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DraftKings Prediction Market App Will Focus on States Without Legal Sports Betting

DraftKings has acquired the prediction market company Railbird to launch its new DraftKings Predictions mobile app, specifically targeting states without legal sports betting. This strategic move comes as weekly prediction market volume surpassed $2 billion, indicating a growing interest in such platforms. Experts project that the prediction market industry could reach $95.5 billion by 2035, fueled by a compound annual growth rate of nearly 47%. Railbird, which holds a designated contract market license from the Commodities Futures Trading Commission, plans to offer contracts across various sectors including finance and entertainment. DraftKings aims to leverage its brand and resources to succeed in the prediction market space.

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