Railbird
Railbird (now DKeX) is a CFTC-regulated prediction market Designated Contract Market, acquired by DraftKings for $48 million in October 2025. It operates exchange infrastructure for trading event contracts on sports, finance, entertainment, and culture outcomes, available across 38 U.S. states.
- Company typePrivate
- Founded2025
- HeadquartersNew City, United States
- Headcount1–10
- GTM typeB2B and B2C
- OfferingSoftware
What Railbird does
Railbird (now operating as DKeX) is a CFTC-regulated Designated Contract Market (DCM) for prediction market event contracts, enabling trading on real-world outcomes across sports, finance, entertainment, politics, and culture categories. The company was acquired by DraftKings Inc. for $48 million in October 2025 and rebranded as DKeX in December 2025, where it now serves as the underlying exchange infrastructure for DraftKings Predictions — a standalone mobile and web product available in 38 U.S. states under CFTC oversight. Its primary customers are individual retail traders accessing event contracts through DraftKings' distribution channels, with a secondary segment of institutional market participants requiring exchange connectivity and clearing services.
The exchange is built on Connamara Technologies' EP3 platform, which provides 24x7x365 trading capability, clearing functionality, FIX connectivity for institutional participants, and supports diverse asset classes including futures, tokenized assets, crypto, energy derivatives, and sovereign bonds. Regulatory infrastructure includes CFTC Part 17 large trader reporting at a 250,000-contract threshold, a comprehensive Exchange Rulebook, and affiliated entities — DraftKings Introducing Broker (introducing customers to a Futures Commission Merchant) and Gus Cap LLC (a self-clearing member). The platform plans connectivity to CME Group at launch, enabling cross-exchange access.
Railbird generates revenue through transaction fees on prediction market trading activity conducted through its exchange platform. Specific fee structures and pricing tiers are not publicly disclosed. Following the acquisition, marketing, distribution, and customer acquisition are fully integrated with DraftKings, leveraging DraftKings' existing U.S. user base, mobile app, and promotional channels — including a $1 million prize opportunity and up to $25 in trade bonuses for first trades. Founders Miles Saffran (CEO) and Edward Tian (COO) led the company through its CFTC designation and subsequent acquisition.
Railbird firmographics
Firmographics- Name
- Railbird
- Legal name
- Railbird Technologies Inc.
- Website
- https://railbirdexchange.com
- Company type
- Private
- Founded year
- 2025
- Operating status
- Acquired
- Headcount range
- 1–10 employees
- Short description
- Railbird (now DKeX) is a CFTC-regulated prediction market Designated Contract Market, acquired by DraftKings for $48 million in October 2025. It operates exchange infrastructure for trading event contracts on sports, finance, entertainment, and culture outcomes, available across 38 U.S. states.
- Ownership category
- akta.pro rank
Railbird industry classification
Industry- Product category
- Prediction Market Exchange
- NAICS
- Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Electronic/Direct Market Access (DMA) & Sponsored Access (FSACAFAI)
Keywords
Where Railbird is headquartered
LocationHeadquarters
- HQ city
- New City
- HQ country
- United States
- HQ region
- North America
Markets served
Railbird business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure
Revenue model
- Prediction Market Trading Fees: Railbird generates revenue through transaction fees on trading activity conducted through its CFTC-regulated prediction market exchange platform. The exchange allows users to trade event contracts on sports, financial, entertainment, and cultural outcomes.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels1 record
Railbird product offering
Product offeringCore offering
Railbird (now operating as DKeX) operates a CFTC-regulated Designated Contract Market (DCM) exchange that enables trading of event contracts on real-world outcomes across sports, finance, entertainment, and culture. Following its October 2025 acquisition by DraftKings for $48 million, the exchange was rebranded to DKeX and integrated with the DraftKings Predictions consumer app. The platform is powered by Connamara Technologies' EP3 exchange and clearing infrastructure.
Product overview
Railbird operates as a prediction market exchange infrastructure company, now wholly owned by DraftKings following an October 2025 acquisition. The core product is DKeX (formerly Railbird Exchange), a CFTC-regulated Designated Contract Market that provides the exchange infrastructure for trading prediction contracts. DraftKings has integrated this capability into its DraftKings Predictions mobile and web application, enabling retail customers to trade event contracts across sports, finance, entertainment, and culture categories in 38 states under CFTC oversight.
Differentiator
Problem solved
Functional benefit
Products and services
- DKeX (formerly Railbird Exchange) A CFTC-regulated Designated Contract Market (DCM) that operates as the underlying exchange infrastructure for trading prediction market contracts on real-world outcomes across sports, finance, entertainment, and culture categories. It serves as DraftKings' regulated exchange platform and is powered by Connamara Technologies' EP3 platform.
- DraftKings Predictions A standalone mobile app and web platform that enables eligible U.S. customers to trade event contracts on real-world outcomes across sports and finance markets. Operates under CFTC oversight as a registered Introducing Broker and National Futures Association member.
Quantifiable outcome
- DraftKings sees prediction markets as a potential $10 billion annual gross revenue opportunity
- +1 more outcomes
Companies that use Railbird
Customer profileSegments2 records
Ideal customer profiles2 records
Railbird technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Railbird partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and flagship.
- DraftKingscoreDraftKings acquired Railbird Technologies Inc. and its subsidiary Railbird Exchange, LLC for $48 million in October 2025. The acquisition provides DraftKings with a CFTC-licensed prediction market platform and technology to launch DraftKings Predictions, enabling expansion into regulated event contracts across 38 states.
- Connamara TechnologiescoreRailbird Exchange (now DKeX) is powered by Connamara Technologies' EP3 exchange and clearing platform, which supports diverse asset classes including perpetual futures, tokenized assets, crypto, energy derivatives, and sovereign bonds with 24x7x365 trading capability.
- CME GroupflagshipDKeX plans to connect to CME Group at launch, enabling access to CME's market infrastructure and expanding available trading opportunities for prediction market participants.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
Railbird competitors and assessment
Company assessmentBroad incumbents
- CME Group: CME Group is the largest U.S. derivatives exchange and a planned connectivity partner of DKeX at launch. While it operates across vastly broader asset classes, its exchange infrastructure, clearing model, and institutional market access are directly comparable to Railbird's DCM operations.
- FanDuel: FanDuel is DraftKings' primary competitor in U.S. online sports betting and is increasingly expanding into prediction markets, making it a broad incumbent competing with the DraftKings/DKeX prediction market offering.
- BetMGM: BetMGM is a major U.S. online sports betting operator backed by MGM Resorts and Entain, competing with DraftKings/DKeX for both sports betting and emerging prediction market users.
Direct peers
- Polymarket: Polymarket operates a crypto/blockchain-based prediction market on real-world outcomes, directly competing with DKeX/Railbird for prediction market traders across sports, politics, and culture.
- PredictIt: PredictIt operated an academic-affiliated prediction market exchange for political and economic event contracts; it is comparable to DKeX as a U.S. event-contract trading venue with a regulated (CFTC no-action letter) framework.
- Kalshi: Kalshi is a CFTC-regulated Designated Contract Market for event contracts across sports, politics, economics, and culture — Railbird's closest regulated direct competitor in the U.S. prediction market category.
- ForecastEx: ForecastEx is a CFTC-registered DCM offering event contracts on economic and financial outcomes, directly comparable to DKeX in regulatory structure and exchange-based event-contract model.
Others
- Interactive Brokers: Interactive Brokers offers event-contract trading access to clients (including via ForecastEx and CME), making it an adjacent institutional broker comparable to DKeX's institutional FIX connectivity and affiliate introducing-broker model.
Emerging players
- Robinhood: Robinhood has launched event-contract trading products and is an emerging player in prediction markets, competing for the same retail trading audience that DraftKings Predictions/DKeX targets.
- Crypto.com: Crypto.com previously operated in U.S. event-contract/prediction markets before being forced to cease in Nevada, making it a relevant comparable for the regulatory headwinds DKeX could face at the state level.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Railbird social profiles
Digital presenceRailbird compliance and trust
Trust signalCompliance2 records
Railbird financial estimates
Financial estimateRevenue estimate
Valuation estimate
Railbird leadership team
Management profileNumber of profiles
Railbird subsidiaries and ownership
Company hierarchySubsidiaries2 records
Railbird funding detail
Funding detailFunding overview
Funding rounds2 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Railbird M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Railbird
What does Railbird do?
Railbird (now operating as DKeX) operates a CFTC-regulated Designated Contract Market (DCM) exchange that enables trading of event contracts on real-world outcomes across sports, finance, entertainment, and culture. Following its October 2025 acquisition by DraftKings for $48 million, the exchange was rebranded to DKeX and integrated with the DraftKings Predictions consumer app. The platform is powered by Connamara Technologies' EP3 exchange and clearing infrastructure.
Is Railbird a public or private company?
Railbird is a private company. It is classified as corporate owned and is currently acquired.
When was Railbird founded?
Railbird was founded in 2025. It employs 1 to 10 people.
Where is Railbird based?
Railbird is headquartered in New City, United States, in the North America region.
How does Railbird make money?
One revenue line is on record: prediction Market Trading Fees.
Who are Railbird's main competitors?
Broad incumbents on record are CME Group, FanDuel and BetMGM. Direct peers are Polymarket, PredictIt, Kalshi and ForecastEx. Interactive Brokers is listed as an others. Emerging players are Robinhood and Crypto.com.
Does Railbird have an API?
No public API is recorded for Railbird.
What industry is Railbird in?
Railbird's product category is Prediction Market Exchange. Its primary akta.pro industry code is FSACAFAI, Electronic/Direct Market Access (DMA) & Sponsored Access. Its NAICS code is 52321 and its SIC code is 6200.