Should You Buy DraftKings As It Approaches All-Time Lows?
Online gambling has gained substantial popularity in recent years. And while the pandemic expedited the shift toward online betting, the gambling industry as a whole is expected to become increasingly digital moving forward. Convenience is key today, and companies like DraftKings (NASDAQ: DKNG) allow people to wager money on sports and casino games from the comfort of their own homes.
As of the beginning of 2022, 18 states allow online sports wagering, and only six states permit mobile casino games. As more states continue to push legislation, the addressable market for companies like DraftKings will grow drastically. No one doubts the market potential -- global online gambling wagers reached nearly $1 trillion in 2021. That said, the industry is still in its early innings, and given that online betting is a state-by-state issue, it'll be very interesting to watch the industry play out. With plenty awaiting in the internet gambling arena, let's discuss whether or not investors should buy DraftKings shares today.
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Source Fool.com
