Matt Kalish, co-founder and president of DraftKings, will resign from his executive position on March 31, 2026, marking the first significant shift in the company’s leadership since its inception in 2012.

As per a report filed with the U.S. Securities and Exchange Commission (SEC), Kalish will continue as a member of the board of directors after his departure. This mutually agreed decision, reached earlier this month, coincides with DraftKings’ transition into a new strategic direction that will include ventures into prediction markets.

“From day one, Matt Kalish has been a pivotal partner in building DraftKings alongside Paul Liberman,” stated CEO Jason Robins in a comment to Casino Reports. “His influence on DraftKings and our team has been significant. I am thankful he will remain until the end of March and will continue as a board member, providing valuable guidance and insights as we move forward.”

Kalish’s exit comes shortly after a $10 million settlement concerning DraftKings’ Reignmakers NFT project earlier this year, and aligns with various strategic moves, such as new media partnerships and a renewed focus on advanced gaming products.

“DraftKings Predict” is set to launch, targeting the fast-growing prediction market sector. This initiative follows the acquisition of Railbird Technologies for $48.6 million, a federally regulated exchange overseen by the U.S. Commodity Futures Trading Commission (CFTC).

The deal was completed with a combination of cash and stock, and could include additional payments of up to $200 million, according to the SEC filing. Robins indicated plans to offer contracts on sports events solely in states where sports betting is not permitted, after consulting regulatory bodies.

“It’s critical to seize opportunities without hesitation,” Robins remarked during a recent earnings call. “Our comprehensive strategy remains the same: we are committed to competing and succeeding.”

This leadership change occurs alongside several media collaborations, such as a newly announced multi-year agreement with ESPN that names DraftKings as the official sportsbook and odds provider from December 1.

“Our betting strategy aims to integrate our offerings within our platforms,” stated Jimmy Pitaro, Chairman of ESPN. “Partnering with DraftKings will enhance that integrated experience.”

Additionally, DraftKings secured a multi-year advertising agreement with NBCUniversal and revealed $1.3 billion in media commitments over the following five years.

The company’s board has also increased its share buyback initiative from $1 billion to $2 billion, previously repurchasing 9.3 million shares.

In its third quarter report for 2025, DraftKings reported revenue of $1.14 billion, falling short of analysts’ expectations of $1.21 billion. The company experienced an adjusted EBITDA loss of $126.5 million, exceeding forecasts, while maintaining adjusted earnings per share at -$0.26.

Following these challenges, the company revised its revenue forecast for the entire year to $6 billion, reflecting a decrease of approximately 5%, along with an adjusted EBITDA guidance of $500 million, citing unfavorable sports outcomes that impacted revenue by over $300 million.

Nonetheless, Robins communicated to analysts his optimism regarding DraftKings’ future: “Though our fiscal year 2025 projections are being adjusted, I’m more hopeful than ever about our potential.”

DraftKings boasted 3.6 million monthly unique payers (MUPs), remaining stable year-over-year, while its average revenue per player increased to $106 from $103. Additionally, the NBA handle increased by 19%, and the NFL handle climbed by 13%, with October seeing a 17% rise in sportsbook handle.

Analysts perceive the prediction market initiative as a promising avenue for future growth. Barry Jonas from Truist Securities noted that the upcoming DraftKings Predict service has already been included in the company’s updated 2025 forecasts, reflecting confidence in its growth trajectory.

The new effort represents another phase in the company’s evolution since the 2018 U.S. Supreme Court decision that legalized sports betting, transforming DraftKings from a daily fantasy sports platform into a $15 billion market leader in betting, directly competing with FanDuel.