Okay, Sports Betting, What's Next?
- PENN shares sank by more than 20% after profits took a hit compared to last year, with the company citing Hurricane Ida and the delta variants as the main negative impact drivers.
- DKNG shares dipped by ~5% immediately following its pre-market report that featured a wider-than-expected loss but has since reversed and are trading right around where they closed yesterday.
Bottom line: neither company is feeling an outpouring of love from the market right now.But LikeFolio data suggests there’s still gas in the tank here.
Consumer mentions of downloading and using the DraftKings platform to wager on sporting events has increased +10% YoY.