Flutter Entertainment, the parent company of Sportsbet and FanDuel, will launch a new prediction-market platform, FanDuel Predicts, in December, targeting U.S. states where online sports betting remains illegal.
The joint venture with derivatives exchange CME Group will offer contracts linked to American football, baseball, basketball and ice hockey, as well as financial indicators such as stock benchmarks, commodities and cryptocurrencies. FanDuel Predicts will compete with established operators like Kalshi and Polymarket.
Flutter CEO, Peter Jackson, said the initiative allows the company to “offer a compelling sports product” in jurisdictions where traditional sports betting is not permitted. He added that prediction markets have had “negligible impact” in states where FanDuel’s sportsbook already operates.
The move comes as Flutter lowered its full-year revenue forecast to US$16.7bn after three months of favourable outcomes for bettors impacted results. Sportsbet’s performance was affected by a swing in sports results and reduced horse-racing handle, contributing to a 12 per cent revenue decline in Flutter’s Asia Pacific division for the quarter.
Sportsbet holds roughly 50 per cent of Australia’s online betting market but continues to face margin pressure from point-of-consumption taxes and strong racing outcomes. Recent Spring Racing Carnival results are expected to weigh on fourth-quarter earnings despite record turnover at the Melbourne Cup. Sportsbet reported a net profit of $115m in 2024, down from $186m in 2023.
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Flutter Entertainment, the parent company of Sportsbet and FanDuel, will launch a new prediction-market platform, FanDuel Predicts, in December, targeting U.S. states where online sports betting remains illegal. The joint venture with derivatives exchange CME Group will offer contracts linked to American football, baseball, basketball and ice hockey, as well as financial indicators such as…
The post Flutter launches FanDuel Predicts to enter US prediction markets appeared first on G3 Newswire.