Heavy spending on marketing for new customers by companies like DraftKings and FanDuel are weighing down their stocks.
on the Super Bowl and March Madness. But one group has so far proved more skeptical: investors.
Over the last 12 months, DraftKings shares have tumbled 73%, to $18.20 on Friday — below the $20 the stock traded at when the company went public in April 2020. Shares of FanDuel-parent Flutter Entertainment are down 47% over that time period, while Caesars Entertainment's stock price is off 5%. Players like DraftKings and FanDuel have spent so aggressively that it has drained their cash, said Daniel Adam, senior analyst at Loop Capital Markets. In 2021, DraftKings and Flutter spent $981 million and $875 million, respectively, on marketing, promotions and advertising, regulatory filings show.
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