Flutter Entertainment Is Maintained at Buy by BTIG

By Nick Devor

Bets on National Football League games make up a large portion of trading volume on prediction markets like Kalshi and Polymarket, but so far the NFL is taking a cautious approach to the growing prediction business.

Prediction markets are "not something we're about to enter into," NFL Commission Roger Goodell said Wednesday at an investor day for Genius Sports, the sports data and technology firm. "There are a lot of legal challenges going on right now."

"We'd like to be first in the market in a lot of things, but a lot of things we're willing to say, 'We're gonna let things play out,'" Goodell said.

Prediction markets can essentially replicate sports betting by offering so-called event contracts that allow customers to trade on the outcome of things like an NFL game. Questions about whether the contracts constitute gambling are working their way through the legal system, and experts expect the debate to wind up in the U.S. Supreme Court.

Betting — and the integrity of competition — have taken on increased attention for sports leagues in the wake of the betting scandal that rocked the National Basketball Association in October. Prediction markets are potentially a new complicating factor.

"The risk to the brand is something that we take very seriously, and we won't risk brand in something until we feel confident that we can do it, " Goodell said Wednesday.

"We're concerned that if these markets aren't properly regulated they could be susceptible to manipulation or price distortion," David Highhill, the NFL's then-general manager for sports betting strategy, said in August.

Polymarket and Kalshi didn't immediately respond to a request for comment about Goodell's latest comments.

Other sports leagues, including the National Hockey League and Ultimate Fighting Championship, have already entered into partnerships with Kalshi and Polymarket.

Despite the NFL's tepid take on prediction markets, the league's games have been a hot trade on Kalshi and Polymarket.

Kalshi has seen a total of $3.5 billion in trading volume on NFL game contracts and $3.1 billion in college football contracts, according to data analytics company Dune. NBA and Major League Baseball contracts have seen $2.1 billion and $865 million in volume, respectively.

That new competition has weighed on shares of DraftKings and Flutter, the owners of online sportsbooks. They're down 5% and 19%, respectively, this year.

An NFL partnership would be a boon for the prediction markets. As it stands, the platforms can't use copyrighted terms to describe event contracts based on NFL games. February's Super Bowl LIX between the Chiefs and Eagles was called the "pro football championship" on Kalshi.

A formal partnership could also bring prediction market odds into NFL television broadcasts. Data from sportsbooks have already become standard fare in TV sports coverage.

This week, both CNN and CNBC announced partnerships with Kalshi to feature the platform's odds data on their networks.

Write to Nick Devor at nicholas.devor@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

1 December 2025

Plus500 Ltd.

("Plus500", the "Company" or, together with its subsidiaries, the "Group")

Plus500 Appointed to Clear CME and FanDuel Prediction Markets FCM Business

Plus500, a global multi-asset fintech group operating proprietary technology-based trading platforms, is pleased to announce today its appointment as the clearing partner for the CME and FanDuel's new event-based contracts platform. Plus500 will provide brokerage-execution and clearing services for FanDuel Prediction Markets, a non-clearing Futures Commission Merchant (FCM) and joint venture between CME Group and FanDuel (part of Flutter Entertainment plc).

This new clearing arrangement will enable Plus500 to leverage its robust, trusted, institutional-grade infrastructure to enable secure and scalable access for the FCM's clients.

Clearing Role

This collaboration is another demonstration of Plus500's world-leading operational strengths, which underscores its role as a critical market infrastructure provider, ensuring robust execution, settlement, and risk management to power the future of event-driven trading. Plus500's appointment places it at the cutting edge of responsible financial innovation, bridging institutional infrastructure with emerging platforms and empowering broader engagement with the global markets.

Technology Advantage

Plus500's proprietary technology, regulatory expertise and institutional-grade infrastructure leave it well positioned to deliver clearing services for future products and event-driven trading markets around the world, securing scalable access for B2B (Institutional) and platform-based clients as demand for these instruments grows.

David Zruia, Chief Executive Officer of Plus500, commented:

"Being chosen to clear for this groundbreaking initiative is a historic milestone for Plus500. It reflects our capabilities as an accredited, trusted market infrastructure provider, built on proprietary technology, regulatory expertise, and a focus on institutional collaboration. It also demonstrates the superiority of our operational processes and status as a global multi-asset fintech group on the international stage. We are proud to work with the CME and FanDuel to broaden global market access for millions of new customers."

For further details:

About Plus500

Plus500 is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC ("Over-the-Counter" products, namely Contracts for Difference (CFDs)), share dealing, as well as futures and options on futures.

The Group retains operating licences and is regulated in the United Kingdom, Australia, Cyprus, Israel, New Zealand, South Africa, Singapore, the Seychelles, the United States, Estonia, Japan, the UAE, the Bahamas and Canada, and through its OTC product portfolio, offers more than 2,500 different underlying global financial instruments, comprising equities, indices, commodities, options, ETFs, foreign exchange and cryptocurrencies. Customers of the Group can trade its OTC products in more than 60 countries and in 30 languages.

Plus500's trading platforms are accessible from multiple operating systems (iOS, Android and Windows) and web browsers. Customer care is, and has always been, integral to Plus500. As such, OTC customers cannot be subject to negative balances. A free demo account is available on an unlimited basis for OTC trading platform users and sophisticated risk management tools are provided free of charge to manage leveraged exposure, and stop losses to help customers protect profits, while limiting capital losses.

Plus500 was admitted to trading on the London Stock Exchange (LON: PLUS) on 24 July 2013. It was admitted to the Equity Shares in Commercial Companies ("ESCC") Category of the Official List and is a constituent of the FTSE 250 Index and the STOXX Europe 600 Index. Website: www.plus500.com.

Forward looking statements

This announcement contains statements that are or may be forward-looking statements. All statements other than statements of historical facts included in this announcement may be forward-looking statements, including statements that relate to the Group's future prospects, developments and strategies. The Company does not accept any responsibility for the accuracy or completeness of any information reported by the press or other media, nor the fairness or appropriateness of any forecasts, views or opinions express by the press or other media regarding the Group. The Company makes no representation as to the appropriateness, accuracy, completeness or reliability of any such information or publication.

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