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Benzinga
  • 3 months ago
DraftKings shares jumped 5% after announcing the acquisition of Railbird Technologies and its CFTC-regulated exchange. The deal marks DraftKings’ move into prediction markets with a new app, DraftKings Predictions.

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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02DraftKings shares rose in after-hours trading on Tuesday after announcing plans to acquire
00:06RailBird Technologies and its subsidiary RailBird Exchange, according to Benzinga.
00:10The acquisition marks DraftKings' entry into prediction markets through a federally licensed
00:14exchange regulated by the Commodity Futures Trading Commission. Company plans to launch
00:18a mobile app called DraftKings Predictions, enabling customers to trade contracts on real-world
00:22outcomes in finance, culture, and entertainment. CEO Jason Robbins said DraftKings' acquisition
00:27of RailBird positions the company to capitalize on growth opportunities in prediction markets
00:31using its scale and mobile expertise. DraftKings shares rose 5.33% to $35.38 in after-hours
00:38trading on Tuesday, according to Benzinga Pro. For all things money, visit Benzinga.com.
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