DraftKings Sued Over ‘Risk-Free' Bets That Were Anything But [BNN Bloomberg (Canada)]
DraftKings Inc. - Class A (DKNG)
Company Research
Source: BNN Bloomberg
Advertisements promised DraftKings customers that if they lost their “risk-free bet,” instead of having to pay up, they'd be credited with a “free bet.” But customers who won with this credit were paid less than half what they'd have made placing the same wager with cash, according to the lawsuit filed Wednesday in New York federal court. “The difference renders the supposed ‘risk-free' promotion anything but risk free,” according to the complaint. A representative for DraftKings didn't immediately respond to a request for comment. Samantha Guery, who filed the complaint, alleged DraftKings created the promotion to win over new or unsophisticated gamblers most likely to lose money. The promise of a risk-free bet was especially appealing to newcomers who might have a “natural resistance” to gambling, Guery claimed. “After DraftKings lured users into opening accounts based on the promise of Risk-Free Bets, many new users discovered their money was indeed at risk,” according to
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News
- Shedeur Sanders favored to be No. 1 pick in 2025 NFL Draft, Arch Manning next? [FOX News]FOX News
- Ex-DraftKings exec likely took trade secrets but can remain at Fanatics: judge [Reuters]Reuters
- CJ Cup Byron Nelson 2024 picks, odds to win and course history [USA TODAY]USA TODAY
- DraftKings (DKNG) to Report Q1 Earnings: What's in Store? [Yahoo! Finance]Yahoo! Finance
- DraftKings Inc. (NASDAQ: DKNG) had its price target raised by analysts at Susquehanna from $54.00 to $56.00. They now have a "positive" rating on the stock.MarketBeat
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Earnings
- 2/15/24 - Beat
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Sec Filings
- 4/24/24 - Form 4
- 4/24/24 - Form 4
- 4/24/24 - Form 4
- DKNG's page on the SEC website