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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": 20,
  "pageCount": 48,
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  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "The slide argues that Kalshi's 18+ age requirement allows it to capture users before they reach the 21+ age requirement for traditional sportsbooks like DKNG.",
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      "text": "We believe a meaningful share of NCAA handle is driven by college students, since Kalshi is 18+ versus OSBs at 21+. The result: Kalshi is capturing would-be DKNG users three years before they can legally bet on sportsbooks, potentially hurting DKNG’s future pipeline of users.",
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      "kind": "chart",
      "text": "OSBs vs. Kalshi Week 1 – 5 NCAA Football Handle ($ in millions)",
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    {
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      "kind": "metric",
      "text": "NCAA football handle: $297 million",
      "attrs": null,
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      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "kind": "paragraph",
      "text": "We estimate DKNG averaged $77 million (excluding parlays) in NCAA football handle during the first five weeks of the 2025 season. By contrast, Kalshi alone posted $297 million in Week 5. We believe a meaningful share of NCAA handle is driven by college students, since Kalshi is 18+ versus OSBs at 21+. The result: Kalshi is capturing would-be DKNG users three years before they can legally bet on sportsbooks, potentially hurting DKNG's future pipeline of users. In four weeks, Kalshi grew its NCAA football handle by 80%.",
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      "kind": "source-note",
      "text": "Source: Screen shots 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 – 5 NCAA Football Handle Should Set Off The Fire Alarm (Cont'd)",
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      "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
      "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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      "parentBeatName": "Development",
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      "name": "Cost Of Inaction",
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      "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
      "evidence": "Discussion of potential downside risk for DKNG investors",
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      "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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