FanDuel Predicts Joins Crypto.com and OG Prediction Markets to Expand Contract Lineup

FanDuel Predicts has expanded its offerings through a partnership with Crypto.com, adding new sports, entertainment, and combo-event contracts to its platform.
The FanDuel logo appears in an illustration as we look at its partnership with Crypto.com to expand FanDuel Predicts ahead of the World Cup
Pictured: The FanDuel logo appears in an illustration as we look at its partnership with Crypto.com to expand FanDuel Predicts ahead of the World Cup. Photo by REUTERS/Dado Ruvic/Illustration
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FanDuel Predicts has partnered with Crypto.com and its OG Prediction Markets platform to broaden the range of available contracts on its prediction markets app. The deal brings in new sports and entertainment contracts as well as combination event contracts, supplementing the products customers can already access through CME Group. 

OG Prediction Markets is the North American Derivatives Exchange arm of Crypto.com and is registered with the Commodity Futures Trading Commission as both a designated contract market and a derivatives clearing organization. New contract offerings from CME Group and OG are set to roll out this week, timed to coincide with the start of the FIFA World Cup and compete with other prediction market apps.

“FanDuel Predicts was built to deliver a best-in-class prediction market experience to our customers,” said James Cooper, Senior Vice President, Flywheel and New Ventures at FanDuel. “These additional product sets give our customers more choices by expanding the breadth of sports and entertainment contracts on our platform.” 

FanDuel Predicts is a joint venture between FanDuel Group and CME Group, launched in December, and available to users in all 50 states. The platform covers a wide range of tradable categories, including financial markets such as the S&P 500 and Nasdaq-100, commodities, cryptocurrencies, and economic indicators. 

 In states where FanDuel does not hold a sports betting license, users can also trade on sports and entertainment outcomes. 

FanDuel looks to reshape Rhode Island's sports betting landscape 

FanDuel's push for expansion is not limited to product partnerships. The company is backing legislation in Rhode Island that would open the state's online sports betting market to multiple operators, with the proposed bill calling for between four and six licensed vendors.  

At the moment, Sportsbook Rhode Island is the sole legal provider in the Rhode Island sports betting market, though Bally's is on track to launch as the second operator before the end of the year. FanDuel passed on the contract Bally's secured, a decision tied in part to the company's view that Rhode Island's tax approach to sports betting needs to be restructured. 

A Spectrum Gaming Group study found Rhode Island's effective sports wagering tax rate to be 51%, the highest in the country. The legislation FanDuel is supporting would cut that figure to 12%, arguing that a more competitive market with a lower rate would ultimately bring in more total revenue than the current single-operator structure. 

Between July and March, sports wagering in Rhode Island produced $31 million in revenue, with Sportsbook Rhode Island accounting for the bulk of it. iGaming, which encompasses virtual versions of casino products like table games and slots, is already outperforming sports betting as a revenue source for the state.  

Senate Majority Leader Frank Ciccone is sponsoring the bill, and so far, it has advanced from the Senate to the House. Lawmakers have until the end of the month to pass the bill.