As previously reported, Northland analyst Greg Gibas double downgraded DraftKings (DKNG) to Underperform from Outperform with a price target of $33, down from $53, to reflect the increasing headwind that the firm sees from prediction markets like Kalshi and Polymarket. The firm, which found prediction markets generally offered more favorable odds when looking at 40 NFL and CFB games, believes the growth in popularity and increased adoption of prediction markets can disrupt traditional sportsbooks, the analyst tells investors.
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