The American sports betting platform DraftKings is utilizing Polymarket as the clearinghouse for its new prediction market, which has a monthly trading volume exceeding $4 billion.
"Congratulations to DraftKings on acquiring Railbird. We are proud that Polymarket Clearing has become their designated clearinghouse as they enter the prediction market space," Polymarket CEO Shayne Coplan posted on the X platform on Wednesday.
Railbird is a prediction market platform regulated by the Commodity Futures Trading Commission (CFTC), which DraftKings acquired on Tuesday for an undisclosed amount.
Polymarket's clearinghouse is responsible for verifying trades, holding collateral, and ensuring that all bets or contracts are settled fairly and securely—preventing defaults, reducing counterparty risk, and maintaining trust among participants.
The new "DraftKings Predictions" is expected to debut as a mobile app in the "coming months," covering markets ranging from finance and culture to entertainment.
"This product will have the flexibility to connect multiple exchanges, allowing DraftKings to offer one of the broadest market suites to its customers," DraftKings stated.
This marks DraftKings' first significant cryptocurrency initiative since closing its non-fungible token (NFT) marketplace in July 2024, further solidifying Polymarket's dominance in the prediction market space.
Polymarket acquired its clearinghouse through the $112 million purchase of the U.S. derivatives exchange QCEX in June, re-entering the U.S. market after more than two years.
Polymarket has already shown strong integration performance this month, including a Tuesday integration with Sam Altman's identity-focused World App, as well as an integration with the crypto wallet MetaMask, which is expected to be completed by the end of the year.
The parent company of the New York Stock Exchange—Intercontinental Exchange—has also invested $2 billion in Polymarket, bringing the company's valuation to $9 billion amid intensified competition with Kalshi, which also has a multi-billion dollar valuation.
Railbird was founded in 2021 but only received CFTC regulatory approval as a designated contract market in June.
Prediction markets are hotter than ever, with DefiLlama data showing that Polymarket and Kalshi have combined trading volumes exceeding $4.63 billion in the first 23 days of October—breaking last month's historical record of $4.17 billion.
Kalshi's trading volume of $2.87 billion this month has already set its highest monthly record to date.
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Original article: “DraftKings Acquires Railbird to Enter Prediction Market, Chooses Polymarket as Clearing Service Provider”
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