DraftKings’ Railbird self-certifies six contracts for DKeX

DraftKings-owned Railbird Exchange submitted self-certification filings with the Commodity Futures Trading Commission on May 22 for six sports-event contract types and publicly identified its in-house trading platform as DKeX. The filings listed initial listings for May 27 and named the products GAMEWIN, GAMESPREAD, ENTITYSTAT, ENTITYOUTPERFORM, ENTITYACHIEVEMENT and GAMEPROPERTY.

The filings describe GAMEWIN as a contract on whether an entity will win a full game or a defined segment of a game. GAMESPREAD is framed as a score-differential contract that mirrors spread wagering. ENTITYSTAT and ENTITYACHIEVEMENT are tied to player statistics and specific in-game achievements, respectively. ENTITYOUTPERFORM matches two entities in a head-to-head comparison on a metric during a time period. GAMEPROPERTY covers event features such as over/unders, scoring sequences, timing-based outcomes and other discrete in-game occurrences.

Railbird operates as a CFTC-registered designated contract market and was acquired by DraftKings in October 2025. The DCM status allows DraftKings to list and operate contracts directly on its own exchange infrastructure rather than routing them through third-party platforms. DraftKings has previously offered similar contract products on other exchanges, including Crypto.com and CME Group.

Several of the filings reference contracts structured by “time period,” enabling markets on drives, possessions, innings, quarters or other short sequences. That language describes short-duration, in-play markets commonly referred to as microbets. The self-certified products do not appear to include parlay-style or combo contracts; DraftKings has separately added a Combos feature and updated fee structures on its DraftKings Predictions product.

On a recent earnings call, CEO Jason Robins listed prediction markets as a strategic priority and an acquisition tool for users in states where traditional sports betting is restricted. Paul Liberman, DraftKings president of operations, has predicted that “fast, dynamic” microbetting markets will enter sports prediction markets eventually. President Donald Trump described prediction markets as a “new form of Financial Market” on social media, drawing political attention to the sector.

The filings provide the contract definitions, the DKeX name and the planned listing dates, and they show how DraftKings will use Railbird’s DCM status to operate those contracts through its internal exchange infrastructure.