By The Weekly Edge desk ·
Casino.org reported that CME Group chief executive Terry Duffy called sports prediction markets gambling and anticipated a Supreme Court dispute. Duffy said CME intended to avoid the controversy surrounding sports contracts while expanding its prediction-market activity.
Duffy’s comments address the legal controversy surrounding sports prediction markets.
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Duffy drew a distinction between CME’s sports contracts and some other prediction-market products.
The committee examined manipulation risks, while disputed examples highlight disagreement over which products breached standards.
The change moves FanDuel’s sports prediction-market supply relationship to Crypto.com.
Additional US spending will reduce near-term profitability, according to Flutter.
Duffy’s comments question the regulatory treatment and economic purpose of some prediction market products.
The licence could increase FanDuel’s control over its prediction market business without authorising it to operate its own designated exchange.