Sports Betting Stocks Fall After Kalshi Launches Parlay Product

Dow Jones

Oct 01

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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The feature is essentially the same as a same game parlay, Oppenheimer analysts led by Jed Kelly said. \n\n\n  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. \n\n\n \n\n\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  September 30, 2025 14:26 ET (18:26 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}