FanDuel, the online gambling division of Flutter Entertainment Plc, is teaming up with CME Group Inc., the largest US derivatives exchange, to offer bets on stocks, commodity prices and even inflation.
Expected to launch later this year, the event-based contracts will be tied to benchmarks such as the S&P 500 and Nasdaq-100, the prices of oil and gas, gold, cryptocurrencies, and key economic indicators such as GDP and CPI, the companies said Wednesday.
The bets will be framed in a way that makes them regulated financial products rather than wagers in a state-supervised casino, according to the parties. Customers will be able to express their views multiple times a day on a wide range of markets with simple “yes” or “no” positions for as little as $1.
Chicago-based CME has made a concerted push to reach more retail traders, with a recent rollout of futures products on Robinhood Markets Inc. and the launch of new “micro” contracts for farm commodities that trade in finer increments and are cash-settled instead of physically delivered.
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