why is draftkings stock down today

DraftKings stock is down today primarily due to investor concerns about rising competition from prediction market platforms like Kalshi and Robinhood. Kalshi recently set new trading volume records over the past weekend, driven by football games, signaling its growing influence in the sports betting sector. This surge has raised fears that DraftKings' dominant position in sports betting and fantasy sports is being increasingly challenged. Additionally, negative consumer sentiment data released recently has broadly pressured consumer discretionary stocks, including DraftKings. Despite DraftKings reporting solid year-over-year revenue growth and announcing a multi-year advertising partnership with NBCUniversal, profit-taking by investors and renewed competitive concerns have weighed on the stock, contributing to an approximate 11-12% drop in price today. The stock market also reacts to potential margin pressures and signs of slowing growth amid these competitive and macroeconomic factors.