Overview
- FanDuel Predicts is slated to debut next month as a standalone app offering event contracts on major sports and financial benchmarks including the S&P 500, oil, gold, cryptocurrencies, GDP and CPI.
- Sports contracts will be available only in states without legal online sports betting and not on tribal lands, with those markets removed in any state that later legalizes online wagering.
- Nevada’s Gaming Control Board accepted the surrender or withdrawal of FanDuel and DraftKings approvals and applications, asserting their planned sports event contracts would be unlawful under state rules.
- FanDuel positions the product under CFTC oversight with full KYC, deposit limits, spending alerts and self-exclusion, and says contracts will trade between $0.01 and $0.99 per share.
- DraftKings is preparing a similar platform after applying to join the National Futures Association and acquiring Railbird, as multiple states and tribal authorities pursue federal lawsuits to block sports event contracts.