By SectorWire desk ·
CME Group chief executive Terry Duffy described some sportsbook-style prediction markets as gambling. He distinguished those products from CME’s sports-event contracts, shortly after the exchange certified additional sports contracts.
Duffy drew a distinction between CME’s sports contracts and some other prediction-market products.
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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.
Duffy’s comments question the regulatory treatment and economic purpose of some prediction market products.
Duffy’s comments address the legal controversy surrounding sports prediction markets.
The licence could increase FanDuel’s control over its prediction market business without authorising it to operate its own designated exchange.
The ruling subjects disputed Nevada sports event contracts to gambling rules, while DraftKings and Flutter shares gained.