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  "documentTitle": "DraftKings Inc. (DKNG)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-10-03 00:00:00",
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  "notes": "The slide outlines the conflict between federal and state regulation of prediction markets and details specific legal timelines and scenarios.",
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      "text": "Ultimately, we believe the market is mispricing the risk of DKNG losing market share during its peak Q4 earnings season given MLB playoffs, start of the NBA season, and the NFL and NCAA football seasons.",
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      "text": "We acknowledge there is still a lot of uncertainty when it comes to prediction exchanges for sports. The central conflict is whether event contracts are financial derivatives regulated by the federal government or a form of gambling regulated by the states.",
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      "text": "Spruce Point Believes Kalshi Will Continue To Operate While Litigation Continues",
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      "text": "Regulators in states such as Nevada, New Jersey, and Maryland issued cease-and-desist orders to Kalshi... Spruce Point believes the markets should be pricing in some Trump risk... Spruce Point believes there are two more likely scenarios...",
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