American Sports Betting Platform DraftKings is tapping Polymarket as the clearinghouse for the new prediction market, an industry that clocks more than $4 billion in monthly trading volume.
“Congratulations to DraftKings on their acquisition of Railbird. We are proud to clear polymarket to be their designated clearinghouse as they enter the prediction space,” Polymarket CEO Shayne Coplan said In an X post on Wednesday.
The Railway got for an undisclosed amount on Tuesday.
Polymarket’s clearinghouse is necessary to verify the goods, Hold collateral and ensure that all bets or contracts are settled properly and securely – preventing defaults, reducing counterparty risk and maintaining trust between participants.
The new “DraftKings predictions” is expected to debut as a mobile app in the “coming months,” covering all markets from finance and culture to entertainment.
“The product will have the flexibility to connect to multiple exchanges, enabling drafts to offer one of the widest suites of markets to its customers,” said Draftkings.
This marks the first major crypto move draftkings has made since its closure Not to mention the token market By July 2024 and further cements Polymarket’s dominance in the predictions market sector.
Polymarket acquired its clearinghouse by purchasing the US Derivatives Exchange Qcex For $ 112 million in June, when the US market was re-rented after more than two years.
Polymarket made big moves this month
Polymarket has already had a strong month of integration, including Sam Altman The Focused World App on Tuesday and Crypto Wallet Metamask, with its merger expected to take place before the end of the year.
The parent of the New York Stock Exchange – Intercontinental Exchange – also made a $ 2 billion investment At Polymarket, marking the company’s valuation up to $9 billion amid increased competition with Kalshi, which also has a multibillion-dollar valuation.
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Railbird was founded in 2021, but only won regulatory approval from the CFTC As a designated contract market in June.
Hula markets are popping in October
Prediction markets are hotter than ever, plus Polymarket and Kalshi More than $ 4.63 billion in trading volume is already combined in the first 23 days in October – the collapse of the previous record of the previous month of $ 4.17 billion, Defillama data shows.
Kalshi’s $2.87 billion in trading volume this month marked its highest monthly total to date.
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