A combination of competitive concerns and bad economic data sent this leading sports betting site downward.

Shares of sports betting and iGaming giant DraftKings ( DKNG -11.37% ) fell 10.2% on Tuesday as of 12:32 p.m. ET.

DraftKings didn't have any company-specific news today, but was rather affected by the success of an up-and-coming privately owned competitor. Oh, and worsening consumer sentiment data didn't help, either.

Kalshi is in DraftKings' rearview

Investors might not have heard of the betting platform Kalshi, as the company, which was founded in 2018 and backed by a number of high-profile venture capital firms , is still private. Kalshi initially unveiled its trading platform in mid-2021, and was primarily geared toward giving investors the ability to bet on real-wo

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