Flutter & DraftKings hit multi-year lows as Kalshi eyes $40bn

Solo Cup owner Ken Dart has reportedly lost about $6bn on his Flutter stake bought since August 2025.

The hit

Flutter & DraftKings shares have hit their lowest levels in years, according to InGame, as prediction market Kalshi reportedly closes in on a $1bn raise at a $40bn valuation. Flutter fell to $74.39 Tuesday, valuing it at $12.9bn, while DraftKings dropped to $19.63, valuing it at $9.77bn. Combined, the two sportsbooks are now worth just over half of Kalshi’s reported valuation.

Why it matters

Brazil’s ban on online gambling has forced Flutter to shut down its Betfair & Betnacional brands there. Citizens analysts Jordan Bender & Isabelle Slavin say prediction markets could pressure sportsbooks & may be competing on product by offering better pricing efficiency, liquidity & flexibility. FanDuel already runs FanDuel Predicts, directing customers to Crypto.com for sports & CME for non-sports markets, & is market making on prediction markets. Flutter CEO Peter Jackson has said FanDuel had been too reluctant to give customers promotional offers, & that greater generosity has helped handle.

The record

Flutter share price	down 76.2% from August 2025 peak of over $55bn valuation
DraftKings share price	down 72.3% from March 2025 peak of $35.8bn valuation
Flutter’s Brazil profit warning	$70m revenue hit, $20m adjusted EBITDA hit (Flutter statement)
Ken Dart’s Flutter stake	31.4%, now worth about $4bn after an estimated $6bn loss

What happens next

Watch for Flutter’s formal response to Brazil’s ban, including any appeal, & confirmation of Kalshi’s reported $1bn raise with Tiger Global & Dragoneer.

Sources: Flutter And DraftKings Shares Tumble Further

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