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  "docSlug": "fab8b03c0201",
  "documentTitle": "DraftKings Inc. (DKNG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-10-03 00:00:00",
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  "pageNumber": 10,
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  "notes": "The slide uses a yellow background callout box to emphasize the core thesis regarding market misinterpretation.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/10",
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      "kind": "callout",
      "text": "We Believe The Market Has Misinterpreted Kalshi’s Handle And Hold Rate",
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      "kind": "callout",
      "text": "Put another way, every dollar of handle on Kalshi is a dollar decision to use Kalshi over DKNG.",
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      "text": "hold rate: 1.5%",
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      "kind": "paragraph",
      "text": "Typically, OSB operators keep $8–$10 of revenue on every $100 wagered... DKNG's hold rate could fall from 6-8% to the 1.5% to 3% range.",
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      "text": "We believe the market has attempted to dismiss Kalshi's handle as inflated... every dollar of handle on Kalshi is a dollar decision to use Kalshi over DKNG.",
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      "kind": "paragraph",
      "text": "We see more alarm bells from Kalshi filing to self certify for parlays... DKNG's 2026 consensus estimates are at risk as well.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
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      "name": "Cost Of Inaction",
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