Is DKNG Stock A Buy Right Now?
DraftKings Inc. (NASDAQ: DKNG) has been one of the best gaming stocks you can find in the stock market in 2020. When the company went public through the special purpose acquisition company (SPAC) route, it took the stock market by storm by flying to the clouds. However, DKNG stock fell more than 50% in less than a month after posting all-time highs of mid-$60s. Fortunately, the stock has been rebounding since then, recouping about two-thirds of those losses.
That could simply be because sports betting stocks are one of the hottest areas in the stock market today. Whatâs more, industry experts expect the industry would continue to grow massively in the years ahead.Â
Rush Street Interactive Closes This Year’s Third Gambling SPAC Merger December 31, 2020, 12:14 pm ·
Rush Street Interactive, the online gambling arm of casino operator Rush Street Gaming, finalized its combination with dMY Technology Group on Tuesday and went public on the New York Stock Exchange the following day.
The combined company was renamed Rush Street Interactive, Inc. and its common stock as well as warrants of the combined company now trade under the ticker symbols “RSI” and “RSI WS.”
Rush Street’s combination with dMY was the
third merger between a US online gambling operator and a special purpose acquisition company announced this year. The deal was finalized on the same day that Tilman Fertitta-owned Golden Nugget Online Gaming closed its tie-up with blank-check company Landcadia Holdings II.
REUTERS/Lucas Jackson This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
Special-purpose acquisition companies aka blank-check companies are having a moment on Wall Street. The investment vehicles raised more than $80 billion in 2020, more than five-times last year s total of $14 billion.
SPACs have recently attracted bold-faced names such as hedge-fund titan Bill Ackman, LinkedIn founder Reid Hoffman, Silicon Valley power player Dragoneer Investment Group, and Moneyball star Billy Beane.
But there s an ecosystem of advisors, salespeople, and lawyers pitching blank-check companies to investment platforms and wealthy people as viable financing options.
We spoke with more than a dozen industry insiders to come up with a list of the market s most influential players.
Author Bio
Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time. Having made the streets safe for Truth, Justice, and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio.
His coverage reflects his passion for motorcycles, booze, and guns (though typically not all exercised at the same time), but his writing also covers the broader sectors of consumer goods, technology, and industrials. So follow along as he tries to break down complex topics to make them more understandable and useful to the average investor.