Replies to post #3011 on DraftKings Inc (DKNG)

[JohnCM]

Sure. Might as well wait.

Coronavirus impact

The company says in its prospectus that the COVID-19 pandemic is impacting its operations primarily because most major sports seasons and events have either been suspended, postponed or canceled — and isn’t clear whether seasons already under way will be completed. As a result, customers aren’t really betting frequently and DraftKings is also issuing refunds for canceled events.

Online gambling continues to generate revenue and the company said it also has created new products such as simulated sports events, which included a simulated Nascar race and contests in the videogame “League of Legends.” DraftKings cautioned that reductions in consumer spending due to the pandemic could hurt the company’s revenue.

The company said in March that it drew down its credit facilities, but doesn’t have an “immediate need” for capital and has no concerns about its ability to service its debt.