TLDR
- DraftKings-owned Railbird Exchange has self-certified six sports event contract types with the CFTC for its new DKeX platform
- The contracts cover game wins, spreads, player stats, outperformance, achievements, and game properties
- These contracts closely mirror traditional sportsbook markets like moneylines, spreads, and player props
- DKeX will give DraftKings direct control over its own exchange infrastructure instead of relying on third-party exchanges
- CEO Jason Robins called prediction markets a strategic priority during the company’s Q1 earnings call
DraftKings Files Six Contract Types Through Railbird Exchange
DraftKings has taken a major step toward building its own prediction market exchange. The company’s subsidiary, Railbird Exchange, filed six self-certified sports event contracts with the Commodity Futures Trading Commission on May 22.
The contracts were scheduled to be listed starting May 27. This marks the first public use of the “DKeX” branding for the company’s in-house exchange platform.
The six contract types include GAMEWIN, GAMESPREAD, ENTITYSTAT, ENTITYOUTPERFORM, ENTITYACHIEVEMENT, and GAMEPROPERTY. Each one covers a different type of sports outcome.
GAMEWIN contracts ask whether a team or player will win a game or segment. GAMESPREAD covers score differentials. ENTITYSTAT and ENTITYACHIEVEMENT focus on player performance and milestones.
ENTITYOUTPERFORM handles head-to-head matchup comparisons. GAMEPROPERTY appears to cover broader in-game events like scoring sequences and timing-based outcomes.
These products closely resemble the types of bets already offered by traditional sportsbooks. Moneylines, spreads, player props, and live microbetting markets all have counterparts in the new contract filings.
DraftKings acquired Railbird in October 2025 as part of its push into federally regulated prediction markets. Railbird operates as a CFTC-registered designated contract market.
Microbetting and the Road to a Super App
Some of the filings reference “time period” structures within games. This means contracts could be tied to parts of events, not just final outcomes.
That opens the door for microbetting-style products. Microbets focus on short-duration events within games, such as the outcome of a single drive, inning, or possession.
DraftKings President of Operations Paul Liberman said earlier this month that he expects “fast, dynamic” microbetting markets to eventually enter sports prediction markets.
The self-certified products do not appear to include parlay-style combo products. DraftKings recently introduced Combos and a revised fee structure for its separate DraftKings Predictions platform.
Currently, DraftKings Predictions offers contracts through Crypto.com and CME Group exchanges. By running contracts through DKeX, the company would gain control over contract design, liquidity, pricing, and market-making.
During its Q1 earnings call, CEO Jason Robins described prediction markets as a strategic priority. He also called them an acquisition tool for reaching users in states where sports betting is not yet legal.
Once live, DKeX is expected to be integrated into the DraftKings “Super App.” That app would combine sportsbook, iGaming, horse racing, and event contracts into one platform.
The prediction market industry is still dealing with legal battles over whether sports event contracts fall under CFTC oversight or state gambling laws.
The sector recently received political support after President Donald Trump publicly endorsed prediction markets on social media, calling them a “new form of Financial Market.”
