FanDuel to Launch FanDuel Predicts App in Partnership with CME Group
The app will be available in states where sports betting is not legal, though not on tribal lands. FanDuel said it will withdraw these contracts once local sports betting markets are regulated.
FanDuel has confirmed the December launch of its new FanDuel Predicts app, developed in partnership with derivatives marketplace CME Group.
The standalone app will allow users to trade sports event contracts on baseball, basketball, football, and hockey, as well as contracts linked to benchmarks such as the S&P 500, Nasdaq-100, oil, gold, cryptocurrencies, and key economic indicators. Prices will range between $0.01 and $0.99.
The app will be available in states where sports betting is not legal, though not on tribal lands. FanDuel said it will withdraw these contracts once local sports betting markets are regulated.
“Our new event contracts on benchmarks, economic indicators and now sports will appeal to a new generation of potential participants,” said CME Group CEO Terry Duffy. “This launch will dramatically expand our reach, connecting directly with FanDuel’s millions of registered US users.”
Flutter Entertainment, FanDuel’s parent company, said the project was developed in “close consultation” with state regulators and tribal authorities. The group reaffirmed that the state-regulated betting market remains its “current focus.”
In Q3, Flutter reported a 17% year-on-year revenue increase to $3.79bn, with adjusted EBITDA up 6% to $478m and monthly active players rising to 14.1m.
Despite a $789m net loss due to regulatory impacts in India and a payment to Boyd Gaming, Flutter CEO Peter Jacksonsaid the company remains confident:
“Flutter delivered a solid third quarter… We are the clear number one operator in the US. Our strategic investments, including the launch of FanDuel Predicts, position us exceptionally well to deliver sustainable, profitable growth.”
