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DraftKings is widening the scope of its prediction market platform as it looks to deepen engagement around sports related contracts. A newly announced partnership brings another regulated exchange into the mix, with more categories already on the roadmap.
Good to Know
DraftKings confirmed Friday that it has reached a new agreement with Crypto.com to expand the sports related menu on DraftKings Predictions. Under the deal, users will be able to buy and sell player specific sports event contracts tied to NFL and NBA outcomes.
DraftKings said the collaboration extends the range of prediction markets available on the platform and lays the groundwork for additional categories, including politics. The company framed the move as another step in building out a broader trading environment that sits alongside traditional sportsbook products.
DraftKings Predictions launched late last year in 38 states. However, sports event contracts are currently available for trading in only 17 of those states, including California, Texas, and Florida. The company has taken a cautious approach as the legality of sports related prediction contracts continues to face court challenges in several jurisdictions.
Some state regulators argue that these contracts resemble sports betting. DraftKings has responded by avoiding the rollout of prediction market sports products in states where it also operates as a licensed sportsbook.
DraftKings said the Crypto.com partnership will complement the existing sports and financial market contracts already supported through CME Group. The company continues to position DraftKings Predictions as a CFTC regulated offering that operates separately from its sportsbook business.
At the same time, DraftKings is still integrating Railbird Exchange, which it acquired last year. Management has previously said that Railbird technology will further strengthen pricing, liquidity, and market depth on the platform once fully integrated.
Jeanine Hightower-Sellitto, senior vice president and general manager of DraftKings Predictions, said the strategy centers on adding regulated partners while expanding market variety:
“We’re continuing to build momentum behind DraftKings Predictions by leveraging our expertise across sports and technology and integrating additional CFTC-regulated exchanges like Crypto.com. This collaboration meaningfully expands customer access to trade on sports and a broader range of prediction markets and also reinforces our focus on delivering a more comprehensive and engaging experience as the product continues to evolve.”