DraftKings Stock Plunges 20% as $700 Million Prediction Markets Bet Tests Investor Patience
By PYMNTS
AI summary of the source article
Shares of online gaming company DraftKings plunged nearly 30% following its third-quarter earnings report and investor call on Thursday (Nov. 5). The decline reflects investor skepticism over its bet of hundreds of millions of dollars on prediction markets.
Key facts
- DraftKings is betting hundreds of millions of dollars on customers it may not be allowed to serve with the same products in two years.
- DraftKings shares plunged nearly 30% following its third-quarter earnings report and investor call on Thursday (Nov. 5).
- Wall Street has been skeptical of the company's financial calculations regarding the investment.
Source excerpt · PYMNTS
DraftKings is betting hundreds of millions of dollars on customers it may not be allowed to serve with the same products two years from now. Wall Street is not buying the math just yet, and shares of the online gaming company plunged nearly 30% following its third-quarter earnings report Thursday (Nov. 5) and investor call […] The post DraftKings Stock Plunges 20% as $700 Million Prediction Market…