Flutter shifts FanDuel Predicts sports, novelty contracts to Crypto.com exchange

Flutter Entertainment is moving all FanDuel Predicts sports and novelty event contracts to Crypto.com's exchange while CME Group remains the supplier of financial markets, a change chief executive Peter Jackson said should help the company launch products faster before the NFL season. CME still owns 51% of Fanduel Prediction Markets Holdings LLC, but Sportico reported the non-sports contracts it keeps account for under 1% of app activity. Flutter booked $6 million of second-quarter market-making revenue and expects about $50 million of revenue and adjusted EBITDA benefit in 2026, even as U.S. adjusted EBITDA fell 70% to $119 million, guidance was cut and the company reported a $296 million net loss. The shift comes as chief executive Terry Duffy criticized sports prediction markets on CME's July earnings call and Flutter registered a new futures commission merchant, New Ventures III, without CME, though the company has not confirmed any link to this week's restructuring.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.