Is Draft Kings Stock a Buy?
Draft Kings stock got hammered on Friday (2/18/22). Why? Well, there are plenty of self-important, chest-puffing, stock analysts’ pieces out there for you to read up about if Draft Kings is a sell, a buy, or hold, but you don’t have to read them. The promise of far too many recent IPO stocks, stocks heading for IPO, and plain old venture capital backed unicorns is “unlimited growth potential.” This is the key to big venture capital raises, and huge IPO numbers. Profits? Nope. Stable customers? Puh-lease. Silicon Valley tech bros and their Wall Street counterparts don’t like being shackled down by old world metrics like GAAP and reality. They prefer knowing exactly how much potentially unlimited limitless is out there. Everything else is for brick and mortar stocks. How Draft Kings Got Unlimited Potential Once upon a time almost no states allowed online gambling and betting. In fact, it was just over two decades ago that the Feds got mad at all the online gambling websites out there pretending they weren’t violating U.S. law by having some part of their operation outside the United States. It took the Feds about a year to scare the banks into cutting off the …