Sports-betting firm DraftKings (NASDAQ: $DKNG) says that prediction market betting on its platform has reached $1.3 billion U.S.
The company has reported that trading volume on “DraftKings Predictions” rose 24% month- over-month to $1.3 billion U.S. in April of this year.
Additionally, annualized trading volume increased 34% to $3.1 billion U.S.
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DKNG stock is up 11% on news that its new prediction market is taking off.
DraftKings stock has been hurt in recent months by the threat posed to its sports-betting operations from rival prediction markets such as Kalshi and Polymarket.
But now, DraftKings appears to be successfully competing in the prediction market space.
Analysts say DraftKings and other sportsbooks may have an advantage over Kalshi and Polymarket in that they have more experience marketing sports betting to customers.
DraftKings and other sportsbooks are also gearing up for betting on the World Cup soccer tournament that begins on June 11.
How much World Cup betting is taking place on DraftKings isn’t known, but Kalshi and Polymarket have, so far, taken in $2 billion U.S. from customers.
While DraftKings prediction market revenue is encouraging, the company has a way to go to catch-up with Kalshi and Polymarket.
Kalshi recently reported that it saw $10.4 billion U.S. in sports betting on its platform in May of this year.
DKNG stock is down 27% over the last 12 months and trading at $27.59 U.S. per share.
