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  "documentTitle": "DraftKings Inc. (DKNG)",
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  "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 slide uses a side-by-side comparison to highlight a calculation error in a sell-side report.",
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      "text": "We believe Barclays' chart makes Kalshi's hold rate look much higher when measured against true notional traded (both sides).",
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      "text": "Fee % of Notional: 1.1%",
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      "text": "Spruce Point believes Barclays may have misinterpreted how Kalshi's fees work. Remember, contracts with Kalshi have two sides. We believe Barclays treated each bet or contract as just the buyer's spend but every contract also has a seller counterparty.",
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      "text": "Source: Kalshi fee schedule, Sept 2025. Spruce Point red emphasis.",
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      "text": "Barclays Analysis table showing contract price, fee per contract, number of contracts, trading fee, and trading fee %.",
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      "text": "Spruce Point Analysis table showing matched contract, shares bought, buyer stake, seller stake, total notional, total fee, and fee % of notional.",
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      "kind": "title",
      "text": "Sell-Side Misperception?",
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