FanDuel parent Flutter Entertainment (NYSE:FLUT) has lost more than $30 billion in market value since August as prediction markets pioneered by Kalshi and Polymarket reshape the U.S. wagering landscape.
The drawdown has wiped out more than half of Flutter’s market cap even as the company holds roughly 35% of the $17.5 billion U.S. online sports betting market, per researcher Eilers & Krejcik Gaming.
Investors appear to be pricing in a future where event contracts cannibalize traditional sportsbook volume.
How Kalshi Took 90% Of The Market
Weekly contract volume across U.S. prediction markets has jumped from roughly $100 million a year ago to more than $3 billion currently, per a Bank of America estimate cited by Bloomberg.
Kalshi controls more than 90% of that share.
FanDuel’s response, FanDuel Predicts, launched in all 50 states in January through a joint venture with CME Group (NASDAQ:CME), which holds 51% of …
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