DraftKings has taken a significant step by self-certifying multiple sports event contract products with the Commodity Futures Trading Commission (CFTC). This announcement also unveils the name of its proprietary platform, referred to as “DKeX.”
Railbird Exchange, a subsidiary of DraftKings, has successfully self-certified its initial six sports event contracts with the CFTC. This marks the first public mention of the DKeX branding for DraftKings’ in-house exchange.
The filings were submitted on May 22, with the contracts set to debut on May 27. The self-certified products include:
- GAMEWIN contracts: “Will [entity] win [time period] of [event]?”
- GAMESPREAD contracts: “Will [entity] record a score differential relative to [opponent] of [condition] [count] during [time period] of [event]?”
- ENTITYSTAT contracts: “Will [entity] record [condition] [count] [statistic] during [time period] of [event]?”
- ENTITYOUTPERFORM contracts: “Will [entity] outperform [opponent] in [metric] during [time period] of [event]?”
- ENTITYACHIEVEMENT contracts: “Will [entity] earn [achievement] during [time period] of [event]?”
- GAMEPROPERTY contracts: “Will [property] occur in [time period] of [event]?”
DraftKings acquired Railbird in October 2025, aiming to enhance its presence in federally regulated prediction markets. Railbird operates as a designated contract market (DCM) registered with the CFTC, enabling DraftKings to directly list and manage contracts through its own exchange framework.
The contracts are designed to resemble popular betting options found in traditional sportsbooks, such as moneylines, spreads, player props, and live microbetting markets. For instance, GAMEWIN contracts act like moneyline bets on whether a team or player secures victory in a game or segment. GAMESPREAD is akin to traditional spread betting, while ENTITYSTAT and ENTITYACHIEVEMENT contracts relate to player prop markets based on statistical criteria.
ENTITYOUTPERFORM is similar to head-to-head matchup betting, and GAMEPROPERTY covers a range of markets associated with over/unders, scoring sequences, and other in-game events not captured by other categories. Some filings also indicate the inclusion of “time period” structures, allowing for contracts on specific segments of events.
This development suggests that DraftKings may be gearing DKeX towards supporting federally regulated microbetting products. Unlike conventional pregame wagers, microbets focus on short-duration events within games, such as the outcome of a drive or inning.
Earlier this month, DraftKings’ President of Operations, Paul Liberman, expressed his anticipation for “fast, dynamic” microbetting markets to eventually enter the sports prediction landscape.
Interestingly, the self-certified products do not seem to incorporate “combos” or parlay-style bets. DraftKings has recently launched Combos alongside a new fee structure for its DraftKings Predictions platform.
This move signifies DraftKings’ commitment to expanding its footprint in prediction markets. The filings represent a clear step towards establishing its own exchange infrastructure, as currently, DraftKings’ Predictions product operates through third-party exchanges like Crypto.com and CME Group.
By managing contracts via DKeX, DraftKings aims to enhance its control over contract design, liquidity, pricing, market-making, and overall exchange economics, moving away from dependency on third-party platforms. This initiative aligns with DraftKings’ broader strategy for prediction markets, which CEO Jason Robins highlighted as a key priority during the recent Q1 earnings call.
Once operational, DKeX is expected to be integrated into DraftKings’ “Super App,” which will combine sportsbook, iGaming, horse racing, and event contract offerings into a single platform.