Forget DraftKings, These 2 Stocks Are Better Buys Today

By Travis Hoium – Mar 26, 2024 at 8:51AM

NASDAQ: DKNG

DraftKings

Market Cap

$20B

Today's Change

(4.96%) $2.04

Current Price

$43.13

Price as of April 26, 2024, 4:00 p.m. ET

DraftKings isn't profitable in online betting. The better bet may be one of the companies eating up its marketing dollars.

Online gambling stocks are hot again and DraftKings (DKNG 4.96%) has ridden that wave on the market. But DraftKings has never shown a profit and it's spending billions each year to attract new customers. In this video, Travis Hoium highlights why there may be better bets for the online gambling market long term.

*Stock prices used were end-of-day prices of March 23, 2024. The video was published on March 25, 2024.

Travis Hoium has positions in MGM Resorts International, Spotify Technology, and Walt Disney. The Motley Fool has positions in and recommends Spotify Technology and Walt Disney. The Motley Fool recommends the following options: long January 2025 $25 calls on Penn Entertainment and short January 2025 $30 calls on Penn Entertainment. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.