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CNBC's Jim Cramer on Friday explained why he thinks there could be an opportunity to buy DraftKings following the stock's recent losses, saying competition from online prediction markets isn't a major threat to business.

"I'm not backing away from this stock. I think the prediction market fears are overblown here, so if you don't already own any DraftKings, I'm telling you, you've got my blessing right here to put on a small position," he said. "Beyond that, let's suspend judgment until they report at the end of the month."

DraftKings reported a solid quarter back in August, but its stock has retreated more than 20% from its September highs. Cramer suggested DraftKings and its sports betting peers fac

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