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Tag: DraftKings

  • DraftKings (DKNG) Stock: Navigating Insider Selling Strongly

    DraftKings (DKNG) Stock: Navigating Insider Selling Strongly

    The closing bell saw DraftKings Inc. (NASDAQ: DKNG) shares settling at $38.46, a marginal uptick from the opening value. Interestingly, the stock held its ground despite notable insider selling. According to the SEC filing on Wednesday, DraftKings CEO Jason Robins made a significant move when he sold 200,000 shares for $37.82 a share, for a total of $7,564,455. The company’s chief legal officer, Stanton Dodge, sold 52,777 shares in simultaneously, bringing in a gross income of $1,996,026.

    Surprisingly, it appears that recent internal changes are reducing the impact of insider selling on the stock. In an unprecedented partnership, DraftKings and Samuel Adams, the Official Beer of Groundhog Day, have launched a cutting-edge fan prediction pool. The collaboration takes the tradition of weather forecasting quite seriously, with Samuel Adams Cold Snap taking the spotlight in the Prediction Pool for Groundhog Day.

    Before Groundhog Day, fans may take part in a free pool at Draftkings website. Players must respond to questions concerning sports and Groundhog Day in order to determine if Punxsutawney Phil will see his shadow. The competitors who score the highest will have a chance to split a $10,000 cash prize.

    Resurrected for a second year, Sam Adams hopes to encourage Cold Snap and improve people’s spirits amid the winter blues. It is also the Official Beer of Groundhog Day. DraftKings, in tandem with Samuel Adams, offers a distinctive way to celebrate the quirky festival and pay homage to furry companions. This groundbreaking prediction pool marks the collaboration of two essential companies catering to all springtime game day needs.

    As DraftKings gears up to embrace spring alongside Samuel Adams, the festivities align with the excitement of March Madness and Spring Training. This venture provides clients with a delightful opportunity to anticipate the unexpected outcomes of Punxsutawney Phil’s predictions. From playoff games to bowl games and everything in between, the months of January through March present the perfect backdrop for enjoying a beer. Adding to the seasonal variety is Cold Snap, one of the three new beers introduced to enhance the enjoyment of game days.

  • The 3 Best Gambling Stocks to Buy Anytime Soon

    The 3 Best Gambling Stocks to Buy Anytime Soon

    The gambling stocks that will be the future winners.

    The gambling industry after a fearful 2020 is expected to get back this year. But this time, it will be digital—with gambling moving to online mode. In 2020, a major step was taken to legalize online gambling. This is a big move because we will see more industries going to a digital network—in the future.

    The pandemic has fired businesses to turn their operations online. Speaking of gambling, it’s been front and center on many trader’s radars. Especially, the sports betting stocks will be at the forefront this year.

    Moreover, the gambling resorts are expected to resume at an accelerated pace by the end of 2021. People would want to spend more time away from home once things normalize. And, the gambling resorts attract thousands of visitors.

    So, we have some notable stocks with high upside potential as we head forward in this year. Let’s have a look at the three best gambling stocks for investment in 2021.

    DraftKings (DKNG)

    The online sports betting platform, DraftKings (DKNG) is good to go with Google’s latest policy. According to Reuters, the internet giant’s policy changes will allow companies to place gambling apps—including the sports betting apps—on the Google Play store. 

    DraftKings has highlighted that it will immediately launch its app on Google Play as soon as Google implements the new rule. This will be a big achievement for the company as the online ecosystem through Google’s policy change will bring more audience.

    Furthermore, a financial analysis firm Bernstein has given DKNG stock a price target of $71, which is almost 34% higher compared to the stock’s closing price on Thursday. Bernstein’s research highlights the future of DraftKings and the online sports betting market in the US—in general. The digital sports betting industry is expected to reach $25 billion by 2025 and $30 million in the next decade.

    So, DraftKings (DKNG) is one of the prominent stocks from this industry to bet on.

    Bally’s Corp. (BALY)

    Bally’s Corp. (BALY) shares have steadily powered up since the massive drop in March 2020. Especially, the stock made a big move in mid-Nov after which it has sustained the bullish trend.

    Bally is one of those firms that is poised to grow with the full resuming of gambling activities. The company was quick to act and acquired several properties at reasonable prices—during the pandemic time. This was a big win for the company as it got hands on the Bally’s casino brand.

    The company is taking this period to expand its portfolio. In an announcement on Jan. 25, the company reported that it is signing a merger agreement to acquire Monkey Knife Fight (MKF). Monkey Knife is a fast-growing gaming platform and also the third-biggest daily fantasy sports in North America.

    So, Bally’s Corp. (BALY) is ready to pull all strings in its favor and attract more visitors to its platform through new channels.

    Golden Nugget (GNOG)

    Golden Nugget (GNOG) is an online gaming company that has seen growth in the past few months. GNOG is the second online gaming casino that has gone public after DraftKings.

    Analysts see Golden shares in the high bullish territory in the near future. They believe that the GNOG shares are at a reasonable price compared to other online gambling giants—the likes of DraftKings. Moreover, considering the growing marketplace for the online gambling industry, Golden Nugget is a potential bet that would be worth investing in.

    The company has yet to make an impact in the evolving online gambling industry. Recently, the company received authorization to begin offering its Online Casino and Sportsbook. The approval came from the Michigan Gaming Control Board (MGCB). Golden Nugget’s online casino and sportsbook will be able to users at GoldenNuggetCasino.com and through its iOS and Android apps.

    So, Golden Nugget (GNOG) is another gambling stock with massive potential in the market.

  • DraftKings (DKNG) Lost Nearly 6% Over The Week

    DraftKings (DKNG) Lost Nearly 6% Over The Week

    Online sports betting specialist DraftKings Inc. (DKNG) declined by -1.62% on Friday to $49.25, a level near to its price before rising on a positive news from Canada.

    The stock recently got a push in trading on November 27 by more than 5 percent to $52.75, which came on the heels of the news about the possible settlement of Canada’s sports betting. That was just a bill, but many investors believed that in the long term, DraftKings will take advantage of legalizing online betting in Canada.

    In the Canadian Parliament, a bill to legalize sports betting was presented on Thursday, November 26. Acceptance of the bill meant that the Canadians will be able to place sports bets on single-event basis if the bill is accepted. Currently, only bets are permitted in the country on multiple sporting events: to win, players must correctly guess the result of all selected games. The equivalent of $384 million annually is spent by Canadians on such bets through authorized gambling networks. This sum will rise if other forms of sports betting are legalized.

    Investors’ sentiment on this news to the growth of DraftKing was nothing else but emotional as there was no guarantee that the bill will be passed. It was also not confirmed whether the company will be granted permission to operate in Canada, but investors remain hopeful. They think DraftKings has ample resources to get the right to work in another country.

    In general, since the beginning of the year, DraftKings shares have risen by nearly 360 percent. With new tax laws in various U.S. states, the company rapidly grew its geographical reach. The services of DraftKings are now available in 24 States, and the number of potential customers is growing rapidly. In the United States, the demand for gambling and online sports betting may hit $58 billion a year according to some analysts. In a brief period of time, DraftKings Inc. (DKNG) will possibly be able to promote its services north of the United States.

  • DraftKings Inc. (NYSE: DKNG) earnings not so great, but Stock soared on upbeat Forecast

    DraftKings Inc. (NYSE: DKNG) earnings not so great, but Stock soared on upbeat Forecast

    As the online sports betting business sees more states legalizing gambling, DraftKings Inc. (NYSE: DKNG) posted mixed third fiscal quarter results on early Friday.

    The company stock which is trading way above its 200-day moving average closed 3.85% up high at 42.84 on Friday evening.

    Analysts predicted a loss of 63 cents a share on sales of $132.2 million. A net 98 cents a share was lost by DraftKings, though the adjusted loss was 57 cents. The profits hit 132.84 million dollars. That has been up by 98% compared to a year ago, or by 42% pro forma.

    Monthly unique users passed a gigantic figure of 1 million, up 64 percent compared with one year-ago period.

    Looking forward to a former range of 500 million to $540 million, the sports betting specialist currently expects full-year sales of $540 million to $560 million. This will be a 25 percent -30 percent pro forma gain. Analysts had expected sales of $530 million in 2020.

    Initial 2021 sales guidance provided by DraftKings was from $750 million to $850 million, a 45 percent raise at the midpoint. Wall Street in the meantime was anticipating $780 million.

    The company stock which is trading way above its 200-day moving average closed 3.85% up high at 42.84 on Friday evening.

    fIn an S-1 filing in October, DraftKings gave a quick glimpse at the third fiscal quarter performance. It added, atypical NFL wagering hold rates for the three months ended September 30, 2020, culminated in an expected adverse sales effect of roughly $15 million focused on the company’s historic average online sports betting hold rate of about 6.5%.

    A high number of favorites paying off for bettors also leads to a poor catch. Largely, greater bets than expected were paid out.

    Although DraftKings is best known for online sports betting, through its iGaming app, it is now making a massive step into casino games.