DraftKings has acquired CFTC-registered prediction market Railbird, following months of speculation about the sports betting giant’s plans to get into the event contracts space.
DraftKings announced the deal, which it said would “advance further growth in prediction markets,” via press release as markets closed Tuesday.
Railbird was registered by the Commodity Futures Trading Commission (CFTC) as a designated contract market in July, allowing it to create its own event contract markets and partner with other companies that wish to offer its contracts. Through the deal, DraftKings will now be able to do the same…
Alongside the deal, DraftKings will launch DraftKings Predictions, a new mobile app that “will allow customers to trade regulated event contracts on real-world outcomes across finance, culture, and entertainment.”
