DraftKings stock fell to its lowest level in more than three years Thursday, extending a selloff amid disappointing earnings, competition from prediction markets and scrutiny of its gambling practices.
DraftKings shares fell as low as $18.58 Thursday after closing Wednesday at $19, their lowest close since April 2023, on slightly above-average trading volume. The stock has lost roughly half its value over the past year, as it faces slowing sportsbook growth, rising costs and increased competition from prediction markets like Kalshi and Polymarket.
Similar pressures have weighed on longtime rival FanDuel‘s parent, Flutter Entertainment, whose stock also fell to record lows this week.
