MLB Names Polymarket as Exclusive Prediction Market Exchange, Signs Memorandum With CFTC
By Robert Linnehan in Sports Betting News
Published:
- Major League Baseball today announced two new agreements in the prediction market space
- The league named Polymarket as MLB’s official prediction market exchange
- The league signed a memorandum of understanding with the CFTC to share information regarding the integrity of professional baseball and related prediction markets
Major League Baseball is jumping feet first into the prediction market space, as the league today named Polymarket as its official prediction market exchange partner and signed an exclusive memorandum of understanding with the Commodity Futures Trading Commission.
As part of Polymarket’s official partnership with MLB, Polymarket and its brokers will receive exclusive access to MLB marks and logos to be used within their prediction market products, and will also receive access to official league data from Sportradar, MLB’s exclusive global distributor of data for prediction markets.
“The new agreements that we formed with Polymarket and the CFTC are imperative steps in proactively managing the new and rapidly growing prediction market space,” MLB Commissioner Rob Manfred said in the partnership announcement. “Protecting the integrity of the game on the field is our top priority. By engaging in this community, we are able to work together to create clear boundaries with the goal of mitigating risk while providing fan engagement opportunities.”
Partnership Includes CFTC Agreement
In addition to the MLB and Polymarket partnership, the CFTC and MLB also announced the signing of a memorandum of understanding (MOU), the first of its kind between the commission and a professional sports league.
The MOU establishes a framework between the CFTC and MLB to discuss, cooperate, and exchange information concerning issues of common interest, which include protecting the integrity of professional baseball and related prediction markets.
“The MOU is a collaborative step towards promoting the integrity and resilience of the prediction markets relating to professional baseball. Through this MOU, the CFTC is well-positioned to add additional tools to protect these markets and its participants from fraud, manipulation, and other abuses,” CFTC Chairman Michael S. Selig said in the announcement. “I thank MLB and Commissioner Rob Manfred for partnering with the CFTC and taking a leading role in protecting the integrity of these growing markets.”
Polymarket and MLB will also established a “comprehensive integrity framework” to work together to restrict markets that prevent an integrity risk to professional baseball. Potential markets to be restricted, among others, will be those based on individual pitches, manager decisions, and umpire performance.
The MOU comes one year after MLB wrote to the CFTC and called for “strong integrity protections” in the prediction market space.
While the partnership between Polymarket and MLB provides them with exclusive rights, MLB announced it intends to have integrity relationships with other prediction markets exchanges offering baseball contracts. The companies will be required to integrate the same integrity protections into their rulebooks if they intend to offer baseball contracts.
Polymarket Partnership Details
Polymarket will receive brand exposure across MLB’s digital ecosystem and at league events, according to the partnership.
“Polymarket is about bringing fans closer to the moments that define sports,” said Shayne Coplan, Founder and CEO of Polymarket. “By working collaboratively with Major League Baseball and regulators, we can create new ways for fans to engage with the game while protecting the integrity of the sport.”
Additionally, Polymarket will integrate integrity controls into its U.S. rulebook to ensure all of its brokers are held to the same integrity standards as set forth by the agreement.
Sportradar Comments on Deal
Sportradar, MLB’s exclusive global distributor of data for prediction market, said in a released statement to Sports Betting Dime there is a “significant opportunity to monetize our products and services in prediction markets.”
“As the exclusive global data distributor and integrity partner for Major League Baseball, we see a significant opportunity to monetize our products and services in prediction markets. Similar to our approach with OSBs, our commercial agreements will be varied and structured to optimize value. Our arrangement with MLB reflects this approach providing Polymarket with MLB data and the opportunity to provide our broad suite of products and services, as well as an ability to provide these to other participants in the prediction markets,” a Sportradar spokesperson said.
Disclosure: Sports Betting Dime is owned by Sportradar
Regulatory Writer and Editor
Robert Linnehan covers all regulatory developments in online gambling and sports betting. He specializes in U.S. sports betting news along with casino regulation news as one of the most trusted sources in the country.