Overview
- DraftKings completed the acquisition of Railbird Technologies and its Railbird Exchange, which is designated by the Commodity Futures Trading Commission.
- A new mobile app called DraftKings Predictions is slated for the coming months to enable trading of regulated event contracts in finance, culture and entertainment, with the flexibility to connect to multiple exchanges.
- The company has not decided whether to offer sports event contracts as state regulators and tribes challenge sports-related prediction markets and Nevada has issued warnings.
- DraftKings has not specified where the product will operate or provided a precise launch date beyond the near-term target, and financial terms of the deal were not disclosed.
- The push into prediction markets follows rapid expansion by Kalshi and Polymarket and FanDuel’s CME Group tie-up, and DraftKings shares rose more than 5% in after-hours trading on the news.