Sports-Betting Firms See State License Risk in Prediction Market
FanDuel, a division of online betting giant Flutter Entertainment Plc, plans to offer contracts based on financial products, such as the price of oil and the S&P 500, in a partnership with CME Group Inc.
Photographer: Gabby Jones/BloombergSportsbook operators are treading cautiously in the fast-growing business of prediction-based betting, unsure of the financial opportunity and wary of threats by regulators to revoke their gambling licenses.
Caesars Entertainment Inc., which owns some 50 casinos across the US, as well as a large online betting business, told investors this week it’s monitoring the predictions market, but not immediately entering the business.