DraftKings shares drop 3% due to taxation concerns in sports betting, while acquiring Jackpocket for lottery expansion.

DraftKings (DKNG) shares dropped 3% due to growing concerns over taxation in the sports betting industry. The company announced the completion of its acquisition of digital lottery app Jackpocket, aiming to expand in digital lottery and enhance customer acquisition capabilities. DraftKings intends to leverage Jackpocket's operations and tap into the US lottery market, with the acquisition expected to add $260-$340m in revenue by 2026.

May 23, 2024
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