Is DraftKings Stock a Buy on Super-App Potential?
DraftKings (NASDAQ: DKNG) is another former highflier that has been pushed into the presumed loser's basket by investors. Instead of artificial intelligence (AI) being the culprit, though, the online sports betting stock is a victim of the rise of prediction markets. The stock has now lost more than a third of its value over the past year.
Instead of just sitting still, however, the company is trying to leverage the predictions market to its benefit. It's doing this in two main ways. The first is that it is introducing its own predictions market. It will invest between $200 million and $300 million in product technology and marketing.
It will look to leverage its existing sportsbook and create a super-app that combines its sportsbook, online gaming, lottery, and prediction market into one offering. The app will only show what products are legal in a user's current state. It is looking to make a big push ahead of the upcoming soccer World Cup.
Source Fool.com
DraftKings Inc. Stock
The stock is one of the favorites of our community with 84 Buy predictions and 1 Sell predictions.
As a result the target price of 38 € shows a very positive potential of 74.31% compared to the current price of 21.8 € for DraftKings Inc..
