NEW YORK, June 9, 2026, 13:02 (EDT)
- DraftKings shares traded up roughly 8% during the session after a same-day filing pointed to quicker activity in its Predictions product.
- The company reported its May annualized total volume traded at $3.1 billion, a 34% increase from April.
- The rally is happening while sportsbooks try to hold their ground against prediction-market rivals like Kalshi and Polymarket.
DraftKings Inc. shares rose Tuesday after the online betting company reported its prediction-markets business picked up speed in May, giving investors a new data point for a segment that’s been tough to price.
The stock climbed 8.1% to $26.79 on Nasdaq, hitting $27.56 at its session high. By midday in New York, volume was over 11.4 million shares.
DraftKings is moving to show its Predictions feature can be more than just a response to Kalshi and Polymarket. In a prediction market, users trade event contracts, which are financial contracts linked to real-world outcomes, instead of making a standard sportsbook bet.
DraftKings reported in a Form 8-K that annualized consumer volume in Predictions jumped 24% from the previous month, hitting $1.3 billion in May. Annualized total volume traded was up 34% to $3.1 billion. DraftKings noted these numbers are preliminary, unaudited, and rely on internal data.
The move was enough to lift the stock even as the market slipped. Reuters market data showed the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all down on Tuesday, so DraftKings’ gain looked more about the company than general market strength.
DraftKings is pitching the product as a way to hold users on its app while prediction markets get closer to exchange trading. In its annual filing, DraftKings said the Predictions feature went live Dec. 19, 2025 and is under the eye of the U.S. Commodity Futures Trading Commission. DraftKings acts as an introducing broker, earning fees from customer trades.
DraftKings and FanDuel, owned by Flutter, have moved into prediction-market products as competition rises, Barron’s reported. Kalshi and Polymarket are growing in markets that hit customers outside of the state-by-state sports-betting map, according to the report. Barron’s also said DraftKings is still behind Kalshi, which posted $10.4 billion in sports trading volume in May.
TD Cowen kept its Buy rating on DraftKings and set a $30 price target on Monday, Investing.com reported. The note came out before DraftKings posted its May operating numbers.
DraftKings management keeps pitching the investment as a long-term play rather than a one-off. Last month, CEO Jason Robins said the core business remains strong and that “profitability is inflecting.” CFO Alan Ellingson called the business “efficiently scaling.” The company stuck with its 2026 revenue outlook of $6.5 billion to $6.9 billion and adjusted EBITDA guidance of $700 million to $900 million. Adjusted EBITDA strips out interest, taxes, depreciation, amortization and some other items. SEC
The risks are out there. May data isn’t audited, the product is still new, and event contracts face unsettled regulatory questions in gambling. DraftKings says any shifts to gaming laws, prediction market regulation, lawsuits, or if it misses CFTC and National Futures Association rules, could harm the business.
Investors see the May update as evidence that DraftKings is getting traction. The bigger question is if that volume can drive steady revenue, or if DraftKings will need to spend big again to keep up with larger prediction-market rivals.
