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DraftKings Inc (NASDAQ:DKNG) shares are trading lower Thursday. The decline follows news of surging competition and shifting legal precedents in the prediction market sector.
The Nasdaq is up 0.40% while the S&P 500 has gained 0.50%.
Kalshi Volume Hits Record Highs
Kalshi CEO Tarek Mansour reported that monthly trading volume recently surpassed $12 billion. While sports contracts previously dominated 90% of the platform’s volume, they still represent 70%.
Mansour noted that sports betting acts like options, providing liquidity for other contracts. This growth directly challenges the market share of traditional operators like Flutter Entertainment PLC (NYSE:FLUT).
Full story available on Benzinga.com
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