$2 Billion Polymarket Investment Sends DraftKings and Other U.S. Bookmaker Stocks Lower

Shares of major U.S. betting operators fell after reports that Intercontinental Exchange (ICE) — the owner of the New York Stock Exchange — plans to invest up to $2 billion in the prediction-market platform Polymarket.

According to Vegas Slots Online, DraftKings shares dropped about 6%, while Flutter Entertainment, the parent company of FanDuel, fell by more than 5%. Rush Street Interactive (operator of the BetRivers brand) also lost ground.

Over the past week DraftKings shares declined roughly 18%, and Flutter’s fell around 8%. Analyst Jordan Bender of Citizens Equity Research said betting companies need to develop a clearer investor strategy — potentially by launching their own prediction markets or ramping up marketing efforts.

Bender added that until bookmakers outline such a strategy, platforms like Polymarket and Kalshi will continue to put pressure on their market positions.

As part of the deal, Intercontinental Exchange will gain distribution rights to Polymarket’s data — insights showing how users assess the likelihood of political, economic, and sporting events.