DraftKings Buys CFTC-Regulated Exchange in Prediction-Market Bet
DraftKings Inc. stock rose as much as 8.3% in aftermarket trading on Tuesday afternoon.
Photographer: Gabby Jones/BloombergDraftKings Inc. has acquired a federally regulated trading venue, marking its most aggressive move yet into the contested world of prediction markets.
The company said Tuesday that it purchased Railbird Technologies Inc., an exchange licensed by the Commodity Futures Trading Commission, as it seeks to expand beyond sports betting and capitalize on demand for real-money wagering on future events. The terms of the deal were not disclosed.