X @Ansem

Business Model & Competition - Draft Kings' business model is invalidated due to peer-to-peer prediction markets eliminating the house edge [1] - Polymarket offers better odds and doesn't ban profitable bettors, attracting Draft Kings' users [3] - Better odds are the ultimate customer acquisition deal [3] User Acquisition & Spending - Draft Kings heavily invested in user acquisition through free bets and promotions due to the online sports betting supercycle [2] - Draft Kings overspent on users who are likely to switch to competitors with better offerings [2][3] Risk Factors - Draft Kings faces an extinction-level event due to the shift of users to platforms with better odds and policies [3] - Draft Kings bans profitable bettors [3]