DraftKings Expands Partnership with Crypto.com for Prediction Markets
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 9h ago
0mins
Should l Buy DKNG?
Source: Benzinga
- Expanded Partnership: DraftKings has announced an expanded partnership with Crypto.com, which broadens the range of prediction market contracts available on its DraftKings Predictions platform by adding new player-specific NFL and NBA markets, enhancing user trading options.
- Market Diversification: The collaboration not only introduces contracts related to sports such as football, boxing, golf, mixed martial arts, tennis, and the Olympic Games but also lays the groundwork for future entertainment and political event contracts, highlighting DraftKings' commitment to market diversification.
- Regulated Market Integration: DraftKings plans to continue integrating additional CFTC-regulated exchanges to enrich its product lineup, thereby enhancing user experience and meeting the growing market demand, which further solidifies its leadership position in the prediction market.
- Improved User Access: Eligible users can easily make predictions through the standalone DraftKings Predictions app and website, and with the integration of DraftKings' Responsible Trading program, a safer trading environment is provided for users.
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Analyst Views on DKNG
Wall Street analysts forecast DKNG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for DKNG is 43.76 USD with a low forecast of 30.00 USD and a high forecast of 63.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
30 Analyst Rating
23 Buy
7 Hold
0 Sell
Strong Buy
Current: 25.520
Low
30.00
Averages
43.76
High
63.00
Current: 25.520
Low
30.00
Averages
43.76
High
63.00
About DKNG
DraftKings Inc. is a digital sports entertainment and gaming company. It provides users with online and retail sports betting (together, Sportsbook), online casino (iGaming) and daily fantasy sports product offerings, as well as digital lottery courier, media, and other product offerings. Sportsbook is live with mobile and/or retail sports betting operations pursuant to regulations in 28 states, Washington, D.C., and in Ontario, Canada. It operates iGaming pursuant to regulations in five states and in Ontario, Canada under its DraftKings brand and pursuant to regulations in four states under its Golden Nugget Online Gaming brand. It owns Jackpocket, a digital lottery courier app in the United States. It is both an official daily fantasy and sports betting partner of the NFL, NHL, PGA TOUR, WNBA and UFC, as well as an official daily fantasy partner of NASCAR, an official sports betting partner of the NBA. It also owns and operates DraftKings Network, a multi-platform content ecosystem.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
DraftKings Expands Partnership with Crypto.com for Prediction Markets
- Expanded Partnership: DraftKings has announced an expanded partnership with Crypto.com, which broadens the range of prediction market contracts available on its DraftKings Predictions platform by adding new player-specific NFL and NBA markets, enhancing user trading options.
- Market Diversification: The collaboration not only introduces contracts related to sports such as football, boxing, golf, mixed martial arts, tennis, and the Olympic Games but also lays the groundwork for future entertainment and political event contracts, highlighting DraftKings' commitment to market diversification.
- Regulated Market Integration: DraftKings plans to continue integrating additional CFTC-regulated exchanges to enrich its product lineup, thereby enhancing user experience and meeting the growing market demand, which further solidifies its leadership position in the prediction market.
- Improved User Access: Eligible users can easily make predictions through the standalone DraftKings Predictions app and website, and with the integration of DraftKings' Responsible Trading program, a safer trading environment is provided for users.
See More
Next Week's Market Focus: Super Bowl and Earnings Reports
- Super Bowl Event: This Sunday, the Patriots will face the Seahawks in Super Bowl LX, expected to attract a large audience and boost related advertising revenues, further solidifying the significance of sporting events in the market.
- Earnings Season Arrives: Companies like Coinbase, Ford, McDonald's, and Moderna will report earnings next week, with analysts focusing on McDonald's same-store sales, which are expected to rise due to promotional activities, reflecting consumer demand for value products.
- Economic Data Release: The delayed January jobs report will be released on Wednesday, with economists forecasting the addition of 70,000 jobs in the U.S., providing the market with the latest dynamics on the labor market.
- Inflation Indicator Focus: The Consumer Price Index (CPI) will be released on Friday, with the market closely monitoring this key indicator's impact on future economic outlook and Federal Reserve policy, potentially influencing interest rate decisions.
See More
Super Bowl Indicator and Market Performance
- Super Bowl Indicator Overview: Historical data shows that in the last 59 Super Bowls, NFC teams won 30 times and AFC teams 20 times, with the S&P 500 averaging a 10.2% gain in years when an NFC team wins, compared to only 8.1% for AFC victories, indicating a positive market impact from NFC wins.
- Market Performance Discrepancy: Throughout the Super Bowl era, the S&P 500 has averaged a 9.2% annual gain, with better performance following NFC victories, suggesting that investor preferences for NFC teams may influence market trends.
- Recent Trend Changes: Although the Super Bowl Indicator's accuracy has declined in recent years, with AFC teams winning 6 of the last 10 Super Bowls, the S&P 500 has still risen 12 times following AFC wins, demonstrating market resilience despite the trend shift.
- Super Bowl Wins and Market Returns: The Seattle Seahawks' Super Bowl win led to an 11.4% rise in the S&P 500, ranking ninth among 22 winning teams, while the New England Patriots' six victories resulted in only a 6% average gain, ranking 14th, highlighting the varying market impacts of different teams' victories.
See More
DraftKings Partners with Crypto.com to Expand Prediction Markets
- Market Expansion Partnership: DraftKings has announced a partnership with Crypto.com to offer player-specific sports event contracts for the first time in NFL and NBA, marking a significant expansion of its prediction markets that is expected to attract more users and enhance platform engagement.
- Diverse Prediction Markets: This collaboration not only broadens the range of sports prediction markets to include soccer, MMA, golf, boxing, tennis, and the Olympics but also lays the groundwork for future event contracts in culture, entertainment, and politics, enriching user options.
- Technology Integration Enhancing Experience: DraftKings plans to integrate Railbird Exchange in the coming months, further strengthening its product offerings in prediction markets, aiming to enhance user experience and bolster market competitiveness through technological innovation.
- Compliance and Responsible Trading: DraftKings Predictions allows users to make predictions through federally regulated event contracts in states like California, Florida, Georgia, and Texas, reflecting the company's commitment to responsible trading and enhancing user trust.
See More
Record-Breaking Year for Super Bowl Wagering
- Super Bowl Sunday Significance: It is recognized as the biggest betting event of the year in the United States.
- Increased Participation: This year, the opportunity to bet on the Super Bowl is accessible to the entire country.
See More
Polymarket Faces Major Nationwide Class Action Lawsuit
- Legal Challenge Escalation: Polymarket is facing a nationwide class action lawsuit filed by Lorenzo Miro in the SDNY, alleging it operates an 'illegal online sports gambling platform,' which could lead to significant liabilities and operational restrictions for the company.
- Regulatory Pressure: The lawsuit coincides with a booming prediction market, where trading volume surpassed $17 billion in January, yet increasing regulatory scrutiny may dampen future capital inflows and market confidence.
- Temporary Restraining Order Impact: A Nevada judge recently issued a temporary restraining order requiring Polymarket to halt operations in the state, ruling that its event contracts constitute 'unlicensed wagering,' directly affecting its market share in Nevada.
- Firm Stance: Despite the legal challenges, Polymarket maintains that its product is federally regulated and plans to appeal orders it believes are preempted by the Commodity Exchange Act (CEA), demonstrating its confidence and determination to fight back against regulatory pressures.
See More
DraftKings Expands Partnership with Crypto.com for Prediction Markets
- Expanded Partnership: DraftKings has announced an expanded partnership with Crypto.com, which broadens the range of prediction market contracts available on its DraftKings Predictions platform by adding new player-specific NFL and NBA markets, enhancing user trading options.
- Market Diversification: The collaboration not only introduces contracts related to sports such as football, boxing, golf, mixed martial arts, tennis, and the Olympic Games but also lays the groundwork for future entertainment and political event contracts, highlighting DraftKings' commitment to market diversification.
- Regulated Market Integration: DraftKings plans to continue integrating additional CFTC-regulated exchanges to enrich its product lineup, thereby enhancing user experience and meeting the growing market demand, which further solidifies its leadership position in the prediction market.
- Improved User Access: Eligible users can easily make predictions through the standalone DraftKings Predictions app and website, and with the integration of DraftKings' Responsible Trading program, a safer trading environment is provided for users.
See More
Next Week's Market Focus: Super Bowl and Earnings Reports
- Super Bowl Event: This Sunday, the Patriots will face the Seahawks in Super Bowl LX, expected to attract a large audience and boost related advertising revenues, further solidifying the significance of sporting events in the market.
- Earnings Season Arrives: Companies like Coinbase, Ford, McDonald's, and Moderna will report earnings next week, with analysts focusing on McDonald's same-store sales, which are expected to rise due to promotional activities, reflecting consumer demand for value products.
- Economic Data Release: The delayed January jobs report will be released on Wednesday, with economists forecasting the addition of 70,000 jobs in the U.S., providing the market with the latest dynamics on the labor market.
- Inflation Indicator Focus: The Consumer Price Index (CPI) will be released on Friday, with the market closely monitoring this key indicator's impact on future economic outlook and Federal Reserve policy, potentially influencing interest rate decisions.
See More
Super Bowl Indicator and Market Performance
- Super Bowl Indicator Overview: Historical data shows that in the last 59 Super Bowls, NFC teams won 30 times and AFC teams 20 times, with the S&P 500 averaging a 10.2% gain in years when an NFC team wins, compared to only 8.1% for AFC victories, indicating a positive market impact from NFC wins.
- Market Performance Discrepancy: Throughout the Super Bowl era, the S&P 500 has averaged a 9.2% annual gain, with better performance following NFC victories, suggesting that investor preferences for NFC teams may influence market trends.
- Recent Trend Changes: Although the Super Bowl Indicator's accuracy has declined in recent years, with AFC teams winning 6 of the last 10 Super Bowls, the S&P 500 has still risen 12 times following AFC wins, demonstrating market resilience despite the trend shift.
- Super Bowl Wins and Market Returns: The Seattle Seahawks' Super Bowl win led to an 11.4% rise in the S&P 500, ranking ninth among 22 winning teams, while the New England Patriots' six victories resulted in only a 6% average gain, ranking 14th, highlighting the varying market impacts of different teams' victories.
See More
DraftKings Partners with Crypto.com to Expand Prediction Markets
- Market Expansion Partnership: DraftKings has announced a partnership with Crypto.com to offer player-specific sports event contracts for the first time in NFL and NBA, marking a significant expansion of its prediction markets that is expected to attract more users and enhance platform engagement.
- Diverse Prediction Markets: This collaboration not only broadens the range of sports prediction markets to include soccer, MMA, golf, boxing, tennis, and the Olympics but also lays the groundwork for future event contracts in culture, entertainment, and politics, enriching user options.
- Technology Integration Enhancing Experience: DraftKings plans to integrate Railbird Exchange in the coming months, further strengthening its product offerings in prediction markets, aiming to enhance user experience and bolster market competitiveness through technological innovation.
- Compliance and Responsible Trading: DraftKings Predictions allows users to make predictions through federally regulated event contracts in states like California, Florida, Georgia, and Texas, reflecting the company's commitment to responsible trading and enhancing user trust.
See More
Record-Breaking Year for Super Bowl Wagering
- Super Bowl Sunday Significance: It is recognized as the biggest betting event of the year in the United States.
- Increased Participation: This year, the opportunity to bet on the Super Bowl is accessible to the entire country.
See More
Polymarket Faces Major Nationwide Class Action Lawsuit
- Legal Challenge Escalation: Polymarket is facing a nationwide class action lawsuit filed by Lorenzo Miro in the SDNY, alleging it operates an 'illegal online sports gambling platform,' which could lead to significant liabilities and operational restrictions for the company.
- Regulatory Pressure: The lawsuit coincides with a booming prediction market, where trading volume surpassed $17 billion in January, yet increasing regulatory scrutiny may dampen future capital inflows and market confidence.
- Temporary Restraining Order Impact: A Nevada judge recently issued a temporary restraining order requiring Polymarket to halt operations in the state, ruling that its event contracts constitute 'unlicensed wagering,' directly affecting its market share in Nevada.
- Firm Stance: Despite the legal challenges, Polymarket maintains that its product is federally regulated and plans to appeal orders it believes are preempted by the Commodity Exchange Act (CEA), demonstrating its confidence and determination to fight back against regulatory pressures.
See More
