Next phase in evolution of DraftKings Predictions, which has generated around $3.4 billion in annualized consumer volume within DraftKings’ unified platform
DraftKings has launched its proprietary prediction markets exchange, DKeX, leveraging the technology and CFTC license from its acquisition of Railbird Technologies.
Marking the next phase in DraftKings’ prediction markets evolution With integration into the unified DraftKings: Sports & Casino app, the launch expands the DraftKings Predictions experience and allows the company to “innovate more rapidly through greater ownership over content depth, operating economics, and the end-to-end customer experience.”
“DraftKings is at its best when building innovative platforms that bring together technology, customer focus, and world-class execution to shape the future of sports engagement,” said Jason Robins, CEO and co-founder of DraftKings. “The momentum we’ve seen on DraftKings Predictions in recent months reflects the significant progress we’ve made in delivering a more seamless and connected experience for sports fans.
“DKeX provides a vertically integrated foundation for DraftKings Predictions, strengthening our prediction markets content and capabilities, giving us greater control over the technology that powers those offerings, and enabling us to move faster as we continue enhancing our unified app.”
The launch of DKeX comes as DraftKings Predictions continues grow rapidly, with $3.4 billion in annualized consumer volume and $11.3 billion in annualized total trading volume for the week ended June 21.
The company expects continued growth throughout July, driven by ongoing enhancements to the platform, growing adoption of new event contracts and features such as combinations, and heightened interest surrounding the World Cup.
Since launching in mid-May, more than 30 per cent of customers have used combinations, which allow multiple individual contracts to be bundled into a single position, highlighting strong demand for a customizable, sports-first prediction markets experience.
“The launch of DKeX and its integration into our unified app is a major step forward in delivering a best-in-class customer experience in sports nationwide,” said Jeanine Hightower-Sellitto, DraftKings senior vice president and general manager of Prediction Markets. “The pace of development across Predictions has been substantial, from expanding our event contract offerings to introducing key features like combos, which customers have quickly embraced.
“DKeX is the latest milestone in that progression and creates new opportunities to further expand the offering ahead of some of the biggest moments on the sports calendar.”
Shares in DraftKings Inc (NASDAQ:DKNG) closed 5.83 per cent lower at $23.10 per share in New York Thursday.