{
  "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
  "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",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 35,
  "pageCount": 48,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 60,
  "notes": "Includes a Bloomberg terminal screenshot showing revenue estimate revisions.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "kpi_table",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/35",
  "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-35",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.25,
        "x": 0.73,
        "y": 0.63
      },
      "kind": "callout",
      "text": "2026E revenue estimates have only modestly declined, with significant room for contraction and disappointment",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fbfb73c5-f786-49e4-bfe7-c632a29dda45",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.34,
        "w": 0.48,
        "x": 0.22,
        "y": 0.59
      },
      "kind": "chart",
      "text": "Bloomberg terminal screenshot of DKNG earnings and estimates",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27cdfbf9-e018-488d-91ac-123334ff2730",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Enterprise Value: $19,567",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-962c-9db3c129e60e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point believes Kalshi, Polymarket, and others will continue to take handle into 2026 and the sell-side will eventually have to adjust their assumptions regarding sports prediction exchanges. Spruce Point finds it shocking that consensus revenue estimates for 2026 have barely declined with the new year only three months away.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24e9f072-e882-4b20-b529-0f37719dca32",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.96,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Bloomberg. (1) Includes 19.0 million stock options... (2) Includes 73.7 million of operating leases...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a474e11-ec28-4896-9cea-63e18c24bce6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.96,
        "x": 0.02,
        "y": 0.28
      },
      "kind": "table",
      "text": "DKNG Public Market Overview table including Valuation and Historical/Consensus Financials",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "848ae0e7-89c4-4467-9ab2-a8576ee2d562",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe DKNG Trades At A Rich Valuation Despite The Mounting Headwinds",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8764b024-c5f8-409d-8991-4f9c2101f94b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 36,
      "from": 21,
      "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion that DKNG's share price will decline",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}