Flutter Entertainment’s FanDuel brand is set to launch prediction markets through the new FanDuel Predicts app, in collaboration with CME Group.
The standalone app will launch in December and will offer wagering on contracts across American football, baseball, basketball and hockey in states where online sports betting is not yet legal.
When new states legalise online sports betting, FanDuel will cease offering sports event contracts in those states. In addition to sports, event contracts will be offered on benchmarks such as the S&P 500 and the Nasdaq-100, as well as prices of oil and gas, gold, cryptocurrencies, and key economic indicators like GDP and CPI.
“We can’t wait to bring FanDuel’s proven approach to product innovation into this dynamic sector,” said FanDuel CEO Amy Howe. “Our partnership with CME Group allows us to leverage their deep market expertise built over decades while delivering the seamless, accessible and trusted experience our customers expect.”
Terry Duffy, chairman and CEO of CME Group, commented: “Our new event contracts on benchmarks, economic indicators and now sports will appeal to a new generation of potential participants who are not active in these markets today.
“This launch will dramatically expand our distribution and reach, connecting directly with FanDuel’s millions of registered US users.”
Shares in FanDuel parent Flutter Entertainment plc (NYSE:FLUT) gained 1.12 per cent to close at $234.45 per share in New York Wednesday.