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  "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": 33,
  "pageCount": 48,
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  "notes": "The slide argues against a potential pivot to a prediction market model by quantifying the revenue impact.",
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      "text": "Some analysts suggest that DKNG could pivot to a prediction market model, but we believe doing so would likely devastate its economics.",
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      "kind": "chart",
      "text": "DraftKings Revenue, Sportsbook vs Prediction Market Model ($ in millions)",
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      "text": "revenue: $818 million",
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      "text": "Some analysts suggest that DKNG could pivot to a prediction market model, but we believe doing so would likely devastate its economics. Consensus estimates project $54.5 billion in handle and $4.1 billion in revenue from DKNG's sportsbook for 2025. If DKNG processed the same handle, avoided state GGR taxes, and instead collected a 1.5% fee, the rate experts estimate Kalshi captures, its revenue would fall to just $818 million, an 80% decline.",
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      "kind": "source-note",
      "text": "Source: 2025 Blomberg consensus for handle and sportsbook revenue.",
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      "kind": "title",
      "text": "We Believe Revenue Would Decline Significantly If DKNG Moved To A Prediction Market Model",
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      "arcName": "Overcoming the Monster",
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      "evidence": "Conclusion that DKNG's share price will decline",
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