Gambling stocks sag as prediction markets steal Super Bowl bets [Fortune]
DraftKings Inc. - Class A (DKNG)
Company Research
Source: Fortune
Recommended Video The stock of Flutter Entertainment Plc, which runs one of the most popular US gambling apps, FanDuel, is on an eight week skid, the longest in 23 years. It's main competitor, DraftKings , is trading around the lowest levels since 2023, and is down more than 60% from its all-time high five years ago. The matchup between Seattle-New England — with less celebrity appeal than last year's Taylor Swift-soaked event — is partly to blame. But the bigger concern hanging over the industry is the rise of prediction markets like Kalshi, which have come out of nowhere over the last year to offer a new way to bet on sports, bypassing the state-level gambling regulations that have restricted the spread of older gambling apps. Jordan Bender, senior equity analyst at Citizens, is expecting record breaking trading volumes on prediction markets this weekend at the same time that legal wagering on traditional sportsbooks — or handle as it is known — falls 2% from last year. “A
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- Investors watching prediction market success in legalized states: MoffettNathanson's Fishman [CNBC]CNBC
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- Big Bets Report: 7-Figure Payouts Ride on Super Bowl LX Outcome [FOX News]FOX News
- Oddsmaker reveals most popular betting trends for Super Bowl, how gamblers could cash out [FOX News]FOX News
- Who is favored to win the Super Bowl? Odds and spread for Patriots vs. Seahawks [USA TODAY]USA TODAY
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