DraftKings CEO says sports betting still dominates despite rise of prediction markets

Posted on by admin

The post DraftKings CEO says sports betting still dominates despite rise of prediction markets appeared com. DraftKings CEO Jason Robins told Jimmy Cramer on Thursday that prediction markets are not replacing traditional sports-betting, because the products do not offer the same experience, scale of markets, or even pricing depth. Jason said: “Simply going and spending five minutes looking at the products, you’ll see what I mean. It’s night and day. The amount of markets, even the pricing, isn’t something that I would view as competitive with what we do.” Jason explained that users who want to wager on sports outcomes still prefer the sportsbook format because that is where the volume, variety, and familiarity are. The DraftKings CEO pointed to the existing situation in the U. K. and Western Europe to support this point, saying that exchange-based betting only takes low to mid single-digit share where it is available alongside traditional books. Jason said this shows that there is no large migration away from sportsbooks, and that sports-betting is tied to how fans watch and follow live competition, and prediction markets handle broader non-sports events like elections, awards, and other outcomes. DraftKings enters prediction markets while defending sportsbook focus Even though Jason insisted sportsbooks are not threatened, DraftKings is still entering the prediction space. The company acquired RailBird last month, and it plans to release a mobile app that lets users place bets on outcomes in areas such as entertainment and finance. Jason told Jim this move is mainly strategic for states where online sports-betting is still illegal, including California and Texas. He said this allows the company to be active in those large markets while gaming laws continue to develop. Jason said, “I think the reality is that at least for the near term, it looks like the momentum is here. They’re here to stay. And so, I think with that in mind, we need to.

Read more

Trades below $60.00 amid bearish outlook

Posted on by admin

The post Trades below $60. 00 amid bearish outlook appeared com. West Texas Intermediate (WTI) US Crude Oil prices edge higher during the Asian session on Friday and for now, seem to have snapped a four-day losing streak to an over two-week low, touched the previous day. The commodity, however, remains below the $60. 00 psychological mark, warranting some caution for bullish traders and before positioning for any meaningful positive move. From a technical perspective, the black liquid has been trending lower along a downward-sloping channel since late October. Moreover, overnight breakdown below the 100-period Simple Moving Average (SMA) on the 4-hour chart suggests that the path of least resistance for Crude Oil prices remains to the downside. Hence, any subsequent move up is more likely to attract fresh sellers near the $60. 30 region. A sustained strength beyond the latter could lift the commodity further, though it is more likely to face stiff resistance and remain capped near the trend-channel hurdle, currently pegged near the $60. 65 region. Some follow-through buying, however, might negate the near-term negative outlook and trigger a short-covering rally, which should allow Crude Oil prices to aim towards reclaiming the $61. 00 round figure. On the flip side, the $59. 00 mark could offer some support ahead of the overnight trough, around the $58. 75 region, below which Crude Oil prices could challenge the lower end of the descending channel, currently around the $58. 35 zone. A convincing break below the trend-channel could make the commodity vulnerable to slide further below the $58. 00 mark, towards the next relevant support near the $57. 40-$57. 35 region. WTI 4-hour chart WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity.

Read more

Bitcoin price nears key $91K–$97K support zone

Posted on by admin

The post Bitcoin price nears key $91K-$97K support zone appeared com. Bitcoin price is cooling after its October peak, and the market is now watching whether buyers will defend the key $91, 000-$97, 000 support zone. Summary Bitcoin is easing lower after a strong October peak, now trading near key support levels. On-chain metrics show a potential test of the $91K-$97K “profit floor,” where buyers have repeatedly stepped in this cycle. Trend remains intact, but momentum has softened. Bitcoin is trading near $102,292, down 1. 3% over the past day. The market has softened over the week, now down about 7% in seven days and roughly 16% over the past month. The price currently sits about 18% below the record high of $126,080 reached in early October. With a spot volume of about $69. 5 billion over the last 24 hours, up 14. 8% from the day before, trading activity has somewhat increased. In futures, total trading volume rose 8% to $107. 5 billion, and open interest increased 1. 4% to $69. 6 billion. When open interest rises while price slips, it usually means traders are adding positions rather than stepping away, which can extend the current trend. MVRV shows cooling momentum, not a full reversal A Nov. 6 analysis from CryptoQuant contributor Sunny Mom highlights a developing divergence in the Bitcoin’s (BTC) MVRV ratio, which tracks unrealized profit across the network. The MVRV ratio has continuously found support in the range of 1. 7 to 1. 8 during this cycle. Since early 2024, that area has served as the market’s “profit floor.” Usually, the market stabilizes after selling pressure subsides. If price and sentiment were to retest that region, it would align closely with the $91, 800-$97, 200 price area. Technical weight is added by the fact that the range also overlaps with a sizable, unfilled CME gap close to $92,000. Although prices increased earlier in the cycle, unrealized profit margins have.

Read more