Rush Street Interactive (RSI) submitted its application to the Commodity Futures Trading Commission (CFTC) to become a prediction market exchange, becoming the latest business involved in state-regulated gambling to take steps to launch a prediction market product.
RSI — which operates the BetRivers brand — filed to be a designated contract market (DCM), the same designation held by Kalshi and Polymarket’s U.S. site. The application, filed May 20, is listed as “pending” on the CFTC website. A DCM is an exchange that creates contracts for users to buy and sell.
RSI sees the filing as something that gives the company the “flexibility” to respond to developments in the prediction market space, InGame has learned.
Historically, DCM applications have often taken years. Railbird and QCEX — later acquired by DraftKings and Polymarket, respectively — applied in 2022 and were approved in 2025. However, in January Xchange Alpha won DCM approval 204 days after it submitted its application, suggesting that the process may now be faster with Michael Selig leading the CFTC. Selig started his tenure as chair Dec. 22, 2025.
The DCM filing is under the name Eventive III. Documents attached to the filing reference another business, Eventive IV, that is set to file with the CFTC to become a clearinghouse, though this application has not yet been published.
orgdcmeventformdcocover260526Delaware state records show three other companies with the Eventive name that registered at the same address as Eventive III and IV on the same date.
RSI holds licenses in 15 states
RSI is an independent publicly traded entity, spun off from regional casino operator Rush Street Gaming, but 93% of its shares are owned by Rush Street Gaming’s co-founders. The casino business licenses its name to RSI. RSI is licensed to operate sportsbooks in 15 states and online casino in eight.
Companies invested in land-based casinos have thus far stayed away from prediction markets, fearing that states — which mostly see prediction markets as unregulated gambling — could revoke the gaming licenses of companies that start offering event contracts. BetMGM, a joint venture between MGM Resorts and Entain, and Caesars have publicly said they do not plan to enter the space.
DraftKings is currently the only state-regulated sportsbook to hold a DCM license, after it acquired Railbird. Currently, the DraftKings Predictions app still diverts customers to other exchanges, but DraftKings is expected to start offering its own contracts within the coming days or weeks, after self-certifying its first contracts last week.
Fanatics and FanDuel both offer prediction market products via third-party exchanges and neither has a DCM license, though court filings in January stated that Fanatics had agreed to terms on the purchase of an exchange.
Sporttrade has an active DCM application, and Underdog bought Aristotle Inc.’s application, but both companies stopped offering state-regulated sportsbook products as part of their pivot to prediction markets.
