Deposit data pts to DKNG/FLUT QTD ahead of consensus; Kalshi/Fanatics taking share

Research evidence excerpt

Deposit data pts to DKNG/FLUT QTD ahead of consensus; Kalshi/Fanatics taking share

Global Idea

June 17, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMGaming Stephen W Grambling

Equity Analyst

Deposit data pts to DKNG/FLUT Stephen.Grambling@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-1010

Ed Young

Equity AnalystQTD ahead of consensus; Ed.Young@morganstanley.com +44 20 7677-1761

Morgan Stanley & Co. LLCKalshi/Fanatics taking share Nicholas P DeValeria

Our Carbon Arc data panel through May highlights the Big 3 Nick.DeValeria@morganstanley.com +1 212 761-1413

Kun Chen

OSB operators' deposit data tracking at ~5% growth QTD, with Equity Strategist

DKNG/FLUT running ahead of 2Q cons revenue estimates. Kun.Chen1@morganstanley.com +1 212 761-5228

Molly Baum

Deposit mkt share has been relatively stable, with Kalshi & Equity Analyst

Molly.Baum@morganstanley.com +1 212 761-0378

Fanatics taking most customer deposit share since mid last year. James F Koehne, CFA

Research Associate

James.Koehne@morganstanley.com +1 212 761-2186M

Key Takeaways Gaming & Lodging

North America

Our Carbon Arc card panel shows 2QTD deposit data tracking at ~5% yoy for the Industry View In-Line

Leisure and Hotels

Big 3 OSB operators (DKNG, FanDuel, BetMGM).

Europe

DKNG/FanDuel 2QTD deposit data growth tracking at ~7.5%/5% through May, Industry View Attractive

both above current consensus revenue estimates (4%/-6%).

As a reminder, the yoy deposit data has had a ~0.9/0.6 historical correlation to

reported revenues for DKNG/FanDuel.

Kalshi and Fanatics appear to be taking most incremental deposit share, both in

mid single digits across the US even as 12m retention for DKNG/FanDuel is stable.

Net-net, the results remain positive for DKNG/FLUT as upside QTD could provide