DraftKings Stock Slides After Kalshi Sets New Trading Record Over The Weekend: Report

DraftKings Inc. (DKNG) shares tumbled more than 10% on Tuesday amid reports of prediction platform Kalshi setting a new trading record over the weekend, aided by sports betting during the Sunday night NFL football match between the Green Bay Packers and Dallas Cowboys.

According to a SeekingAlpha report, Kalshi set a new trading record of $260 million on Saturday, only to top it on Sunday with $275 million in trades. The previous best trading record on Kalshi was $245 million on Election Day 2024.

The report added that the Packers-Cowboys football game on Sunday night was the top traded event of all time on Kalshi, with trading volumes reaching $57 million. Sports accounted for 98% of the weekend trading volumes on the prediction platform, primarily driven by college and pro football games.

Flutter Entertainment Plc. (FLUT), which owns DraftKings rival FanDuel, saw its stock tumble by nearly 10%. Retail sentiment on Stocktwits around the company trended in the ‘bullish’ territory.

Notably, Edwin Dorsey flagged in September that the domination of DraftKings and FanDuel in the sports betting and fantasy sports segments is being disrupted by prediction markets like Kalshi. “In short, The Bear Cave believes prediction markets are a real and growing headwind for DraftKings and will turn an effective duopoly into a competitive marketplace with DraftKings on the defensive,” Dorsey said on his ‘The Bear Cave’ substack.

DraftKings entered a multi-year advertising deal with Comcast Corp. (CMCSA) subsidiary NBCUniversal on Monday. DraftKings will be featured across NBCUniversal’s portfolio of sports properties, spanning the NFL, PGA Tour, Ryder Cup, and Premier League, among others.

DKNG stock is up 2% year-to-date, but down nearly 3% over the past 12 months. Retail sentiment on Stocktwits around the company trended in the ‘extremely bullish’ territory. At the time of writing, DraftKings was trending in second place on Stocktwits.

Also See: UiPath Stock Jumps 23% After Company Announces Partnerships With Nvidia, OpenAI, Google, And Snowflake On Agentic Automation

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