DraftKings has launched a new prediction markets app, allowing users to trade contracts linked to sporting and financial events. The app, called DraftKings Predictions, is regulated by the Commodity Futures Trading Commission and will be available in 38 states.
DraftKings is entering the red-hot prediction markets business with the launch of DraftKings Predictions, a mobile app and web product that lets users trade contracts linked to sporting and financial events. The company announced that event contracts will be available for trading in 38 states and that it will eventually expand beyond sports and finance into other markets, such as entertainment and culture.
The sports betting company said its app, which is expected to be available in major app stores within days, will connect with multiple exchanges, starting with the derivatives marketplace CME Group. Once users have a DraftKings account, they can enter the DraftKings Predictions app and start trading by clicking on the yes/no questions associated with an event, such as an NFL game, and deciding how much money they want to wager.
DraftKings faces growing competition from prediction markets, including Kalshi and Polymarket, now valued at $9 billion and $11 billion, respectively. These platforms enable users to speculate on the outcome of sports and other events. However, some prediction market platforms lacking a license for sports wagering have faced pushback from state regulators.
As reported by GlobeNewswire, DraftKings said its app is regulated by the Commodity Futures Trading Commission. The company also announced the acquisition of Railbird Technologies, a federally regulated prediction market, in October.
For more information on DraftKings and its new prediction markets app, users can visit the company’s website or follow reputable sources such as CBS News for updates.
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