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DraftKings Taps Polymarket as Designated Clearinghouse DraftKings Taps Polymarket as Designated Clearinghouse

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DraftKings Taps Polymarket as Designated Clearinghouse – Crypto News

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7 months ago

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The sports betting giant will use the decentralized prediction market as its financial intermediary.

DraftKings, one of the leading sports betting platforms in the United States, is entering the prediction markets space and tapping Polymarket Clearing as its official clearing house.

Polymarket founder Shayne Coplan made the announcement today via X, where he posted, “Congrats to @DraftKings on their acquisition of @RailbirdHQ. We’re proud for Polymarket Clearing to be their designated clearinghouse as they enter the prediction market space.”

Clearing houses act as intermediaries between buyers and sellers within a market, meaning that Polymarket’s infrastructure will serve as the backend for DraftKings’ new prediction market arm.

DraftKings revealed its acquisition of Railbird yesterday and is preparing to launch its own mobile platform, dubbed DraftKings Predictions.

Increasing Competition

Competition in the prediction market space continues to grow, with Kalshi and Polymarket both touting valuations of $10 billion-plus; DraftKings, which has just entered the race, is already worth $17 billion on the stock market.

Meanwhile, crypto-native protocols are looking to compete with these behemoths, spearheaded by Limitless, a decentralized prediction market that launched its token today. Limitless’ LMTS token opened at a $766 million valuation but has struggled since and is currently trading at a $340 million valuation just five hours post-launch.

The LMTS token’s poor performance may be partially attributed to many holders’ dismay with the founder’s recent posts on X.

Polymarket also announced a partnership today with the National Hockey League (NHL). Polymarket has been named the league’s “official prediction market partner” as it moves forward into the sports betting arena.

Curiously, Kalshi also announced that it’s the official prediction market partner of the NHL, making the deal one of many overlapping third-party partnerships between Kalshi and Polymarket.

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