DraftKings CEO Jason Robins has dismissed prediction markets as viable competitors to sportsbooks in the US, saying he “just doesn’t see a world” where customers would choose platforms like Polymarket or Kalshi over traditional sportsbooks in states with legal betting.
Speaking during the Global Gaming Expo (G2E) keynote panel ‘Inside the C-Suite: Gaming’s Future in Focus on Stage,’ as reported by InGame, Robins said the sportsbook experience remains far superior to that of a prediction market. He noted that prediction markets like Polymarket or Kalshi could gain traction in states without legal sports betting. Adding that their offerings remain incomparable to sportsbooks in regulated markets, including these recommended online sportsbooks.
“In a state with legal sports betting, it is apples and oranges,” Robins said. “The product of the sportsbook and what it’s able to do is so much stronger than the product of a prediction market. I just don’t see a world where, in a state that has both, it’s not clear to the customer that the sportsbook is just a vastly stronger experience.”
Despite Wall Street’s growing interest in prediction markets following Polymarket’s recent investments and Kalshi’s regulatory wins, Robins remained confident that DraftKings’ product offers unmatched strength and flexibility.
For context, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has invested $2 billion in Polymarket, valuing the company at around $8 billion. Meanwhile, Kalshi has recently filed a lawsuit against the Ohio Casino Control Commission (OCCC) and the state’s Attorney General, claiming that regulators are acting beyond their authority by trying to limit Kalshi’s operations in the state. The disagreement raises broader issues regarding the balance between state and federal monitoring and the regulation of prediction markets.
Prediction markets may thrive in non-betting states
Robins acknowledged that nearly half of the US population still lacks access to legal online sportsbooks. In those regions, he conceded, prediction markets could fill a gap, and potentially even accelerate legalisation efforts.
“There’s still a lot of places in the US where people cannot access our product, and I think there’s a place there,” Robins said. “But that could also help push for legalisation when states realise people are betting anyway.”
He suggested that liquidity and product depth remain major hurdles for prediction markets compared to sportsbooks, particularly for wagers beyond the most popular sports or events. “The nature of the way [prediction markets] are designed — liquidity pools, market makers — it’s not the same as going into a sportsbook and saying, ‘I want to bet on this, this, and this,’ or ‘I want to parlay these bets,’” Robins explained.
Flutter’s Peter Jackson echoes the skepticism
Robins’ stance was echoed by Peter Jackson, CEO of Flutter Entertainment, parent company of FanDuel. While less critical, Jackson also questioned whether prediction markets could match the full suite of sportsbook offerings.
Drawing from Flutter’s operation of the Betfair Exchange in the UK, Jackson noted that the exchange model, which mirrors prediction market dynamics, holds only a small share of the UK market. He also added that Betfair’s inability to replicate the appeal of sportsbook features like parlays and bonuses has limited its growth.
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