Flutter and DraftKings Are Worth Less Than Kalshi’s Reported $40 Billion Valuation

Flutter and DraftKings are worth $24.44 billion together, less than the roughly $40 billion Kalshi is reportedly raising at. The listed sportsbooks are still growing. Investors have stopped paying a premium for that growth, and the premium now sits with a private exchange whose business depends on a court fight. Flutter Entertainment and DraftKings closed on October 26 with a combined market capitalization of $24.44 billion. Kalshi, a private prediction-market exchange, was finalizing a funding round of about $1 billion at a valuation of about $40 billion, Bloomberg reported on September 30; however, Kalshi still had not announced the round…