Explore the latest developments concerning Public Keys: DraftKings.
Public Keys: DraftKings Gets Predictable, Canaan Turns Around and Zelle Likes Stables
Public keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies. This week: DraftKings officially enters the prediction market race, a Bitcoin miner makes a comeback, and payments giant Zelle gets into the stablecoin arena.
It wasn’t exactly a surprise when DraftKings announced that it had acquired prediction market exchange Railbird. The rumor was first reported by Front Office Sports in July.
But sports betting giant DraftKings, which trades on the Nasdaq under the DKNG ticker, has a unique hurdle to clear. The company already offers its sportsbook in at least 25 states and its daily fantasy sports product in more than 40 states.
DraftKings acquires predictions platform Railbird
DraftKings is acquiring predictions platform Railbird as it prepares to launch a mobile platform in the coming months to be called DraftKings Predictions.
Railbird is licensed by the Commodity Futures Trading Commission to offer an event contracts exchange. DraftKings targeted the company for its team and proprietary technology.Â
"We are excited about the additional opportunity that prediction markets could represent for our business," DraftKings CEO Jason Robins said in a statement to CNBC. "We believe that Railbird's team and platformâcombined with DraftKings' scale, trusted brand, and proven expertise in mobile-first productsâpositions us to win in this incremental space."
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