Mentioned:
FanDuel wants to go beyond sports betting. And they’re partnering up with CME Group to do it.
What’s happening:
- FanDuel and CME Group have formed a new partnership to launch and operate a new type of prediction market for FanDuel users to be able to bet on real world events
Why it matters:
- CME Group is the world’s largest futures exchange and will operate the new prediction market as a non-clearing Futures Commission Merchant to stay compliant with federal laws in the United States of America
Going deeper:
- FanDuel has publicly stated they plan to initially roll out the ability for users to bet on specific financial outcomes such as the price of major indexes, economic indicators, the price of commodities and even digital asset prices
- FanDuel’s new prediction market platform will offer binary bets on the outcomes of real world events and will allow users to wager with as little as $1.00
The intrigue:
- FanDuel’s parent company Flutter Entertainment (NYSE: FLUT) currently has 16M monthly active users across all of their different gambling companies and brands, including PokerStars, Betfair and others
