Flutter’s FanDuel Shifts to Sports Prediction Markets

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Transcript

00:00Guess what we're going to be talking about? Prediction markets, right? If I had to make a

00:03prediction on the prediction market, if Newswire was going to be talking about prediction markets,

00:09we'd be making a lot of money, Sam. It feels like it's a daily occurrence here. Welcome back to

00:13Newswire here. And boy, isn't this an interesting one. Flutter, the parent company of FanDuel,

00:19seemingly, if you can't beat them, join them. That must be the conversation here if they get

00:24involved in this, isn't it? Yeah. Flutter, the parent company that owns FanDuel, first made waves

00:30in this kind of space back in August when they announced a partnership with this company called

00:35CME Group, which would allow them to have these financial markets for their FanDuel customers.

00:41So these are things historically that Kaoshi and everybody else has offered the markets on election,

00:47the economy, the weather even. But at the time, they did not say they were getting into sports.

00:54Kind of trying to toe that line and not piss anybody off. Now, coming out of the Global

00:59Gaming Expo Conference in Las Vegas this past week, Flutter met with several Wall Street analysts

01:05to kind of give them an overview of where they're headed. And in two notes, those analysts indicated

01:10that Flutter's actually getting ready to launch a sports version of that market later this year.

01:16So no surprise that they would eventually get into sports, but it is news that they would do it so

01:21soon, so quickly. And it comes as a number of states, Ohio, Arizona, and now more I hear in the coming

01:27weeks are telling companies like FanDuel, hey, if you're a licensed sports book with us, like you start

01:33offering these sports prediction markets, which again, a lot of people have said basically are just a version

01:38of unlicensed sports betting. If you offer them in any state, it could put your license in jeopardy in our

01:43state. So this would be the first kind of big domino to drop with a sports book actually getting involved

01:49with a prediction market, you know, a way to reach states like California, where they are not allowed

01:53to do sports betting, states like Texas, Georgia as well. And we've already seen some others in the

01:58space like Underdog Fantasy, which is not very much a sports betting company, but does have a fantasy

02:04sports product. They've already gotten in this space as well. So, you know, FanDuel being the market

02:09leader in sports betting, the biggest sports betting company, jumping into this space would definitely be

02:13some very big news.