Scoring Big: How Kalshi Is Shaking Up DraftKings, FanDuel This NFL Season

Chris Katje

August 19, 2025

With weeks to go until the 2025 National Football League season starts, sportsbooks are already feeling increased pressure and competition from the likes of Robinhood Markets Inc (NASDAQ:HOOD) and Kalshi.

Here's a look at how DraftKings Inc (NASDAQ:DKNG) and Flutter Entertainment (NYSE:FLUT) could lose market share.

DKNG shares are under pressure. See the trading setup here.

What Happened: For years, DraftKings and Flutter-owned FanDuel have dominated the online sports betting market in the U.S. with a near duopoly. Prediction markets like Kalshi have made it easier for users to place wagers on sports outcomes, but typically only on the winner of an event and not more advanced options.

That looks like it will change for the 2025 NFL season with Kalshi ready to add over/under and spread betting along with some player bets such as anytime touchdown wagers.

Kalshi informed the Commodity Futures Trading Commission (CFTC) of the new event contracts on Monday, according to a report from Front Office Sports.

Prior to the new offerings, Kalshi has typically only offered wagers on the winner of an NFL game and championship betting markets.

"This is a natural progression in our offerings, and clearly there's huge consumer demand," Kalshi spokesperson Sara Slane told Front Office Sports.

Along with Kalshi's announcement, stock and cryptocurrency trading platform company Robinhood Markets announced it would be adding to its available prediction markets ahead of the NCAA Football and NFL football seasons.

Robinhood will offer prediction markets for all NFL regular season contests and college football prediction markets for the Power 4 school matches, which would include the SEC, Big Ten, ACC and Big 12 conferences.

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Why It's Important: The spread of an NFL game used to be the most important item for sportsbooks and bettors and a team winning by six points instead of seven could provide a massive swing for whether the public or sportsbooks come out on top.

Nowadays, it's player props that can have the biggest impact on NFL games for sportsbooks and also help offset the outcome of which team wins or loses the game.

The real concern with Kalshi's new markets: betting volume and disruption, not a new player, as player props gain importance.

DraftKings CEO Jason Robins once shared with Benzinga that in Super Bowl LVII and Super Bowl LVIII, Travis Kelce scoring a touchdown was the most bet player prop. Robins said that Kelce scoring or not scoring a touchdown could have a bigger impact for the sportsbooks than which team came out on top in the NFL championship games.

The entry into touchdowns by Kalshi is likely to be a potential big loss for DraftKings, FanDuel and other sportsbooks as it is one of the most bet on outcomes each NFL game.

Robinhood adds another competitor in the prediction market mix into the fold for the 2025 football season.

DraftKings hinted at exploring prediction markets during its recent earnings report, which could suggest M&A activity or the launch of a new product.

Kalshi's Future: Kalshi is federally regulated by the CFTC and can offer prediction markets and betting in states that have not legalized online sports betting, alongside states that already have sportsbooks present.

Kalshi has argued that it is different from a sportsbook with wagering taking place between two sides and not "the house" such as a sportsbook.

While that definition and the future of Kalshi could change over time, the prediction market remains operating in states that have sued the company.

The prediction market company said over $2 billion in sports-related contracts have been traded on the exchange in 2025 as of last month.

Kalshi is likely to fend off some potential legal challenges thanks to its support from the current White House administration. Kalshi board member Brian Quintenz is a nominee to be the next chair of the CFTC by President Donald Trrump. The president's son Donald Trump Jr. is also a strategic advisor to Kalshi.

DKNG, FLUT Price Action: DraftKings stock closed Tuesday down 1.49% to $45.02. DraftKings stock is up more than 21% year-to-date in 2025.

Flutter stock closed Tuesday down 1.10% to $290.76. Flutter stock is up more than 12% year-to-date in 2025.

Read Next:

Flutter Q2 Earnings: FanDuel Parent Beats Estimates, Raises Guidance Ahead Of 2025 NFL Season

Photo: Shutterstock

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