Truist Survey Shows Bettors Prefer DraftKings to Kalshi

(AsiaGameHub) –   A new survey from Truist Securities revealed that in states with both legal sports betting and prediction markets, most bettors favor DraftKings Sportsbook over Kalshi.

Respondents were queried about the “best product spanning both online sports wagering and prediction markets,” with the following results:

• DraftKings Sportsbook — 20%
• Kalshi — 17%
• FanDuel Sportsbook — 15%

“Reasons for preference differed, with 39% citing overall experience, 19% success rate, 13% best interface, and only 11% rewards,” Truist analyst Barry Jonas said.

When respondents were asked solely about their preferred prediction market platform, Kalshi ranked first.

• Kalshi — 17%
• DraftKings Predictions — 8%
• Polymarket — 7%
• Robinhood PM — 5%
• FanDuel Predicts — 4%

Sportsbooks Lead in States With Legal Sports Betting

The study also noted that sportsbooks “have the upper hand” in states with legal sports betting. This aligns with remarks from Flutter Entertainment CEO Peter Jackson, who stated there’s minimal “cannibalization” by prediction markets in states where FanDuel operates.

Furthermore, Kalshi “holds just 3% of deposits” in states where DraftKings Sportsbook is present. Respondents in states without legal sports betting indicated they are “likely to shift from prediction markets to traditional sportsbooks once their states legalize sports wagering.”

An anomaly discovered was that 9% of New Yorkers use prediction markets, which appears “high” given New York is the nation’s largest sports betting market.

Prediction Market Users Older & Educated

The Truist survey found only 5% of prediction-market users are 21 or under, contradicting common assumptions that such users tend to be younger.

“The majority of users were aged 22–49, with the largest group being 30–39 (36%), followed by 40–49 (31%) and 22–29 (21%),” the survey noted.

Truist also examined education and income trends, finding “many retail event contract traders have some higher education” and 46% earn at least $100,000 annually.

“31% of respondents earned a bachelor’s degree, and 26% completed a graduate degree (Master’s, PhD, JD, MBA),” Jonas stated. “25% reported their highest education as some college/associate degree, while 19% had a high school diploma or less.”

He added, “Our survey found annual household income for respondents was 37% in the $50,000–$99,999 range, 30% between $100,000–$149,999, and 16% from $150,000–$249,999. Four percent of respondents reported annual income exceeding $250,000.”