DraftKings New App: A Leap into Prediction Markets and Crypto-Linked ContractsDraftKings, known for sports betting, has launched a new app, DraftKings Predictions, allowing users to trade contracts based on sports and financial events. Currently available in 38 states, with sports-related trading in 17, this move marks a significant expansion beyond traditional sports betting.Bloomberg reported that DraftKings plans to broaden its prediction market offerings, potentially including cryptocurrency, entertainment, and cultural events. This strategy positions DraftKings at the forefront of a growing trend in regulated event trading across the US.DraftKings will conduct trading through Railbird Exchange, a derivatives venue it acquired and registered with the US Commodity Futures Trading Commission. This provides a clear regulatory framework for event-based contracts.DraftKings entry into prediction markets, with an eye towards crypto-linked contracts, signals a shift in the financial landscape. It suggests a future where event-based trading becomes more accessible and integrated into mainstream financial activities, all under a regulated and structured environment.

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