DraftKings has introduced it’ll use Polymarket’s clearing companies to help a brand new prediction-focused product.
Polymarket will deal with the back-end processing via its clearinghouse. This contains verifying every commerce, holding funds securely, and guaranteeing payouts are settled accurately as soon as outcomes are recognized.
This course of reduces the probabilities of disputes between contributors and helps construct belief within the system.
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The upcoming product, titled “DraftKings Predictions”, is anticipated to launch as a cellular app.
Based on DraftKings, it is going to be designed to attach with a number of marketplaces, which can give customers a spread of matters to select from, together with information and politics, finance, and leisure.
This step additionally marks DraftKings’ first return to blockchain-related efforts because it closed its non-fungible token (NFT) platform in July 2024. For Polymarket, it additional strengthens its place within the predictions market business.
On October 21, DraftKings finalized the acquisition of Railbird, a US-regulated prediction market platform overseen by the Commodity Futures Buying and selling Fee (CFTC). This acquisition offers DraftKings with a authorized basis to function within the US prediction market.
In the meantime, Polymarket grew to become in a position to function a US-based clearing system after buying QCEX, a derivatives change, for $112 million in June.
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