DraftKings has introduced it would use Polymarket’s clearing providers to help a brand new prediction-focused product.
Polymarket will deal with the back-end processing via its clearinghouse. This consists of verifying every commerce, holding funds securely, and guaranteeing payouts are settled accurately as soon as outcomes are recognized.
This course of reduces the possibilities of disputes between individuals 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.
In keeping with DraftKings, it will likely be designed to attach with a number of marketplaces, which can give customers a variety 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 trade.
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 supplies DraftKings with a authorized basis to function within the US prediction market.
In the meantime, Polymarket turned in a position to function a US-based clearing system after buying QCEX, a derivatives alternate, for $112 million in June.
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