DraftKings (DKNG) Nosedives 11.6% as New Kalshi Product Threatens Business

Core Viewpoint - DraftKings Inc. (NASDAQ:DKNG) experienced a significant decline of 11.59% to $37.40 per share due to investor concerns over a new product launched by Kalshi that threatens its business model [1][3]. Group 1: Market Reaction - DraftKings fell sharply after Kalshi announced its new "build your own combo" parlay product, which allows users to combine multiple contracts with a game [2][3]. - The decline in DraftKings' stock was exacerbated by the fact that 90% of Kalshi's betting volume is derived from sports contracts, which could operate in jurisdictions where online sports betting apps like DraftKings are restricted [3]. Group 2: Company Developments - Despite the stock drop, DraftKings announced a multi-year advertising agreement with NBCUniversal, which includes exclusive integrations and digital sponsorships across major sports properties [4][5]. - The agreement will feature DraftKings prominently across NBCUniversal's sports portfolio, including high-profile events such as the Super Bowl LX and the 2026 FIFA Men's World Cup [5].