DraftKings co-founder Matt Kalish is leaving his executive role with the company, and DraftKings will cover his personal security expenses until March 31, 2027, according to an SEC filing dated Nov. 7, 2025.
“Pursuant to the Transition Agreement, Mr. Kalish will receive continued security services and payment of COBRA premiums until March 31, 2027. He also will receive director compensation in connection with his continued service on the Board of Directors,” the SEC document said.
Boston-based DraftKings will be without one of its three co-founders in a high-ranking position for the first time in nearly 15 years, Casino.org reported. Kalish has served as the company’s president.
DraftKings did not release a statement detailing specific reasons for the mutually agreed-upon decision.
Rough times for DraftKings
Kalish’s decision comes at a rocky time for the company.
DraftKings’ stock had fallen by about a third over the past year at the time of the Kalish “transition” announcement.
Traditional sports gambling apps, such as DraftKings, are facing pressure from federally approved sports “trading” apps, including Kalshi and Polymarket. DraftKings will soon launch a DraftKings Predictions product to compete.
Legal sports betting is also increasingly unpopular.
A 2025 Pew Research Center survey found that 43% of American adults and 47% of men under 30 believe sports betting is a “bad thing for society,” a significant increase from just three years prior. Addiction rates have soared in recent years, with around half of online sports bettors experiencing problems with their play.
DraftKings has been at the center of numerous high-profile addiction-related controversies in recent years. The majority of industry revenue comes from people experiencing severe gambling problems, according to multiple studies.
Threats from sports bettors
A 2025 U.S. News survey found that 21% of sports bettors admit to verbally abusing athletes online or in person. Threats against athletes, coaches, and their families seem to be more prevalent in the era of legalized sports betting in the U.S.
In October, the former manager of the San Diego Padres stated that he retired in part due to threats from gamblers. Just this month, a Texas sports bettor and reportedly high-ranking employee at a Department of Homeland Security contractor was indicted for alleged gambling-related threats against the University of Louisville football team.
In June, GamblingHarm.org observed a disturbing post on a gambling addiction forum on Reddit that discussed alleged UnitedHealthcare CEO killer Luigi Mangione.
In 2020, in arguably the most high-profile case of a sports bettor threatening to kill athletes, the U.S. Department of Justice indicted then-23-year-old Benjamin Tucker Patz.
GamblingHarm.org is unaware of any public reporting that details specific threats against DraftKings or its executives.
Armed security at executive homes
DraftKings, which was founded in 2012, has covered the cost of CEO Jason Robins’ personal security for years, according to company filings. The firm went public in 2020.
In a 2024 SEC filing, DraftKings noted that Kalish had received security similar to Robins in 2023. DraftKings mentioned “significant safety concerns, including as a result of specific threats.”
The company’s board approved personal security measures for Robins and Kalish and their respective families “pursuant to independent security studies undertaken by a third-party consultant.”
Robins and Kalish have had personal security programs that include background checks for relevant individuals around them, as well as “armed security services” at their office and personal residences.
A 2025 filing listed Robins’ personal security cost in 2024 at well over $1 million and nearly $1 million for Kalish.
Bigger picture
It’s not unheard of for large public companies to continue paying for personal security after a founder steps out of day-to-day management, especially if they stay on the board and the company claims to face credible threats.
Nonetheless, it does speak to the controversy surrounding and the ill effects of state-sanctioned online sports gambling in the U.S., made possible by a 2018 U.S. Supreme Court ruling.
Online gambling addiction should be treated as a public health crisis before it worsens.
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