Its rival Penn National Gaming’s stock is off 60 percent since its March high and Irish competitor Flutter Entertainment, which owns FanDuel, has fallen 41 percent.įor a while, DraftKings seemed to be riding out COVID-19 just fine. “This happens in every tech sector,” he said.Īnd investors haven’t punished just DraftKings. Early euphoria about potential riches created inflated expectations that now have given way to disillusionment, said Josh Walker, cofounder and president at the Sports Innovation Lab in Cambridge. The emerging market for online betting has entered a typical, if perilous, phase. Spending to acquire customers in a fiercely competitive market is generating huge losses, securities regulators are investigating fraud accusations, and even a streak of football favorites winning has gone against the company. But it’s been largely downhill since then, and now Robins and DraftKings - one of the Boston tech scene’s notable success stories - face the most challenging period of the business.
0 kommentar(er)
