DraftKings runs two separate prediction market products. DKeX is the in-house CFTC-licensed exchange — different regulatory structure, different infrastructure, same app.
Exchange
DKeX
Launch
Jun 26, 2026
States
48
Vol (Jul)
$11B ann.
The key takeaway from this page
Two Different DraftKings Products
DraftKings Predictions
Regulatory basis: NFA FCM (GUS III LLC)
Originally routed: CME Group infrastructure
→ DraftKings Predictions guideDraftKings DKeX ← you are here
Regulatory basis: CFTC DCM (Railbird Exchange)
Infrastructure: Self-clearing exchange
Since June 26, 2026, DraftKings Predictions routes through DKeX — so the consumer app and the exchange are now vertically integrated. The distinction matters for understanding the regulatory structure and how contracts are designed and cleared.
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Confirm CFTC registration at cftc.gov/IndustryOversight/TradingOrganizations
GUS III LLC d/b/a DraftKings Predictions
NFA-approved Futures Commission Merchant (FCM)
June 26, 2026
Built on Railbird DCM acquired October 2025
$11B
DraftKings Q2 2026 earnings report — ~5× growth from April 2026
$0.01/contract per side
Flat per-contract fee; confirm at myaccount.draftkings.com/documents/fee-disclosure
48 states
Sports contracts in 18 states. Confirm availability at draftkings.com.
Up to 6-leg combos
Combine independent event contracts in a single linked position
Self-clearing
DraftKings owns the exchange, FCM, and market maker — full vertical integration
DraftKings Exchange (DKeX) is the self-operated prediction market exchange that DraftKings launched on June 26, 2026. The exchange is built on the Railbird DCM — a CFTC-designated contract market license that DraftKings acquired when it purchased Railbird Technologies in October 2025. DKeX is the infrastructure layer; DraftKings Predictions is the consumer product that runs on top of it.
Before DKeX launched, DraftKings Predictions relied on third-party exchange infrastructure — first CME Group, then Crypto.com Derivatives North America (CDNA) — to list and clear its event contracts. DraftKings owned the consumer relationship and the FCM entity (GUS III LLC), but not the exchange. DKeX changes that: DraftKings now owns the full stack.
CEO Jason Robins described the strategic logic on the Q2 2026 earnings call: “In predictions, we own the front end, the exchange, and the market maker. We are consistently making markets on both singles and combos at a profit.” The company noted this mirrors the playbook it used in sportsbook, where DraftKings now prices and trades roughly 95% of content in-house.
By July 2026, DraftKings Predictions annualized volume had reached $11 billion — a roughly five-fold increase from the $2.3 billion annualized run rate in April. More than 600,000 customers had used the product year-to-date.
Combine up to 6 event contracts in one position
As of Q2 2026, combos account for nearly 20% of total DraftKings Predictions consumer volume. CEO Robins: “Combos have been an absolute smash.”
How combos work
How combos differ from sportsbook parlays
Note: Specific combo payout mechanics — including how settlement cascades across legs — should be confirmed directly at DraftKings' official documentation before trading. This guide covers the structural architecture, not platform-specific contract rules.
48 states total — 18 states with sports event contracts
As of DraftKings Q2 2026 earnings (August 7, 2026). Available in all states except Maine and New Hampshire. Confirm current state access before depositing.
Confirm access at dkex.draftkings.comState availability can change as DraftKings expands or as state-level regulatory decisions are issued. DraftKings Predictions operates under CFTC federal jurisdiction — separate from the state gaming licenses that govern its DraftKings Sportsbook product. The legal basis for this separation is the subject of ongoing federal litigation in multiple states; see the Kalshi legal tracker for the broader CFTC preemption context.
| Feature | DraftKings DKeX | DK Predictions (FCM layer) | Kalshi |
|---|---|---|---|
| Regulatory basis | CFTC DCM (Railbird Exchange) — confirm at cftc.gov | NFA FCM (GUS III LLC) — routes through DKeX | CFTC DCM + DCO |
| Infrastructure | Self-clearing (DraftKings-owned exchange) | Routes via DKeX (post-June 2026); previously CME Group | Self-clearing (Kalshi owns DCM + DCO) |
| Fee model | $0.01/contract per side (flat) | $0.01/contract per side (same consumer fee) | Percentage-based (varies by contract) |
| Multi-leg contracts | Yes — combo builder up to 6 legs | Yes (same product — combo builder through DKeX) | No combo builder; single-contract markets |
| State access | 48 states (confirm at dkex.draftkings.com) | 48 states total; sports in 18 | 42+ states (check kalshi.com) |
| Market design | DraftKings designs & lists its own contracts | Same — listed on DKeX | Kalshi designs & self-certifies contracts with CFTC |
All data from primary sources: DraftKings Q2 2026 earnings report, DraftKings NFA filings, CFTC.gov. Confirm DKeX regulatory registration at cftc.gov.
DraftKings' move to self-clearing is part of a broader pattern. Since late 2025, multiple major platforms have stopped routing through third-party CFTC-licensed exchanges and instead acquired or built their own exchange infrastructure. The reasons are economic (no third-party exchange fee), strategic (control over contract design), and competitive (ability to offer unique products like combos).
Native DCM/DCO from inception. The first federally regulated prediction market exchange in the US.
Built Rothera from scratch — separate from its brokerage. Full self-clearing with its own DCO.
Acquired the Railbird DCM license rather than building new. CEO: 'We own the front end, the exchange, and the market maker.'
Acquired Aristotle Exchange DCM/DCO infrastructure from PredictIt's parent. PredictIt itself was not included.
For the structural history of how DFS platforms moved into prediction markets, see How DFS Platforms Became Prediction Market Exchanges.
DKeX is integrated into the DraftKings app as the DraftKings Predictions product. You do not need a separate account. If you already have a DraftKings account, the Predictions product is accessible from the main navigation. If you're new to DraftKings, you create a single account that covers all DraftKings products.
Before you deposit:
Sources & Verification
DraftKings Predictions: Full Platform Review
Consumer guide: fees, state access, how to get started.
Kalshi Review 2026
Kalshi's DCM + DCO structure, fee model, and state access.
Regulatory Tracker
All prediction market CFTC designations in one place.
Prediction Market Fees Compared
Side-by-side fee comparison across all major platforms.
6 common questions answered
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