Why DraftKings Stock Crashed Today

Shares of DraftKings (NASDAQ: DKNG) plunged 21.6% on Friday, after the fantasy sports and online betting company warned of larger losses in the coming year.

DraftKings' revenue climbed 47% year over year to $473 million in the fourth quarter. The gains were driven by its entrance into newly legalized gambling markets and intensified customer-acquisition efforts.

A total of 2 million unique paying customers engaged with DraftKings' platform each month during the quarter. That's up 32% from the prior-year period.

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Source Fool.com