Stock Insiders at DraftKings Shed Over $206 Million in Shares Throughout the Year
In the bustling world of iGaming and online sports betting, a notable trend has emerged in 2024. DraftKings, a major player in the industry, has seen its high-ranking executives sell a significant amount of shares, totalling over $205.54 million. This includes the sale of more than $30 million by Chief Legal Officer R. Stanton Dodge and co-founder Paul Liberman in December alone.
This insider selling at DraftKings stands out, particularly when compared to the light activity seen at rival operators. For instance, insider selling at Caesars Entertainment was less than $350,000 over the past year, while at Flutter Entertainment, there have been no insider transactions over the past three months.
Interestingly, in the first two quarters of 2024, high-ranking executives at Caesars Entertainment bought significantly more stock than they sold. In contrast, all of the 20 insider transactions at DraftKings this year have been sales, and none purchases.
The trend has not gone unnoticed by retail investors, who have criticised the selling. However, it's important to note that there are no available public records showing which corporate executives purchased shares in DraftKings' competitors.
Meanwhile, DraftKings' shares rose only 5.53% in 2024, a figure significantly lower than its competitor Flutter Entertainment, which surged 44.39% in the same period. In September, Flutter announced a $5 billion share repurchase program, larger than DraftKings' $1 billion buyback plan announced in August.
At ESPN Bet parent Penn Entertainment, the story is different. Insiders bought $2.61 million worth of shares over the past year, compared to sales of just $126,578. This suggests a more positive outlook from insiders at Penn Entertainment compared to DraftKings.
As we move forward, it will be interesting to see how these trends continue to unfold in the dynamic world of iGaming and online sports betting.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Stopping Osteoporosis Treatment: Timeline Considerations
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
