Just days after DraftKings introduced its new prediction market app, FanDuel has responded with a similar offering called FanDuel Predicts. FanDuel, a big name in online gaming in North America, teamed up with CME Group, the world's premier derivatives marketplace, to create this new platform.
FanDuel Predicts started in five states: Alabama, Alaska, South Carolina, North Dakota, and South Dakota. The goal is to make it easier for millions of people across the country to access both financial and sports markets.
With FanDuel Predicts, users can share their guesses on various topics, from economic trends to sports results. This is all done through a user-friendly app available on the Apple App Store and Google Play.
In a statement, James Cooper, Senior Vice President at FanDuel, talked about the company’s strategic initiative: “We're giving our customers a new platform to engage with the world around them—whether that’s the next Fed rate decision or a sports event.”
Cooper sees the launch in these initial states as an opportunity to gain valuable insights into user engagement that will inform further expansion efforts.
The launch doesn't come as a surprise, as just weeks ago, the company left the Nevada market ahead of the launch. It also follows closely on the heels of the announcement outlining the operation of the prediction market collaboration between FanDuel and CME Group.
FanDuel also recently announced that it's bolstering jackpots for players who use FanDuel Casino.
What Does FanDuel Predicts Offer?
Available markets include financial benchmarks, like the S&P 500 and Nasdaq-100, commodity prices such as oil and gas, gold, cryptocurrencies, and critical economic indicators like GDP and CPI.
Additionally, sports-focused contracts will be offered in baseball, basketball, football, and hockey within states where online sports betting has not yet been legalized, with the exception of tribal lands.
FanDuel Predicts plans to adjust its sports offerings in states that transition to legal online sports betting, ceasing these particular contracts as regulations evolve. The phased national rollout is anticipated to reach completion by early 2026.
Lynne Fitzpatrick, President and CFO of CME Group, highlighted the significance of the collaboration, stating, “CME Group prediction markets will enable a new generation of users to express their views on global benchmarks, economic indicators, sports, and more.” Fitzpatrick emphasized that this development represents a critical step in expanding their product reach to FanDuel’s extensive U.S. customer base.
FanDuel Predicts to Use "Know Your Customer"
To keep things secure, the app has a sign-up process called “Know Your Customer.”
This requires users to provide some personal details like their birth date, Social Security number, home address, banking information, and a government-issued ID. This step helps ensure that the platform stays safe for everyone to use.
Once registered, users can purchase or sell event contracts priced between $0.01 and $0.99 by predicting whether specific events will or will not occur.
As FanDuel Predicts extends its reach across the United States, both companies underscore their commitment to refining the user experience while tapping into a broader market eager to engage with dynamic prediction opportunities.
