Draftkings Breaking News, This Is Why The Stock Is Falling DKNG Stock
DraftKings falls sharply after Hindenburg Research warns on black market links
Hindenburg Research is negative on DraftKings (NASDAQ:DKNG) as it warns that the company's merger with SBTech brings its exposure to extensive dealings in black-market gaming, money laundering and organized crime.
"Based on conversations with multiple former employees, a review of SEC & international filings, and inspection of back-end infrastructure at illicit international gaming websites, we show that SBTech has a long and ongoing record of operating in black markets," updates Hindenburg.
The short-selling firm estimate 50% of SBTech's revenue is from markets where gambling is banned. DraftKings is accused of systematically skirting the law and taking elaborate steps to "obfuscate" its black market operations. SOURCE: https://seekingalpha.com/news/....3706398-draftkings-f
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