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DraftKings acquires Railbird as it evaluates event-contract products

Deals & M&A

DraftKings acquired Railbird Exchange, a CFTC-licensed event-contracts platform, to support the planned DraftKings Predictions product. The company said the product is expected to offer contracts on financial, cultural and entertainment outcomes, while a spokesperson said DraftKings had made no decision on sports-related contracts; deal terms were not disclosed.

The acquisition gives DraftKings a platform for event contracts, while its potential sports offering remains undecided amid regulatory challenges.

End-of-day close DraftKings (DKNG), USD, to 5 December 2025
Story date8 September 20255 December 2025

Latest reported results

DraftKings NASDAQ: DKNG

Quarter ended 30 September 2026

Revenue
USD 1.33bn10-Q filing 0001883685-26-000041
Operating income
−USD 493.1m10-Q filing 0001883685-26-000041

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Regulation

Ninth Circuit backs California tribes in Kalshi event-contract dispute

The US Court of Appeals for the Ninth Circuit ruled unanimously for the Blue Lake Rancheria Indians and the Chicken Ranch Rancheria of the Me-Wuk Indians in their dispute with Kalshi and Robinhood. The court found the tribes had valid grounds to argue that Kalshi’s sports-event contracts could violate their rights under federal law; it sent the case back to the lower court and did not order Kalshi to stop offering contracts in California.

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