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  "docSlug": "fab8b03c0201",
  "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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  "pageNumber": 27,
  "pageCount": 48,
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  "slideType": "preempt_rebuttal",
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  "nDataPoints": 1,
  "notes": "The slide uses a comparison table to highlight feature parity and social media screenshots as proof of the new competitive threat.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/27",
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      "kind": "callout",
      "text": "However, as of Monday Night Football on September 29, 2025, Kalshi has enabled users to build their own parlays, a direct threat to DKNG's most lucrative segment.",
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      "kind": "image",
      "text": "Social media screenshots showing Kalshi parlay interface",
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      "kind": "paragraph",
      "text": "Kalshi already offered most of the products available on DKNG. We estimate parlays account for ~25% of DKNG's betting mix and represent its most profitable product. Our 2025 and 2026 impact analysis did not assume any pressure on DKNG's parlay business. However, as of Monday Night Football on September 29, 2025, Kalshi has enabled users to build their own parlays, a direct threat to DKNG's most lucrative segment.",
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      "kind": "quote",
      "text": "Kalshi appears to have a \"build your combo\" parlay feature for tonight's Bengals-Broncos game in its new app update released an hour ago — Dan Bernstein (@dan_bernstein)",
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      "kind": "source-note",
      "text": "Source: Kalshi app. CO monthly sport wagering",
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      "kind": "table",
      "text": "Comparison table of bet types between DraftKings and Kalshi",
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      "kind": "title",
      "text": "Our Analysis Of DKNG Losing Volume Did Not Factor In Parlays, Which Kalshi Is Now Offering",
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      "beatName": "The Victory",
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      "evidence": "Conclusion that DKNG's share price will decline",
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