DraftKings Plunge 17% Since Reports State California Ballot Measure Likely to Lose
<p><a href='https://financialmodelingprep.com/financial-summary/DKNG'>DraftKings Inc. (NASDAQ:DKNG)</a> shares fell more than 17% since the WSJ article last week, indicating OSB operators led by DraftKings and FanDuel pulled back on ads for a ballot measure to legalize online sports betting in California.</p>
<p>According to the analysts at Oppenheimer, the much worse sell-off (vs. peers) of DraftKings shares was somewhat surprising, given that since mid-September, polling data for both CA sports betting measures, Prop-26 (in-person at tribal casinos) and Prop-27 (legalized through mobile platforms), are trending toward voters opposing both measures.</p>
<p>The analysts believe both measures do not pass, and that the most likely scenario is the mobile operators and tribes negotiate terms for a unified measure that carries a similar taxes/ licensing structure to legalized states with a large tribal presence. According to the analysts, OSB can then pass through a legislator or a ‘24 ballot measure, therefore, they see the earliest sports betting goes live in California is 2025.</p>

NASDAQ:DKNG