A bevy of top companies in the sports betting space, headlined by DraftKings, ended 2021 near 52-week lows as losses for some of the companies accelerated in December.
The continued sell-off presents a buying opportunity for bullish investors in the nascent U.S. sports betting industry, with several prominent states in line to legalize sports wagering in 2022. At the same time, the slump among top gaming stocks gave short-sellers another chance to thump their chests in December.
DraftKings ended the year as one of the most heavily shorted stocks on the market, as concerns about the company’s long-term profitability persist. As of Dec. 15, short interest in DraftKings topped $1.1 billion, according to Ihor Dusaniwsky, managing director of Predictive Analytics at S3 Partners LLC. With more than 39 million shorted shares on Dec. 13, the company set fresh record highs for short interest as percentage of float, Dusaniwsky told Sports Handle…
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