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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",
  "orientation": "landscape",
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  "pageNumber": 39,
  "pageCount": 48,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 42,
  "notes": "The chart uses a broken axis for the handle bars. The red box highlights the 8.7% margin in Q2 2025 as an outlier.",
  "elementsJson": [
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/39",
  "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-39",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.25,
        "x": 0.73,
        "y": 0.815
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      "kind": "callout",
      "text": "We believe this is an outlier and unlikely to be sustained",
      "attrs": null,
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      "componentId": "da959924-8741-434b-b9db-f6d8776f0c9e",
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    {
      "bbox": {
        "h": 0.65,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Historical handle and revenue data from Q1 2022 to Q2 2025",
      "attrs": null,
      "subkind": "bar-vertical",
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      "componentId": "13e98871-a4c0-4500-972c-16eb1e2d9a36",
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    {
      "bbox": null,
      "kind": "metric",
      "text": "Sportsbook Net Revenue Margin: 8.7%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd953-78b7-702e-962d-51369c9741cf",
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        "w": 0.4,
        "x": 0.02,
        "y": 0.97
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      "kind": "source-note",
      "text": "Source: DKNG Q2 '25 investor presentation. Spruce Point red emphasis.",
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        "h": 0.06,
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      "kind": "title",
      "text": "DKNG Historical Hold Rate Or Sportsbook Net Revenue Margin",
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  "metrics": [],
  "tools": [],
  "frameworks": [
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      "name": "fraud-exposure",
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      "matchId": "efd3ec9a-94e2-455c-81f4-852ed3bcadbf",
      "evidence": "Highlighting an outlier data point to suggest manipulation or unsustainable performance.",
      "confidence": 0.8
    }
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  "locked": true
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