By Katherine Hamilton
Shares of sports-betting companies fell after the prediction markets platform Kalshi launched a product mimicking parlays.
DraftKings' stock was down 11% to $37.47, while shares of Flutter Entertainment, the parent company of FanDuel, fell 11% to $252.29.
Kalshi during Monday night football launched a "build your combo" feature which allows users to pair multiple contracts within a game. The feature is essentially the same as a same game parlay, Oppenheimer analysts led by Jed Kelly said.
The move adds to Kalshi's advances into the sports betting industry, as the platform is getting about 90% of its betting volume from sports contracts. Kalshi also lets users put money on other types of events, like whether the government will shut down, though those make up a much smaller portion of its volume.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
September 30, 2025 14:26 ET (18:26 GMT)
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