Crypto.com Wins Flutter Sports Deal as CME Steps Back

Flutter Entertainment is making a big shift for its FanDuel Predicts platform. The company is routing all sports and novelty contracts straight to the Crypto.com exchange. This leaves CME Group holding only the financial markets on a venture where CME previously held majority control. The change comes just three weeks after the chief executive of CME told analysts that many sports prediction markets simply amount to gambling.

This partnership gives Crypto.com a major win in the fast growing prediction market sector, while CME pulls back from the sports side of the business. Flutter recently booked six million dollars in market making revenue from these contracts, showing just how valuable this traffic can be for an exchange.

Traders should watch how Crypto.com handles the influx of sports bettors and whether other traditional finance giants follow CME in stepping away from sports prediction contracts. As prediction markets continue to heat up, the battle for user volume between crypto natives and traditional exchanges is just getting started.