DraftKings and MGM shares rise as new bill threatens to ban sports gambling on Kalshi, Polymarket

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Shares of DraftKings, Flutter Entertainment, MGM Resorts International, and Penn Entertainment surged after news that a new bill would ban sports event contracts on prediction markets like Kalshi and Polymarket. This legislative move is expected to benefit traditional sports betting companies. Kalshi’s prediction-market fees revenue has reportedly been highly dependent on sports-related contracts.

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