Co-Founder Matt Kalish to Step Down as DraftKings President
Matt Kalish, a co-founder and current President of DraftKings, will leave his executive role effective March 31, 2026. It is the first time since the company’s founding that it will operate without one of its three original partners in an executive capacity. Kalish will maintain his relationship with the gaming operator by staying on as a director on the DraftKings board following the transition date.
End of an Era for Daily Fantasy Pioneer
Kalish helped launch DraftKings in alongside CEO Jason Robins and Paul Liberman, who serves as President of Global Product and Technology. The trio of Boston friends started the company as a daily fantasy sports (DFS) provider.
The founders steered the firm through several legal battles regarding DFS in numerous states. Following the Supreme Court decision that overturned PASPA, the company successfully shifted its business model to include legal sports betting.
DraftKings then went public via a SPAC merger in . It has since grown into one of the top two online sports betting operators in the United States, currently boasting a market capitalization exceeding billion.
CEO Jason Robins expressed gratitude for his long-time partner’s impact. Robins noted Kalish had been his partner, along with Liberman, in “building DraftKings from day one.”
While a financial arrangement related to the transition was mentioned in the company’s SEC 10-Q filing, the specific terms were not disclosed. Robins stated that Kalish’s guidance will remain valuable as DraftKings continues to grow.
New Chapter Focuses on Prediction Markets
Kalish’s exit coincides with DraftKings entering what the company describes as a “new chapter” and “transition phase.” The operator is currently exploring new business directions, most notably an entry into the prediction markets. This strategic shift follows the acquisition of Railbird Technologies.
The company plans to debut a product called DraftKings Predict. This move into prediction markets is a key part of the new direction for the firm.
The departure of a co-founder after more than a decade signals an operational shift as the company chases new growth segments. The transition focuses the firm’s efforts on evolving beyond its core daily fantasy and sports betting products.
Despite facing some temporary financial challenges, CEO Robins stated he is more optimistic about the company’s future than ever before. This outlook is strongly linked to the potential of these new product offerings and market explorations.
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