question: is this the moment when Wall Street meets the playing field?
- Author
Daniel Williams
