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  "documentTitle": "DraftKings Inc. (DKNG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-10-03 00:00:00",
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  "notes": "The table models five scenarios ranging from 'Most Conservative' to 'Most Aggressive' to demonstrate potential revenue misses.",
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      "text": "Spruce Point believes Kalshi will continue to operate while in litigation and DKNG's full year '25 revenue consensus is likely at risk.",
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      "text": "Miss Over Full Year '25 Consensus: -11.9%",
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      "text": "Consensus hold rates for Q3 '25 and Q4 '25 are 6.9% and 8.0%, respectively. We acknowledge the uplift in recent quarters from parlays and promotional mix but the average hold rate for the past six quarters is 6.6%. Kalshi continues to grow its weekly handle and we believe is taking direct share from DKNG. Spruce Point believes Kalshi will continue to operate while in litigation and DKNG's full year '25 revenue consensus is likely at risk.",
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      "text": "Note: See all assumptions in Appendix. Consensus blended is Q3 '25 6.9% hold and Q4 '25 8.0% hold. .",
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      "text": "Spruce Point Believes DKNG's Full Year 2025 Consensus Is At Risk",
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