DB - Why DraftKings Tumbled 8.5% Today
Shares of DraftKings tumbled 8.5% on Monday after New York politicians sounded much more pessimistic about the prospects of online sports betting passing in the state, Deutsche Bank (NYSE: DB) analyst Carlo Santarelli told investors in a research note.
New York could be the sports-betting prize in the country because of the potential market size and because it's home to some of the largest, most lucrative storied franchises in all of sports. While politicians once sounded fairly optimistic about the prospects for legalizing sports betting, their outlook has now soured.
Image source: DraftKings.
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Why DraftKings Tumbled 8.5% Today