PrizePicks Takes Groundbreaking Step as First Sports Operator to Achieve FCM Registration

PrizePicks Makes History with NFA Registration

In a groundbreaking development for the sports entertainment industry, PrizePicks, a major player in the daily fantasy sports market, has achieved a significant milestone. The company announced today that its subsidiary, Performance Predictions II, LLC, has become the first fantasy sports operator to secure registration as a Futures Commission Merchant (FCM) from the National Futures Association (NFA). This designation not only marks a historic moment for PrizePicks but also sets a precedent within the industry.

The FCM registration allows PrizePicks to engage in transactions involving futures contracts from Designated Contract Markets (DCMs), which operate under the regulations of the Commodity Futures Trading Commission (CFTC). This move is pivotal for PrizePicks as it expands its operational capabilities and opens up new avenues for providing enhanced services to its members.

Mike Ybarra, the CEO of PrizePicks, expressed pride in the achievement, highlighting the importance of compliance and consumer protection. He stated, “The honor of being the first sports entertainment platform to receive a FCM registration from the NFA is a testament to our industry-leading compliance and consumer protection programs that both the NFA and CFTC demand.” Ybarra further praised the CFTC's Acting Chairman Caroline Pham for fostering an environment conducive to innovation while maintaining robust regulatory standards, reinforcing the notion that compliance and creativity can coexist.

This registration is viewed as a significant strategic enhancement, positioning PrizePicks as a leader not only in fantasy sports but also in regulatory compliance within the gambling sector. PrizePicks’ Chief Legal Officer, Jason Barclay, emphasized the importance of this moment in the company’s trajectory, stating, “As the nation’s leader in predictions, this is a defining moment for us. We are grateful to the NFA for its thoughtful process and diligent work on our application.”

By collaborating with the CFTC and NFA, PrizePicks aims to introduce more consumer-friendly solutions that prioritize safety and enjoyment for its members. The company asserts that it remains dedicated to maintaining the highest regulatory compliance standards, ensuring that its users have secure and enjoyable experiences when it comes to making predictions.

About PrizePicks

Founded in Atlanta, Georgia, PrizePicks stands as the largest daily fantasy sports operator in the United States, offering a wide range of innovative and skill-based fantasy games that engage sports enthusiasts across the nation. Currently, PrizePicks operates in 46 jurisdictions, continually expanding its reach and influence in the sports gaming landscape. Users can easily access these services through the PrizePicks app available on both iOS and Android devices.

Indeed, this FCM registration stands as a solid affirmation of PrizePicks' commitment to enhancing the sports experience for all while assuring regulatory compliance. As the company continues to innovate and adapt to the ever-evolving landscape of sports entertainment, its leadership in compliance sets a noteworthy benchmark for other operators in the industry to aspire to.