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Bernstein Says Sportsbooks and Exchanges Are Converging

2026-06-29 23:25:23

Bernstein said sportsbooks, brokerages, and crypto exchanges are converging after DraftKings built DKeX in roughly eight months. DraftKings began with the October 2025 acquisition of Railbird in a deal valued at up to $250 million. Bernstein said Coinbase reached roughly $100 million in annualized prediction market revenue within two months after launching event contracts and acquiring The Clearing Company.

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