DraftKings (DKNG) stock is down 44% year to date at $19.14, after a 1% gain in afternoon trading. The article attributes the pressure to prediction markets drawing customers away from licensed sportsbooks, with DraftKings hit hardest because it still carries marketing and licensing costs while its revenue base shrinks. By comparison, Flutter is down 65%, MGM Resorts 20%, the BETZ ETF 22%, while the SPY ETF is up 13% over the same period. Bulls argue much of this pressure may already be priced in, while skeptics fear exchange platforms will keep taking share. The article says whether DraftKings' share of handle stabilizes is the next test for the stock.
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