{
  "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",
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  "pageNumber": 22,
  "pageCount": 48,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 150,
  "notes": "Includes raw data tables for DKNG and competitors in NY, plus a specific comparison for NFL weeks 1-4.",
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  "components": [
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      "kind": "callout",
      "text": "The 18.4% OSB growth vs the 13.1% growth for DKNG points to evidence that Kalshi siphoned off volume from DKNG during March Madness, NBA playoffs, MLB, Tennis, and now CFB and NFL.",
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    {
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      "kind": "metric",
      "text": "handle growth: 13.1%",
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      "kind": "paragraph",
      "text": "Spruce Point analyzed NY sportsbook handle growth excluding DKNG. Through September 29th, the combined handle of FanDuel, BetMGM, Fanatics, ESPN Bet, and others grew 18.4% YoY. Over the same period, DKNG grew only 13.1%.",
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      "kind": "source-note",
      "text": "Source: NY Gaming Commission reports weekly sports wagering. Spruce Point red emphasis.",
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      "kind": "table",
      "text": "Sportsbook in NY, Excluding DKNG data table",
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      "kind": "table",
      "text": "DKNG NY Handle WoW Growth table",
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      "kind": "table",
      "text": "DKNG in NY data table",
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      "kind": "title",
      "text": "According To State Of NY Data, Kalshi Appears To Be Taking Share",
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      "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",
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  ],
  "loops": [
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      "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",
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