DKNG - Could This Bull Market Buy Help You Become a Millionaire?
2024-04-07 03:45:00 ET
DraftKings (NASDAQ: DKNG) has driven considerable returns by capitalizing on the online sports betting market, which is estimated at $90 billion in 2023 and expected to reach $180 billion by 2030. That amounts to a compound annual growth rate (CAGR) of 11%.
However, DraftKings is one of many options when it comes to online sports betting, and much of its business depends on the whims of politicians, some of whom haven't legalized sports betting in their states. That may lead to investors wondering whether such limitations will prevent DraftKings from becoming a millionaire-maker stock.
The stock's history points to considerable growth. Since coming to the market through a special purpose acquisition company ( SPAC ) in April 2020, the stock has risen more than 150%. That figure includes an 85% decline in the 2021-2022 bear market. As a result, around 130% of its growth occurred in the last year alone.
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Could This Bull Market Buy Help You Become a Millionaire?