Kalshi and Tradeweb announced a partnership to bring Kalshi forecasts and market data to Tradeweb’s credit and interest-rate platforms. The companies also plan to explore trading functionality for event contracts on Tradeweb, which is taking an undisclosed minority stake in Kalshi, the companies said.
The partnership could give Kalshi access to institutional participants through Tradeweb’s trading platforms.
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DraftKings chief financial officer Alan Ellingson told an investor conference that the company sees prediction markets as a significant opportunity alongside its sportsbook business. The company has warned that related investment could reduce 2026 EBITDA by $200m to $300m, and says its combined app strategy could help it attract customers in California, where sports betting remains illegal.
DraftKings reported first-quarter 2026 revenue of $1.65bn, up about 17% year on year, and net profit of $21.1m, compared with a loss a year earlier. The company said April customer acquisition costs for prediction markets fell by more than 80%; it also reported annualised consumer volume above $1bn and total traded volume above $2.3bn. DraftKings maintained its 2026 revenue forecast of $6.5bn to $6.9bn.
Robinhood is aiming to broaden its prediction-markets platform beyond sports contracts, according to Deutsche Bank analyst Brian Bedell after meetings with the company’s vice-president and general manager of futures and prediction markets. Bedell said Robinhood had ambitions spanning retail users, exchange activity, market-making and longer-term institutional and international markets.
DraftKings gave cautious revenue and EBITDA guidance for 2026 on its quarterly earnings call, according to the report, with figures below Wall Street projections. CEO Jason Robins said prediction markets had a “de minimis” effect on revenue, citing January data that he said showed only a slight impact on sportsbook handle.
The American Gaming Association forecasts that Americans will legally wager $29.5bn through regulated commercial sportsbooks during the 2026 NFL season, compared with $29.4bn the previous season. AGA president and chief executive Bill Miller said prediction markets have stalled growth in legal betting, while the association estimated they had diverted more than $1.3bn in potential state gaming tax revenue since 2025.