{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 21,
  "pageCount": 48,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a 100% stacked bar chart to visualize revenue concentration risk.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/21",
  "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.13,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Spruce believes Kalshi and other prediction market entrants (e.g., Polymarket) represent a much larger threat to DKNG than to Flutter (FLUT). DKNG is almost entirely U.S.-dependent, with ~61% of its total revenue coming from its U.S. sportsbook, compared to just 29% for FLUT. FLUT offsets this risk with 27% of revenue from international sportsbooks, while DKNG has virtually no international presence.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0ed469b-0f17-4353-bb07-02c4dd5b6f83",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce believes Kalshi and other prediction market entrants (e.g., Polymarket) represent a much larger threat to DKNG than to Flutter (FLUT). DKNG is almost entirely U.S.-dependent, with ~61% of its total revenue coming from its U.S. sportsbook, compared to just 29% for FLUT.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-962b-a4c5bf28b4a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.78,
        "x": 0.11,
        "y": 0.33
      },
      "kind": "chart",
      "text": "2024 Revenue by Segment for DKNG and FLUT",
      "attrs": null,
      "subkind": "bar-stacked-100pct",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c38e0c1-1406-44d9-b892-beaa8513e598",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue concentration: 61%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-962b-a80423b12715",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: 2024 DKNG 10K and 2024 FLUT 10K.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d57d5acf-52b2-4dfc-9761-a6a2351e4197",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "DKNG Business Is Concentrated In U.S. Sportsbook, FLUT (Flutter) Is Diversified",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75d67844-e67c-41c3-b857-8a2acce0fee4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "68c1432e-75ab-48ce-9a8d-942ea80577d7",
      "evidence": "Direct comparison of revenue segments between two competitors to highlight risk concentration.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 36,
      "from": 21,
      "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion that DKNG's share price will decline",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 30,
      "from": 21,
      "name": "Zoom In",
      "slug": "06-zoom-in",
      "bestFor": "Technical deep-dives, case studies, detailed analysis",
      "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
      "evidence": "Detailed comparison of Kalshi and DKNG's performance",
      "position": 1,
      "objective": "How does Kalshi's performance compare to DKNG's?",
      "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
      "confidence": 0.7,
      "description": "Start broad, then progressively focus on specific details that prove your point"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}