If you can’t beat them, you might as well join them — just ask DraftKingsDKNG

. After tumbling 27% in the wake of Kalshi’s custom parlay rollout, the traditional sportsbook snagged Railbird to break into prediction markets. Investors cheered the bold move, sendingDKNG

3.2% higher on Wednesday.

• Despite an undisclosed deal price, DraftKings gains Railbird’s prediction market expertise and CFTC license — unlocking a fast track to contracts in finance, culture, and entertainment.
• It comes as Kalshi and Polymarket broke records with $2B in volume last week — shattering the Presidential election’s highs as these platforms remain unburdened by state gaming rules.

Gloves come off: The shakeup only grows louder as the NHL inked a first-of-its-kind deal to let prediction platforms use official team names and logos. Still, competition is heating up, with legacy exchanges like CME GroupCME

and NYSE-owner ICEICE

wading in. So, as the puck drops on this new era, and legal battles mount that could land in the Supreme Court, it’s time to get ready for a good old-fashioned fight for the pot of gold underneath the regulatory gray zone.