DraftKings' launch of its DKeX exchange represents the latest stage of operational consolidation across prediction markets, with leading trading, crypto, and betting platforms increasingly bringing exchange infrastructure in-house, according to analysts at research and brokerage firm Bernstein.
In a note to clients on Monday, the analysts said DraftKings moved prediction-market activity off CME and Crypto.com infrastructure onto its own CFTC-regulated venue after spending eight months assembling the underlying components.
DraftKings acquired Railbird, a CFTC-designated contract market, for up to $250 million in October 2025. The DKeX launch was the final step in an eight-month build that included launching DraftKings Predictions on third-party rails in December, adding market-making and self-certifying sports contracts in late May, per the note.
"The revenue share that used to leave the building now stays inside it," the analysts wrote.
Bernstein highlighted similar moves elsewhere. Robinhood and Susquehanna rebranded MIAXdx as Rothera and routed high-volume World Cup contracts through the platform rather than through Kalshi, which previously handled that activity. Robinhood has traded more than 16 billion event contracts year-to-date in 2026, compared with 12 billion during all of 2025, the firm said.
