Flutter Entertainment announced it will enter the event contract market, partnering with CME Group, a financially regulated, leading prediction market provider.
FanDuel, the Flutter-owned US online gaming operator, will launch these products later this year and make them available to its US customer base.
These contracts will allow FanDuel’s US customers to wager as little as $1, selecting ‘yes’ and ‘no’ outcomes for sporting competitions, elections, commodity prices, stock market indexes, high-profile business deals, and other real-life events.
Terry Duffy, Chairman and CEO of CME, said: “Individual investors are increasingly sophisticated and continually pursuing new financial opportunities. To meet this demand, we have created this innovative partnership, which will operate a non-clearing FCM.”
“Together, our event-based products will appeal to the growing public interest in markets, and we will provide education to attract a new generation of potential traders not active in derivatives today.”
While the event-contract market is growing exponentially, led by companies like Kalshi and Robinhood, there have been many regulatory and legal challenges across the country. These caused Robinhood to pause the debut of its Super Bowl event contracts just a day before launch.