The sports betting giant will use the decentralized prediction market as its financial intermediary.<\/p>\n
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.<\/p>\n
Polymarket founder Shayne Coplan made the announcement<\/a> today via X, where he posted, \u201cCongrats to @DraftKings on their acquisition of @RailbirdHQ. We\u2019re proud for Polymarket Clearing to be their designated clearinghouse as they enter the prediction market space.\u201d<\/p>\n Clearing houses act as intermediaries between buyers and sellers within a market, meaning that Polymarket’s infrastructure will serve as the backend for DraftKings\u2019 new prediction market arm.<\/p>\n DraftKings revealed its acquisition of Railbird yesterday and is preparing to launch its own mobile platform, dubbed DraftKings Predictions. <\/p>\n Competition<\/a> in the prediction market space continues to grow, with Kalshi<\/a> and Polymarket<\/a> both touting valuations of $10 billion-plus; DraftKings, which has just entered the race, is already worth $17 billion on the stock market.<\/p>\n Meanwhile, crypto-native protocols are looking to compete with these behemoths, spearheaded by Limitless, a decentralized prediction market that launched its token today. Limitless\u2019 LMTS token opened at a $766 million valuation<\/a> but has struggled since and is currently trading at a $340 million valuation just five hours post-launch.<\/p>\n The LMTS token\u2019s poor performance may be partially attributed to many holders\u2019 dismay with the founder\u2019s recent posts on X<\/a>.<\/p>\nIncreasing Competition<\/h2>\n