Mentioned:
There’s a new entrant to the business of prediction markets: DraftKings.
What’s happening:
- DraftKings (NASDAQ: DKNG) has officially launched a new app known as DraftKing Predictions focused solely on prediction markets
Why it matters:
- This is the first product launch that DraftKings has ever done focused on prediction markets for users in the United States
Going deeper:
- DraftKings Predictions will initially offer event contracts for both sports and financial markets and has publicly stated they plan to roll out more categories of bets imminently
- DraftKings previously acquired CFTC regulated event contract exchange Railbird Technologies as part of their plans to build out vertically integrated prediction markets for users of DraftKings
