Techme101.com

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
The post FanDuel and DraftKings prediction markets could offer Super Bowl parlays, as CME issues self-certification appeared first on ReadWrite.

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
The post Oxford Casino takes Maine to court over allowing tribes to operate iGaming appeared first on ReadWrite.

The Austrian Supreme Court has ruled that loot boxes present within video games do not constitute gambling under their gambling laws.
This comes after a player attempted to reclaim nearly €20,000 ($24,000) spent on in-game purchases in a football video game.
The plaintiff spent money in the game on loot boxes between 2017 and 2021, with the purpose of acquiring digital players in order to enhance his virtual team in the game.
The court, however, deemed that loot boxes are separate from the broader game, especially when evaluating if they meet the gambling criteria under section 1, paragraph 1 of the Gambling Act.
During the case, the plaintiff stated that, due to him not having a necessary license, opening loot boxes should be deemed illegal gambling.
“The player can, through their own skills – namely, their chosen tactics and strategy, as well as their dexterity in operating the controller – control the course of the game with a probability suitable for success, thus establishing a rational expectation of winning.” Said the court upon their ruling, which player skill factor was the ultimate in the overall outcome of the game.
Loot boxes are becoming problematic in gaming
The rise of the loot box in video games has seen the sector gravitate towards in-game purchases.
A recent study conducted in Norway found a correlation between children who play a lot of video games and a higher risk of developing gambling problems in later life.
Games that focus on loot boxes and skins could see those aged between 12 and 17 encountering gambling issues into adulthood.
In October, Brazilian lawmakers banned those under the age of 18 from buying loot boxes.
President Luiz Inácio Lula da Silva made the decision, and it will come into effect this year, with the first safeguards taking place in March.
“Promotion and marketing of gambling, fixed-odds betting, lotteries, tobacco products, alcoholic beverages, narcotics or products prohibited for sale to children and adolescents,” according to Law 15211, which protects children in the digital environment.
Featured Image: Gugerell via WikiCommons / CC0 1.0 Universal
The post Austrian Supreme Court rules that loot boxes do not constitute gambling appeared first on ReadWrite.