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  "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
  "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",
  "orientation": "landscape",
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  "pageNumber": 18,
  "pageCount": 48,
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  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a comparison to DKNG to frame Kalshi as a competitive threat.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/18",
  "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
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  "components": [
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      "kind": "callout",
      "text": "We estimate DKNG averaged $307 million (excluding parlays) in weekly NFL handle during the first four weeks of the 2025 season. Kalshi has already topped this benchmark in Week 4. Kalshi has grown its NFL handle by 19% from Week 1 to Week 4. Momentum is accelerating organically, without material ad spend, highlighting Kalshi's disruptive risk to DKNG.",
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      "kind": "callout",
      "text": "Momentum is accelerating organically, without material ad spend, highlighting Kalshi's disruptive risk to DKNG.",
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      "toolName": "Visual emphasis",
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      "kind": "chart",
      "text": "Kalshi Week 1 – 4 NFL Handle ($ in millions)",
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      "kind": "metric",
      "text": "NFL handle: $328",
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      "kind": "source-note",
      "text": "Source: Screenshots of handle in Appendix. We assume NY Gaming Commission reports weekly sports wagering and CO monthly sport wagering. Spruce Point red emphasis.",
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      "kind": "title",
      "text": "Kalshi Week 1 – 4 NFL Football Handle Should Set Off The Fire Alarm (Cont'd)",
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      "evidence": "Comparing Kalshi's growth against DKNG's benchmark to establish competitive threat.",
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      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
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  ],
  "loops": [
    {
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      "from": 10,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
      "evidence": "Discussion of potential downside risk for DKNG investors",
      "position": 0,
      "objective": "What is the cost of inaction for DKNG investors?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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