Prediction markets in direct opposition to Nevada’s priorities
FanDuel and DraftKings are both surrendering their Nevada licences to move forward with the launch of prediction markets.
Flutter Entertainment’s FanDuel is launching FanDuel Predicts, a new FanDuel branded app which we expect to launch in December, through a joint venture with the CME Group. In October, DraftKings announced it was buying predictions platform Railbird as it looks to launch a mobile platform in the coming months to be called DraftKings Predictions.
Prediction markets are banned in Nevada, meaning FanDuel and DraftKings can no longer operate there.
FanDuel spokesman Alex Pitcocchelli said: “Our views of the current opportunity for prediction markets outside of regulated states are unfortunately in direct opposition to Nevada’s priorities for its licensed operators. As a result, we are making the difficult decision to voluntarily surrender our license.”
Jen Aguiar, DraftKings’ chief compliance officer, said: “As part of our ongoing commitment to regulatory compliance, we have withdrawn our inactive application in Nevada. Prediction markets are federally regulated by the Commodity Futures Trading Commission, and we remain dedicated to working collaboratively with regulators to uphold the highest standards of integrity in our operations.”
The Nevada Gaming Control Board said: “The Nevada Gaming Control Board accepted the surrender of Flutter Entertainment’s Order of Registration, as well as all related licenses and approvals including those for FanDuel Sportsbooks and its license as a provider of an information service, and granted administrative approval of requests for withdrawal for all active and pending applications.”
“In addition, the Board granted administrative approval of requests to withdraw all pending applications
submitted by DraftKings relative to its interests in sports wagering in Nevada.”
“It has been made clear to the Board that Flutter Entertainment/FanDuel and DraftKings intend to
engage in unlawful activities related to sports event contracts. This conduct is incompatible with their
ability to participate in Nevada’s gaming industry.
“The Board takes seriously its obligation to operate a thriving gaming industry and to protect Nevada
citizens. As a reminder to our licensees and to provide guidance and clarity on the Board’s position with
regard to the matter of sports event contracts and prediction markets.”
The post FanDuel and DraftKings both surrender Nevada ambitions to launch prediction markets appeared first on G3 Newswire.
Prediction markets in direct opposition to Nevada’s priorities FanDuel and DraftKings are both surrendering their Nevada licences to move forward with the launch of prediction markets. Flutter Entertainment’s FanDuel is launching FanDuel Predicts, a new FanDuel branded app which we expect to launch in December, through a joint venture with the CME Group. In October,…
The post FanDuel and DraftKings both surrender Nevada ambitions to launch prediction markets appeared first on G3 Newswire.