igamingnext photo
DraftKings CEO Jason Robins has continued to pare down his stake in the business as the share price remains high compared to rivals.

Since the beginning of 2024, Robins has sold a total of $26.9m in DraftKings stock. This is on top of $46.6m in stock sales since August 2023.

All told, the executive has sold a total of $73.5m in shares over the past six months.

Robins now holds 3,478,812 shares of DraftKings common stock, with a value of $142m as of 8 February 2024.

Bucking the post-2021 trend of faltering shares across public gambling firms, DraftKings has continued to see its share price soar.

This contrasts sharply with some competitors in the US betting space, including Entain, which is one half of the BetMGM joint venture.

DraftKings stock currently stands at $40.80 per share, representing a 228% rise since May 2022.

However, the price still remains below the historic height achieved during the 2021 bull run, during which time DraftKings stock was available for $71.75 per share.

The operator listed on the Nasdaq in June 2019 through the Diamond Eagle special purpose acquisition company (SPAC), as opposed to a traditional IPO.

DraftKings listing success story

The number of gaming companies selecting the SPAC route has declined in recent years amid concerns over crashed post-listing share prices and dubious returns for shareholders.

However, DraftKings stands as one of the major success stories, having achieved an overall leadership role in the highly competitive US online gambling market.

Since last Friday (16 Feb) however, DraftKings stock has slid by 9.67%.

This came amid slowed Q4 revenue growth, worse-than-expected losses per share and potential regulatory concerns around the proposed $750m acquisition of Jackpocket.

On 29 January, DraftKings’ principal rival Flutter, which operates the FanDuel brand in the US, listed shares on the New York Stock Exchange.

This will provide US investors looking to invest the unfolding US sports betting boom with a second major destination for capital.

Similar posts