DraftKings stock jumps 11% as Predictions volume hits $3.1B

DraftKings shares rose about 11% on Tuesday after a regulatory filing disclosed preliminary May operating metrics for its Predictions platform. The filing showed annualized total trading volume climbed 34% from April to $3.1 billion.

The filing also reported annualized consumer trading volume rose 24% month over month to $1.3 billion. DraftKings described the figures as preliminary and based on internal data subject to revision.

DraftKings Predictions is the company’s product for trading contracts that pay out based on event outcomes, including sports results, financial indicators and geopolitical developments. The company developed the product after acquiring a regulated futures exchange.

The higher volumes drew investor attention as DraftKings seeks to expand beyond traditional sports betting. Data show larger prediction-market operators recorded higher volumes; Dune data indicate Kalshi recorded about $10.4 billion in sports-related trading volume in May.

DraftKings is funding expansion of the Predictions platform with cash flow from its core sports-betting business. The company has potential access to large user populations in states without full sports-betting legalization, including Texas and California. DraftKings is aligning product development with the 2026 FIFA World Cup, to be hosted by the U.S., Canada and Mexico.

Analysts remained constructive. TD Cowen maintained a Buy rating and set a $30 price target, writing that prediction markets expand the company’s addressable market. UBS kept a Buy rating and raised its price target to $49. TD Cowen added that DraftKings’ core sports-betting business is moving toward durable profitability.

On the technical side, shares have moved above their 20-day, 50-day and 100-day moving averages while remaining below the 200-day average. Technical analysts identify resistance near $32 and support around $23.50. The stock’s relative strength index stood near 51, indicating neutral momentum.

The filing’s preliminary status means the monthly figures could change as DraftKings finalizes its operating metrics.