FanDuel Shifts Sports Contracts to Crypto.com Amid Industry Speculation
FanDuel's prediction market is making some significant changes as it moves its sports and novelty event contracts to Crypto.com. The company announced a partnership with OG Prediction Markets on Crypto.com in June, which focuses on entertainment and sports event contracts, including 'combos', or parlays.
The financial derivatives offered by FanDuel Predicts will remain with CME Group (NASDAQ: CME), but the move to Crypto.com is seen as a sign of growth for the company's prediction market platform. This new exchange arrangement is expected to enable faster delivery of new products ahead of the NFL season start, according to outgoing Flutter CEO Peter Jackson.
Industry observers are speculating that this move may be a sign of tension between FanDuel and CME Group, given recent comments from CME's CEO Terry Duffy on sports event contracts being 'gambling'. However, no official confirmation has been made by either company.