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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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The Oxford Casino, based in Maine, has filed a federal lawsuit which challenges “efforts to grant a monopoly on online casino-style gambling (“iGaming”) to four specially selected Indian Tribes.”
This comes after Governor Mills, of the State of Maine, announced her intention to allow the LD 1164 bill, named ‘An Act to Create Economic Opportunity for the Wabanaki Nations’ to become law.
This was announced on January 8, with the bill authorizing Maine’s tribal governments to operate online gambling in the state to support tribal communities and economic development.
“Governor Mills’ support for historic advances in tribal economic development, particularly her decision to allow LD 1164 to become law, marks an economic turning point for the Passamaquoddy people and for all Wabanaki Nations,” said Chief William Nicholas Sr. of the Passamaquoddy Tribe at Indian Township in the initial news release, alongside other tribal chiefs.
Oxford Casino lawsuit against Maine comes after tribal bill allowed to become law
In the filing, which names the defendant as being the Executive Director of the Maine Gambling Control Unit, the casino – which is one of two brick-and-mortar casinos in Maine – has alleged “the Legislature has blessed a race-based monopoly that will allow Maine Tribes alone to offer iGaming in every square inch of Maine.”
They continue to say promoting iGaming through ‘race-based preferences’ “deals a gut-wrenching blow to Maine businesses like Oxford Casino that have heavily invested in the State and its people.”
Within the lawsuit, they state a study commissioned by The Innovation Group, called the Economic Impacts of iGaming Expansion, which they say shows that “land-based casino revenue drops by 16% on average after iGaming is introduced causing substantial job losses, hundreds of millions of dollars in lost economic output, and reduced tax contributions that fund public services.”
They also alleged “creating a race-based monopoly for in-state businesses violates equal protection, flouts constitutional restrictions on economic protectionism, and fails scrutiny under both the United States and Maine Constitutions.”
Oxford Casino has been offering gaming in the state since 2012 and it is one of Maine’s two licensed casinos. BB Development, LLC, does business as Oxford Casino Hotel, which is a Maine corporation and a subsidiary of Churchill Downs Incorporated.
Featured Image: Toohool via WikiCommons / CC0 1.0
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