CME Group and Flutter’s FanDuel partner in new event contracts platform

CME Group (CME) and FanDuel, online gaming company, part of Flutter Entertainment (FLUT), announced an alliance that will launch new products aiming to expand access to financial markets for FanDuel customers in the U.S. The companies will develop new fully funded, event-based contracts with defined risk. Customers will be able to express their views multiple times a day on a wide range of markets with simple “yes” or “no” positions for as little as $1. Expected to launch later this year, the products will include benchmarks such as the S&P 500 and Nasdaq-100, prices of oil and gas, gold, cryptocurrencies, and key economic indicators such as GDP and CPI, with further details of additional offerings to be determined in the coming months. As part of the partnership, CME Group and FanDuel will form a new joint venture, under which they will operate a non-clearing futures commission merchant that will facilitate access to these event-based contracts through FanDuel. Pending CFTC regulatory review, event contracts will be listed on and subject to the rules of CME Group exchanges and available through all participating FCMs.