Stocks
DraftKings CEO calls prediction market competition a 'complete myth'
DraftKings CEO Jason Robbins told CNBC's 'Closing Bell' that it is a 'complete myth' that prediction markets are pulling volume from sportsbooks. Robbins made the comments during a discussion about the first game of the NFL season and the broader competitive landscape facing traditional sportsbooks.
Why this matters?
Robbins' dismissal signals DraftKings does not view prediction markets as an immediate threat to core sportsbook revenue, which may slow any defensive product moves by the largest US sportsbook operator.
The bigger picture
Joins Kalshi, Polymarket, and Novig in the pre-NFL positioning war over whether prediction markets drain sportsbook handle — a debate now central to Wall Street valuation models for Robinhood and sector viability ahead of the season opener.
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