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DraftKings (NASDAQ: DKNG) is one of the two largest online sportsbook operators in the U.S. and it’s making headway in the sports prediction market space, but financial event contracts, particularly cryptocurrency derivatives, could be another growth outlet for the company.
Speaking at the NEXTPredict Summit in New York City last week, CEO and co-founder Jason Robins admitted he’s softened his stance on the opportunity set with digital currency event contracts after seeing some early signs of positivity.
“Robins said he still believed sports betting was a superior product to prediction markets, but there were some lessons to be learned, chiefly around the popularity of non-sports (we believe that’s chiefly short-duration markets on Bitcoin prices),” notes Eilers & Krejcik Gaming (EKG) analyst Brad Allen.
Robins noted that financial event contracts, including timed cryptocurrency derivatives, could remain live in all 50 states even if the Supreme Court hands down an adverse ruling on sports event contracts.
Crypto Event Contracts Are ‘Big Business’
Data confirm that outside of sports, cryptocurrency derivatives are one of the fastest-growing segments for prediction market operators and some DraftKings rivals are already seizing upon that growth.
“Crypto is already big business at other exchanges,” observes Allen. “Short-duration Bitcoin is 10% of contract volume (on the top U.S. prediction market) on a trailing 30-day average basis, and 9% of Polymarket U.S. contract volume on the same basis. Poly U.S. only recently launched these markets and is now offering 5-min markets on Bitcoin.”
Crypto contracts traded on DraftKings Predictions aren’t routed through the company’s fast-growing DKeX exchange. Rather, those derivatives are routed through Crypto.com, which obviously makes for a logical partner on that front.
However, as Allen points out, it’s possible that DraftKings may be examining “in-housing” digital currency event contract volume.
Crypto Event Contracts Appealing to Many PM Traders
While critics assert that timed cryptocurrency event contracts are simply gambling in another package, there’s no denying that traders are flocking to those derivatives. By some estimates, prediction market volume on timed digital currency derivatives surged 44x in the first seven months of 2026.
That growth is impressive when considering prices on major cryptocurrencies, including Bitcoin, have languished for much of this year.
A potentially interesting footnote for prediction market operators offering these derivatives, including DraftKings, is that if Bitcoin — the largest digital currency — is adhering to its historical four-year cycle, it’s likely to bottom (if it hasn’t already) this month before a new bull market sets in. If that happens, crypto event contract volume could swell in the coming months.