With the Super Bowl looming, FanDuel and DraftKings prediction markets could potentially be introducing parlays for the event following a self-certification contract with the CFTC.
The CME Group, which partners with the two industry giants, has self-certified a multi-leg football contract with the Commodity Futures Trading Commission. The actual details, however, aren’t yet known as the filing suggests it’ll list the contract by Thursday, nor have any specifics been shared.
In the self-certification process, this is where a designated contract market that is CFTC-registered submits documents that explain their intentions to list a new contract. In the filing description, it reads as: “Initial Listing of Event Contract Swaps on Pro Hockey Game Point Spreads, Pro Football Championship Combos, Olympic Competitions, and Grammy Awards.”
In the contract specifications, the title is “Event Contracts on Pro Hockey Game Point Spreads and Pro Football Championship Combos.” With the Super Bowl coming up, on Sunday 8 February, it begs the question as to whether this is a focus for the prediction markets.
Does the CME Group work with FanDuel and DraftKings Predictions?
In the case of FanDuel, the derivatives marketplace CME Group is a partner of the events contract platform, with this seemingly being a joint venture. At the time, the CEO of the FanDuel Group, Amy Howe, said: “Partnering with CME Group will unlock our ability to bring even more new and engaging products to FanDuel’s fast-growing customer base.
“We believe there is potentially a wide audience for trading event-based markets and we want to provide a platform that allows our customers to engage in this activity.”
It’s slightly different for DraftKings though, as it said it would connect to multiple exchanges, beginning with the CME Group at launch. Its intentions also include the planned rollout of the recently acquired Railbird Technologies Inc and its wholly owned subsidiary, Railbird Exchange, LLC, but it’s not known when and if it’ll transition to this DCM.
Featured Image: Credit to CTLiotta on Wikimedia Commons, CC01.0 license
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