Core Insights - Flutter Entertainment plc (NYSE:FLUT) experienced a significant decline of 10.33% to close at $254, primarily due to investor concerns over competition from Kalshi's newly launched product [1][2][3] - Kalshi's "build your own combo" parlay product poses a direct threat to Flutter's sports-betting features, as it allows users to combine multiple contracts with a game [2][3] - Despite the negative sentiment, Benchmark maintains a "buy" recommendation for Flutter with a price target of $365, indicating a potential upside of 43.7% from its recent closing price [4] Company Performance - Flutter's stock performance was negatively impacted by the launch of Kalshi's product, which is expected to attract a significant portion of the betting volume, as 90% of Kalshi's betting comes from sports contracts [3] - The decline in Flutter's stock occurred despite strong performance from its FanDuel unit during the NFL season [4] Market Context - The launch of Kalshi's product coincided with key football matchups, which may have further influenced investor sentiment and market dynamics [3]