DraftKings launches DKeX, a CFTC-registered prediction markets exchange built on its Railbird acquisition. The launch brings event-contract trading in-house from CME and Crypto.com.
DraftKings announces DraftKings Predictions, a standalone app and web product that marks its entry into prediction markets. The company says the planned rollout of recently acquired Railbird would broaden the markets available through the offering and improve its economics over time.
DraftKings launches its Predictions product through CME rather than Railbird, the exchange it acquired. DraftKings says Railbird is part of a later multi-exchange connectivity plan, while the initial launch runs through CME.
DraftKings could spend up to $250 million to acquire prediction-market company Railbird Exchange, according to the report. The reported deal includes $50 million upfront and up to $200 million in performance incentives, while DraftKings has not disclosed the financial terms.
