DraftKings and Flutter hit multiyear lows as Kalshi valuation nears $40 billion

October 1, 2026 at 12:23 AM3 min

This digest was compiled by AI from multiple sources — links to the originals are below.

DraftKings and Flutter Entertainment shares have fallen to multiyear lows in 2026, with DraftKings near its lowest since April 2023 and Flutter touching its lowest since its January 2024 NYSE debut. The two largest U.S. sportsbooks are now worth roughly $30 billion combined, less than the nearly $40 billion valuation rival Kalshi is reportedly seeking in a new funding round. The decline comes even as analysts remain largely bullish on DraftKings, with most rating it a Buy.

Key Facts

DraftKings stock is trading near its lowest level since April 2023 and has lost nearly half its value since hitting $38.06 a year ago.
Flutter Entertainment shares touched $74.35 on Wednesday morning, their lowest since the company began trading on the NYSE in January 2024, and are down about 71% from their 52-week high of $261.22.
Kalshi is reportedly seeking a valuation of nearly $40 billion in a new funding round, after its last completed round this spring valued the company at $22 billion.
DraftKings stock fell 7.6% on Sept. 17 after Needham estimated that Kalshi took 76% of prediction-market trading volume in the NFL's first week, compared with about 3% for DraftKings' own exchange, DKeX.
Nearly every firm in Benzinga's ratings feed since June rates DraftKings a Buy or equivalent, with the lowest price target being Deutsche Bank's $28 Hold rating, about 45% above current levels.

Stock Decline

DraftKings stock is trading near its lowest level since April 2023 and is on track to set a fresh 52-week low in three of the last four sessions. Shares have lost nearly half their value since hitting $38.06 a year ago. On Wednesday morning, Flutter stock touched $74.35 — its lowest level since it began trading on the New York Stock Exchange in January 2024 — before eking into the green in the afternoon. Shares of Flutter, which also owns betting brands outside the US, are down about 71% from their 52-week high of $261.22. Together, the two biggest US sportsbooks are worth roughly $30 billion.

Kalshi Competition

Kalshi is reportedly seeking a valuation of nearly $40 billion in a new funding round, exceeding the combined market value of DraftKings and Flutter. Kalshi's last completed round, this spring, valued the company at $22 billion, double the $11 billion it fetched late last year. DraftKings stock fell 7.6% on Sept. 17 after Needham estimated that Kalshi took 76% of prediction-market trading volume in the NFL's first week, compared with about 3% for DraftKings' own exchange, DKeX. The pressure is not new: DraftKings fell about 12% on Sept. 30, 2025, the day after Kalshi launched parlay-style NFL contracts, and hasn't traded above $38.06 since.

Analyst Sentiment

Analysts are still largely on DraftKings' side: nearly every firm in Benzinga's ratings feed since June rates the stock a Buy or the equivalent. The lowest price target in that group, a $28 target and Hold rating from Deutsche Bank, is about 45% above where shares trade now. However, price targets are being revised lower: Citizens cut its target to $35 from $37 on Sept. 24, and UBS trimmed its target to $48 from $49 on Sept. 18.