Polymarket and Kalshi Get a Rival as DraftKings CEO Sees ‘Extraordinary’ Upside

DraftKings CEO Jason Robins said its prediction markets give the sportsbook a route into California, Texas and Florida, states closed to its betting app, setting up competition with Kalshi and crypto-based Polymarket. Robins put the share of DraftKings customers in sports-betting states who also deposit on Kalshi at 3%, a level he views as a ceiling. Prediction markets involve participants trading contracts tied to an event’s outcome; DraftKings launched its Predictions app in 38 states under Commodity Futures Trading Commission oversight. Kalshi raised $1 billion at a $40 billion valuation on Thursday, up from $22 billion in May. In August, the Ninth Circuit Court of Appeals found that Nevada gambling law, not federal commodities protection, covers Kalshi’s sports contracts.