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DraftKings Stock Plummets 22% Amid Rising Competition and Analyst Concerns
DraftKings Stock Plummets 22% Amid Rising Competition and Analyst Concerns
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BTCCSquare news:
DraftKings (DKNG) faced a brutal September as its stock tumbled 22%, underperforming despite the NFL season kickoff—typically a tailwind for the sports betting giant. The decline reflects mounting pressure from competitors like prediction market upstart Kalshi, which reported record trading volumes during the period.
Second-quarter results initially buoyed investor confidence, with $1.5 billion revenue marking a 37% YoY surge and net income doubling to $158 million. Yet these very successes are attracting intensified competition in the rapidly expanding wagering sector. Analyst downgrades further exacerbated the selloff, highlighting the fragility of growth narratives in hyper-competitive markets.
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