No one predicted this.
DraftKings Inc. just announced a new partnership with Crypto.com to enhance its prediction markets platform. The move comes just weeks after DraftKings Predictions made its debut (around Christmas).
When DraftKings officially entered the prediction market space, it was being closely monitored by the U.S. Commodity Futures Trading Commission (CFTC). This move came shortly after the company parted ways with the American Gaming Association due to a disagreement related to prediction markets.
This collaboration will broaden the sports and event categories available on DraftKings Predictions, offering new opportunities for sports enthusiasts and market predictors.
Alongside its partnership with Crypto.com, DraftKings recently added a Spanish-language feature to its Sportsbook & Casino app. This update marks a significant advancement in its commitment to offering personalized experiences for all customers.
What The DraftKings Predictions Partnership Means
Through this partnership, DraftKings Predictions will introduce player-specific sports event contracts for the NFL and NBA.
This initiative marks the first time such contracts are available on the platform, expanding its offerings significantly. The collaboration also sets the stage for DraftKings to explore prediction markets beyond sports, potentially including areas such as politics, culture, and entertainment.
Jeanine Hightower-Sellitto, Senior Vice President and General Manager of DraftKings Predictions, expressed enthusiasm about the collaboration. “We’re continuing to build momentum by leveraging our expertise across sports and technology,” she said. The partnership with Crypto.com, a CFTC-regulated derivatives exchange, will reinforce DraftKings' efforts to provide a more comprehensive and engaging experience for its users.
Prediction Markets Cover Many Sports and Beyond
Beyond traditional sports, DraftKings Predictions is extending its reach to a variety of athletic events, including soccer, MMA, golf, boxing, tennis, and even the Olympic Games.
Users trade “yes” or “no” event contracts on binary outcomes (e.g., “Will the OKC Thunder win the NBA Championship?”). Prices fluctuate like shares based on market demand, and users can buy or sell positions before the event resolves. It’s more like trading derivatives or futures on events than traditional fixed-odds sports betting.
Fanatics and FanDuel also offer prediction markets, along with a number of other sites.
But collaborating with Crypto.com will also allow DraftKings to explore entirely new event contract categories, which could see the inclusion of topics such as political events and cultural phenomena.
“Connecting with DraftKings is an important milestone. It allows us to expand access to prediction markets beyond our existing scope,” said Travis McGhee, Global Head of Predictions at Crypto.com. He highlighted the significance of this partnership by noting that joining forces with DraftKings means both companies will work to create a more engaging experience for customers nationwide.
Where is DraftKings Predictions Available?
DraftKings Predictions allows eligible customers in select states to participate in federally regulated event contracts, including:
- California
- Florida
- Georgia
- Texas
These contracts offer a legal and secure way for users to engage in prediction markets, diversifying the entertainment options available to them.
In the coming months, DraftKings also plans to integrate Railbird Exchange, further strengthening its platform’s capabilities. This should allow DraftKings Predictions to bring even more opportunities to its growing customer base.
