Through a partnership with CME, DraftKings launched its own prediction market on Friday morning. It offers sports contracts in 15 states and non-sports markets in a number of states where the company already has a registered sportsbook.
There are 38 states where the DraftKings Predictions app, which is distinct from the company’s sportsbook, is accessible. Alabama, California, Georgia, Florida, Idaho, Minnesota, Nebraska, New Mexico, North Dakota, Oklahoma, Rhode Island, South Carolina, South Dakota, Texas, and Utah all offer sports contracts. Except for Florida, where Hard Rock maintains a monopoly on sports betting due to the Seminole Tribe’s agreement with the state, and Rhode Island, where only the state lottery may run a sportsbook, the majority of those states prohibit sportsbooks.
Ben Horney of Front Office Sports was the first to report the launch.
The introduction coincides with official opposition to prediction markets, which many regulators view as unlicensed gambling. States have already attempted to stop sporting event contracts from prediction markets like Kalshi and Crypto.com in places like Arizona, New Jersey, and Maryland.
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Regulators in a number of states, including Arizona, Ohio, Illinois, and Michigan, have also cautioned licensed sportsbooks against participating in prediction markets. They have even informed operators that a company may not be eligible for a sportsbook license if it uses the product in another state or collaborates with a business that does so. In every state where it presently has a sportsbook license, DraftKings will not provide contracts for sporting events.
According to Jason Robins, CEO of DraftKings, discussions with authorities offered his company assurance that the course it was adopting would not result in the loss of sportsbook licenses.
Shortly after declaring its intention to provide contracts for sporting events, DraftKings withdrew its Nevada licensing application last month.
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