Streetbeat News

DKNG

DraftKings Inc.

https://www.draftkings.com

Industry

Gambling, Resorts & Casinos

DraftKings Inc. operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states. Its Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in 18 states. The company's daily fantasy sports product is available in 6 countries internationally with 15 distinct sports categories. In addition, it offers DraftKings Marketplace, a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions, as well as owns Vegas Sports Information Network (VSiN), a multi-platform broadcast and content company. DraftKings Inc. was founded in 2011 and is headquartered in Boston, Massachusetts.

Open

40.75

Mkt cap

19B

Volume

11M

High

40.75

P/E Ratio

-45.79

52-wk high

49.57

Low

38.94

Div yield

N/A

52-wk low

28.69

Cathie Wood, the founder and CEO of Ark Invest, is being compared to legendary investor Warren Buffett due to her high-stakes investment areas and the potential for significant returns. Ark Invest offers a range of ETFs focusing on disruptive innovation. However, Wood's investment approach differs from Buffett's, favoring technology and growth stocks over value stocks. Wood's top holdings include Tesla, Roku, Zoom, Coinbase, UiPath, Block, DraftKings, Twilio, Unity Software, and Exact Sciences. Despite recent declines, Ark ETFs are outperforming Berkshire Hathaway on a year-to-date basis.

Portfolio Pulse from Chris Katje

August 30, 2023 | 3:59 pm

The 2023 NFL season has been simulated using the Madden 24 video game by Electronic Arts Inc (NASDAQ:EA), predicting the playoffs, Super Bowl LVIII, and award winners. The simulation predicts the Kansas City Chiefs beating the Tampa Bay Buccaneers in the Super Bowl. Betting odds for various outcomes have been provided by DraftKings Inc (NASDAQ:DKNG). The Super Bowl will be aired on CBS and Nickelodeon and streamed on Paramount+, all units of Paramount Global (NASDAQ:PARA)(NASDAQ:PARAA).

Portfolio Pulse from Chris Katje

August 28, 2023 | 9:04 pm

The latest betting odds for the 2024 presidential election show Joe Biden, Donald Trump, and Vivek Ramaswamy as the most likely candidates, with Ron DeSantis' odds dropping due to record-low ratings in election polls. DraftKings Inc (NASDAQ:DKNG), a sportsbook that offers betting for residents of Canada, is mentioned as a platform that could potentially offer political betting in the U.S. in the future.

Portfolio Pulse from Chris Katje

August 25, 2023 | 7:51 pm

Soccer superstar Lionel Messi's move to Major League Soccer's Inter Miami has resulted in significant betting profits for those who wagered on his performance. In his first six games, Messi scored nine goals and had three assists. Betting platform DraftKings Inc (NASDAQ:DKNG) provided the odds for each game. Apple Inc (NASDAQ:AAPL) has exclusive rights to MLS games and also participated in Messi's transfer deal, offering him a portion of the revenue from new MLS Season Pass subscriptions. Other companies that could benefit from Messi's success include Ares Management Corp (NYSE:ARES), which invested in the club, and MGO Global Inc (NASDAQ:MGOL), which manages the online Messi store.

Portfolio Pulse from Chris Katje

August 19, 2023 | 3:47 pm

The 2023 NFL season is expected to benefit several companies with media rights for NFL games, including Paramount Global, Fox Corp, Comcast Corporation, Walt Disney Co, Amazon.com, and Alphabet Inc. The focus is on five stocks: Paramount, Amazon, Alphabet, and two sports betting companies, DraftKings Inc. and Genius Sports Ltd. Paramount will broadcast several NFL games and the Super Bowl LVII. Alphabet's YouTube has acquired the rights to NFL Sunday Ticket. Amazon has the rights to Thursday Night Football games. DraftKings and Genius Sports could benefit from the legalization of sports betting in additional territories.

Portfolio Pulse from Chris Katje

August 17, 2023 | 12:34 pm

DraftKings shares are trading lower without any company-specific news.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2023 | 7:47 pm

Fanatics has launched its Fanatics Sportsbook platform in Maryland, Massachusetts, Ohio, and Tennessee, following six months of beta testing. The launch comes after the company's acquisition of the U.S. business of PointsBet. The move is seen as a challenge to existing sportsbooks, including those run by DraftKings Inc (NASDAQ:DKNG) and Penn Entertainment (NASDAQ:PENN). Both DKNG and PENN saw their shares fall following the announcement.

Portfolio Pulse from Chris Katje

August 16, 2023 | 7:47 pm

Penn Entertainment Inc has entered into a 10-year licensing deal with Walt Disney Co to launch the ESPN Bet platform. However, Ark Invest's research associate Andrew Kim is skeptical about Penn's ability to challenge the dominance of DraftKings and FanDuel in the sports betting market. DraftKings is a key holding in three of the Ark Invest ETFs. Ark Invest also owns shares of Genius Sports Ltd, a data provider for sports betting and sports media companies.

Portfolio Pulse from Chris Katje

August 15, 2023 | 5:41 pm

DraftKings Inc. (NASDAQ:DKNG) shares are trading lower following the agreement between Penn Entertainment (NASDAQ:PENN) and ESPN, which gave Penn exclusive rights to the ESPN Bet trademark for online sports betting in the U.S. for an initial 10-year term. This news impacted DKNG shares negatively. However, DKNG had previously received a boost from a strong earnings report and raised full-year 2023 revenue guidance.

Portfolio Pulse from Ryan Gustafson

August 14, 2023 | 6:51 pm

Phil Mickelson, a professional golfer, allegedly lost about $100 million in gambling over the last three decades. If he had invested this amount in stocks instead, his portfolio could have been worth between $320 million and $560 million, based on the S&P 500’s average annualized return. Companies like Draftkings Inc (NASDAQ:DKNG) and PENN Entertainment (NASDAQ:PENN) would have benefited if Mickelson had chosen to invest in their stocks instead of gambling.

Portfolio Pulse from Aaron Bry

August 14, 2023 | 2:13 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.