DraftKings announced Tuesday that it has acquired the prediction platform Railbird while confirming upcoming plans to launch DraftKings Predictions to go along with its betting and fantasy sports products.

No financial terms were disclosed.

The moves put DraftKings in the predictions market that operates with event contracts.

DraftKings Predictions will allow users to trade "contracts" that are federally licensed by the Commodity Futures Trading Commission on real-world outcomes in finance, culture and entertainment.

"We are excited about the additional opportunity that prediction markets could represent for our business," DraftKings CEO and co-founder Jason Robins said. "We believe that Railbird's team and platform -- combined with DraftKings' scale, trusted brand, and proven expertis

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