Days before Super Bowl 60, New York Attorney General Letitia James has a message for consumers: Be careful about placing trades on prediction markets.

“New Yorkers need to know the significant risks with unregulated prediction markets,” James said in a statement Monday. “It’s crystal clear: so-called prediction markets do not have the same consumer protections as regulated platforms. I urge all New Yorkers to be cautious of these platforms to protect their money.”

Prediction platforms like Kalshi and Polymarket are expected to generate billions of dollars in trading volume around the Super Bowl.

Consumers can make trades on game events — similar to online sportsbooks like DraftKings or FanDuel — as well as on predetermined outcomes, such as which companies will advertise during the Super Bowl, an issue CNBC Sport reported on last week.

James said the platforms’ products are bets “masquerading” as event contracts.

She warned there are concerns about the nascent prediction market industry, including “upholding prohibitions against insider betting and requiring regulatory review to ensure the financial stability and integrity of gambling operators.”

“Prediction markets may appear as modern, high-tech platforms for speculation or ‘forecasting,’ but in practice, many operate as unregulated gambling without the basic protections New York consumers both deserve and expect from properly licensed operators,” James said in the statement.

Prediction market contracts trade somewhat similarly to all-or-nothing options, with contracts priced between $0 and $1. The contracts trade up or down depending on the action.

In addition to contracts on Super Bowl commercials, both Polymarket and Kalshi are offering other trades related to the game, including on matters like “What songs will be played at the halftime show?,” “Who will attend the big game?,” and more traditional sportsbook “bets” such as “Seattle vs. New England: Most Rushing Yards,” as CNBC reported last week.

There are laws that prohibit insider trading on prediction markets, just as on traditional financial markets. But industry experts say they’re skeptical that the Commodity Futures Trading Commission, recently gutted as part of widespread government cuts, has the will or the means to police those problems. 

Last week, CFTC Chairman Michael Selig said he had directed agency staff to withdraw a proposed rule that would have banned prediction trades on sports and politics. He said new rules would be coming.

Disclosure: CNBC has a commercial relationship with Kalshi.

All is well in the Magic Kingdom — and all of Disney’s other theme parks, too.

The company’s experiences division, which includes its parks, cruise ships, hotels and consumer products, posted record revenue for the fiscal first quarter, topping $10 billion for the first time in Disney’s more than 100-year history. It also reported operating income of $3.3 billion, a 6% bump from the same period a year ago.

Growth in this segment has supercharged in the wake of the Covid pandemic. It often accounts for the lion’s share of the company’s profits. For the period ended Dec. 27, experiences represented 38% of Disney’s total revenue, yet generated a whopping 71% of its operating income.

Company executives expect those good times to continue, forecasting high-single-digit growth in operating income for the segment for fiscal 2026.

“When you look at the footprint of the business today, it’s never been more broad or more diverse,” Bob Iger, CEO of Disney, said during Monday’s earnings call. “And the projects that we have underway are going to make it even more so.”

The strong parks performance comes against the backdrop of a CEO succession competition that could see Chairman of Disney Experiences Josh D’Amaro step in for Iger. The Disney board is meeting this week and is expected to vote on its next CEO, according to people familiar with the matter who spoke on the condition of anonymity about internal matters. 

Industry insiders and Disney sources expect D’Amaro to be appointed Iger’s successor, though the decision ultimately lies with the Disney board and won’t be final until directors vote.

“The board has not yet selected the next CEO of The Walt Disney Company and once that decision is made, we will announce it,” a Disney spokesperson said in a statement, declining to comment on the timing of the next board meeting.

Much of the experiences division’s success comes from major investments to expand the footprint of Disney theme parks, refurbish existing rides and themed areas of its parks, add cruise ships to its fleet and grow its digital gaming presence. This new evolution of the segment is being fueled by Disney’s library of franchises and iconic intellectual property.

Disney has long pulled from its portfolio of content. Disneyland opened its doors more than 70 years ago with rides based on “Alice in Wonderland,” “The Adventures of Ichabod and Mr. Toad,” “Peter Pan” and “Snow White.”

While those classic attractions remain, the company’s more recent developments have been fueled by Iger’s strategic acquisitions of four major film studios — Pixar in 2006, Marvel in 2009, Lucasfilm in 2012 and 20th Century Fox in 2019. This brought coveted franchises under the House of Mouse roof, including Star Wars, Toy Story, the Avengers and Avatar.

“As we added IP to our stable … we gained access to intellectual property that had real value in terms of parks and resorts, and enabled us to lean into more capital spending because of the confidence level we had in improving returns,” Iger said.

Having the film and television rights to these properties allows the company more control over production and how that translates into rides, experiences and merchandise.

And that work continues as part of a 10-year, $60 billion investment effort that launched in 2023.

“We have expansion projects underway at every one of our theme parks,” Iger said.

He touted the upcoming opening of the World of Frozen in Disneyland Paris and the launch of a new cruise ship, the Disney Adventure, which will make berth in Asia.

On the horizon is also a new villains land coming to Magic Kingdom as well of the reshaping of “Rivers of America,” “Tom Sawyer Island” and the “Liberty Square Riverboat” into an area called “Piston Peak” — a second Cars-themed land modeled after America’s natural parks. At Hollywood Studios there will be a new “Monsters Inc.” land while the Muppets will take over the Rock ‘n’ Roller Coaster attraction. Animal Kingdom will host an “Encanto” ride and a new Indiana Jones ride.

At Disneyland, Avengers Campus, the Marvel-themed area, will get two new attractions, guests will get a glimpse at the Land of the Dead from “Coco” and Disney will build a new Avatar area inspired by the scenery in “Avatar: Fire and Ash.”

Internationally, Disney has struck a deal to bring a new park and resort to Yas Island in the United Arab Emirates.

It’s a trend that many theme park destinations in America are contending with, as overall tourism to the United States fell 6% in 2025. Industry analysts point to higher travel costs and fees, ongoing trade frictions and geopolitical unease for the drop in demand for travel stateside.

Despite this, domestic theme park and experiences revenue grew 7% during the quarter, to $6.91 billion.

New offerings at Disney’s international parks, the launch of a cruise ship that services Asia and the new Abu Dhabi park are all ways that Disney can tap into that foreign market and engage with consumers that are not making the trek to the company’s domestic destinations.

— CNBC’s Julia Boorstin and Alex Sherman contributed to this report.