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Sports BettingJune 13, 2022·1 min read
DraftKings Stock Slumps Despite Revenue Increase
DraftKings, a leading firm in daily fantasy sports and legalized sports betting in the United States, has seen its stock price decline despite increased revenue. The company's stock price closed at $22.06 on Thursday, February 17, reopened at $19.00 the next day, and closed at $17.29 on Friday.
DraftKings reported a 47 percent increase in quarterly sales to $473 million in 2021. However, the company lost $326 million in the final quarter of 2021. The company's EPS rating is a poor 23 out of a potential 99, and its stock has a poor 29 out of a flawless 99 IBD Composite Rating.
DraftKings spent $140 million on various offers and promotions and nearly $300 million on marketing and advertising. The company's stock price has been declining despite increased revenue, and experts do not expect the bottom line to recover anytime soon.
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