In brief
- DraftKings acquired prediction market company Railbird to launch its DraftKings Predictions app.
- The deal comes as prediction market volume surpassed $2 billion weekly for the first time.
- A source familiar with the company told Decrypt the app will initially focus on states without legal sports betting.
DraftKings has acquired prediction market company Railbird for an undisclosed amount ahead of launching its DraftKings Predictions mobile app. The deal had been rumored for months.
The news arrives as total weekly prediction market volume soared above $2 billion for the first time last week as interest in the platforms surges. An oft-cited Certuity report estimates that prediction markets could reach $95.5 billion by 2035, with a compound annual growth rate of 46.8%.
Railbird has held a designated contract market license
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Author: Stacy Elliott
