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  "documentTitle": "DraftKings Inc. (DKNG)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-10-03 00:00:00",
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  "notes": "The slide uses a side-by-side comparison table to contrast JP Morgan's methodology with Spruce Point's corrected methodology.",
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      "text": "Spruce Point believes two key sell-side assumptions are flawed. First, JP Morgan's claim that 70% of handle comes from the NFL is inconsistent with state data...",
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      "text": "Spruce Point believes two key sell-side assumptions are flawed. First, JP Morgan's claim that 70% of handle comes from the NFL is inconsistent with state data.",
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      "text": "Note: (1) While Spruce Point acknowledges a portion of parlays has NFL volume, we omitted NFL share from parlays in our analysis...",
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      "text": "Kalshi NFL as % of OSB NFL Handle: 29%",
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      "text": "Source: Kalshi, New York Gaming Commission, J.P. Morgan estimates.",
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      "text": "Sell-Side Misperception?",
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