The craze for cryptocurrency betting on politics and events has dealt a near £19bn [$25.6bn] blow to some of the world’s largest gambling companies.
Shares in Paddy Power-owner Flutter have tanked by more than 40pc so far in 2026 over concerns that so-called prediction market platforms like Polymarket and Kalshi will eat up large chunks of its business.
Nearly $16bn has been wiped off the value of the Dublin-headquartered gambling group this year, which switched its main listing from London to New York in 2024.
DraftKings, the second-largest online sports betting platform in the US, has suffered a $5.7bn drop in its value in 2026.
