Sports betting stocks dive on news of Kalshi volume surge Customer-friendly outcomes aren’t helping matters Shares of Flutter Entertainment (NYSE: FLUT) and DraftKings (NASDAQ: DKNG), the operators of the two largest domestic online sportsbooks, tumbled Tuesday on reports of soaring volume on Kalshi. A Kalshi logo. The company’s soaring volume is weighing on sports betting stocks. (Image: Kalshi) In midday trading, shares of DraftKings were off 10% on volume that already surpassed double the daily average, while FanDuel owner Flutter was lower by 9.14% on turnover that was also ahead of the daily average, dealing blows to the thesis that those are the gaming stocks to own during football season. The culprit behind those declines is easy to spot: it’s prediction markets, namely Kalshi. The prediction market operator’s prior daily volume record was $245 million set on Election Day 2024, but a new all-time high was notched on Saturday, September 27, when turnover on the exchange reached $260 million. That…Read MoreCategory: Financial, Sports Betting, Technology, sports betting, technologySource: Casino.org