CME-FanDuel Prediction Market Effort Falters Amid Startup Competition

CME Group Inc., in partnership with FanDuel, has scaled back its joint effort to enter the prediction market space. The decision comes after struggling to gain traction against rapidly growing startups. As a result, FanDuel will no longer use CME's venue for event-betting contracts tied to sports games.

The online gambling division of Flutter Entertainment Plc, FanDuel, has decided to route these contracts through a new exchange partner, Crypto.com. This change marks the end of an effort that aimed to challenge prediction market startups that have been making waves in the industry.