PrizePicks Gets CFTC Approval to Launch Prediction Markets

  • PrizePicks has just sold a majority stake in its business for $1.6bn
  • The Atlanta-based DFS operator got FCM approval on Monday
  • It will still need to partner with a designated contract market
Andrew O’Malley

CFTC emblem
PrizePicks now has approval from the CFTC to act as a futures commission merchant (FCM), which is a step towards offering prediction markets. [Image: Shutterstock.com]

On the same day that Allwyn Entertainment announced it was buying a majority stake in PrizePicks for $1.6bn, the Atlanta-based daily fantasy sports (DFS) operator received approval to be a futures commission merchant (FCM).

would need to partner with a designated contract market

The green light from the Commodity Futures Trading Commission (CFTC) was for the company’s Performance Predictions II LLC subsidiary and paves the way for the rollout of a nationwide predictions product. PrizePicks would need to partner with a designated contract market like Crypto.com or Kalshi to do so.

Underdog Sports was the first existing DFS operator to enter the predictions market after it struck a deal with Crypto.com earlier this month.

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