FanDuel Predicts is widening the range of event contracts available on its platform through a new agreement with Crypto.com and its CFTC-regulated exchange and clearinghouse, OG Prediction Markets.
The company announced the partnership Tuesday (June 9) in Chicago, saying customers will gain access to additional sports and entertainment contracts as well as combination event contracts. By adding products from OG Prediction Markets alongside existing offerings from CME Group, FanDuel Predicts expects to significantly increase the number of markets available for trading.
“FanDuel Predicts was built to deliver a best-in-class prediction market experience to our customers,” said James Cooper, Senior Vice President, Flywheel and New Ventures at FanDuel. “These additional product sets give our customers more choices by expanding the breadth of sports and entertainment contracts on our platform.”
The latest move builds on FanDuel Predicts’ recent rollout and broader expansion strategy. Earlier this year, FanDuel launched its dedicated prediction markets app through its joint venture with CME Group and later expanded availability into 18 states. Parent company Flutter Entertainment has also signaled growing interest in regulated prediction markets as it looks to increase customer engagement beyond traditional sports wagering products.
New FanDuel Predicts and Crypto.com products arrive ahead of the World Cup
According to the company, customers will begin seeing contracts sourced from both CME Group and OG Prediction Markets this week, timed to coincide with the start of the World Cup. FanDuel said the addition should also create more opportunities for users interested in trading combinations of event contracts across different categories.
Crypto.com said the agreement allows FanDuel Predicts to tap into its regulated exchange and clearing infrastructure as the platform continues to expand.
“We are thrilled to partner with FanDuel Predicts to bring a new level of depth and experience to its prediction markets experience,” said Joe Anzures, Chief Business Officer of Crypto.com. “By leveraging our robust, regulated exchange and clearinghouse infrastructure, we are enabling a mainstream prediction markets experience just in time for the World Cup – underscoring our capability to deliver scalable, regulated derivatives infrastructure for the world’s biggest moments.”
FanDuel Predicts operates nationally and offers contracts tied to financial benchmarks and economic indicators, including the S&P 500, Nasdaq-100, energy prices, gold, cryptocurrencies, GDP and CPI. In states where FanDuel does not provide sports betting, the company says that users can also trade contracts connected to sports and entertainment outcomes. Contracts are priced between $0.01 and $0.99, allowing customers to buy or sell positions based on whether they believe a specific event will happen.
The platform is run by FanDuel Prediction Markets, a joint venture between FanDuel Group and CME Group. The company stated that contracts available through FanDuel Predicts are listed on the CME Group and Crypto.com derivatives exchanges and remain subject to oversight by the U.S. Commodity Futures Trading Commission. Accounts are opened through FanDuel Prediction Markets LLC, a registered futures commission merchant and member of the National Futures Association.
Featured image: FanDuel / Crypto.com via press release