FanDuel and CME Group plan to form a joint venture to operate a non-clearing futures commission merchant serving customers in the United States. The event contracts are expected to launch later in 2025, with positions available from $1, subject to CFTC regulatory review.
The venture’s launch depends on CFTC review, which will determine whether the planned event-contract offering can proceed.
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The CFTC submitted two proposed rules to the White House Office of Information and Regulatory Affairs for review. One would exclude casino-style products from the definition of swaps, while the other would include event contracts; both remain under review.
The National Council of Legislators from Gaming States has filed an amicus brief urging the US Supreme Court to consider the dispute over sports event contracts, reportedly backing New Jersey Attorney General Jennifer Davenport’s petition. The lawmakers argue that states should retain authority over gaming-related products and warn that a ruling for Kalshi could prompt casinos and pari-mutuel businesses to restructure.
The CFTC has proposed changing its review process for certain event-based contracts under Rule 40.11, according to the report. The proposal would assess contracts individually, including those linked to military actions, terrorism, cyberattacks, sports injuries and officiating decisions, rather than banning whole categories. A public comment period is open.
DraftKings president of operations Paul Liberman said the operator would support the federal government taking a more active role in deciding the legality of sports event contracts, according to the report. The report also says Liberman suggested micro-betting prediction markets could be a future development.
Robinhood and Susquehanna reportedly plan to launch a futures and derivatives exchange and clearinghouse after acquiring a 90% stake in LedgerX. The venture is expected to begin trading in 2026; the companies have not disclosed the deal’s financial terms.