{"id":558,"date":"2022-03-08T21:07:31","date_gmt":"2022-03-08T18:07:31","guid":{"rendered":"https:\/\/xxbet-company.com\/draftkings-staking-polygon-rewards-shares-slump-on-analyst-downgrade\/"},"modified":"2022-03-08T21:07:31","modified_gmt":"2022-03-08T18:07:31","slug":"draftkings-staking-polygon-rewards-shares-slump-on-analyst-downgrade","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/de\/draftkings-staking-polygon-rewards-shares-slump-on-analyst-downgrade\/","title":{"rendered":"DraftKings Staking Polygon Rewards, Shares Slump on Analyst Downgrade"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Inhaltsverzeichnis<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/de\/draftkings-staking-polygon-rewards-shares-slump-on-analyst-downgrade\/#Investors_Yawn\" title=\"Investors Yawn\">Investors Yawn<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/de\/draftkings-staking-polygon-rewards-shares-slump-on-analyst-downgrade\/#Polygon_Pertinence\" title=\"Polygon Pertinence\">Polygon Pertinence<\/a><\/li><\/ul><\/nav><\/div>\n<p>DraftKings (NASDAQ:DKNG) is moving further into the cryptocurrency space, announcing today it will stake digital assets to support the Polygon blockchain network. But shares of the gaming company are sliding due to an analyst downgrade.<\/p>\n<figure aria-describedby=\"caption-attachment-204170\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-204170 lazyload\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-142x80.jpg\" data-src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-142x80.jpg\" alt=\"DraftKings Polygon\" width=\"1200\" height=\"675\" data-srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-142x80.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-1024x576.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-768x432.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-1536x864.jpg 1536w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon.jpg 1920w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" data- title=\"\"><img loading=\"lazy\" class=\"wp-image-204170\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-142x80.jpg\" alt=\"DraftKings Polygon\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-142x80.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-1024x576.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-768x432.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon-1536x864.jpg 1536w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/polygon.jpg 1920w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"\"><figcaption class=\"text-description\">DraftKings is expanding into the cryptocurrency arena with Polygon. However, the stock has slumped on analyst downgrade. (Image: Polygon Blog)<\/figcaption><\/figure>\n<p>Today, the Boston-based online sportsbook operator said it\u2019s partnering with Zero Hash to stake digital assets it holds in its treasury to support the Polygon (MATIC) blockchain network.<\/p>\n<blockquote class=\"main-blockquote\">\n<p><strong>With this collaboration, DraftKings is optimizing its working capital and liquidity as it operates a validator node that contributes to Polygon\u2019s governance and network security,\u201d<\/strong> according to a statement issued by the gaming company.<\/p>\n<\/blockquote>\n<p>DraftKings <a href=\"https:\/\/www.casino.org\/news\/draftkings-marketplace-reaches-deal-with-polygon\/\" rel=\"nofollow noopener\" target=\"_blank\">announced a partnership with Polygon<\/a> last October. The digital coin \u2014 the 16th-largest by market value \u2014 supports transactions on DraftKings Marketplace. That\u2019s the gaming company\u2019s non-fungible token (NFT) unit.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Investors_Yawn\"><\/span>Investors Yawn<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>DraftKings\u2019 Polygon announcement is part of the company\u2019s wider Web3 initiative and potentially a sign of long-term plans to become more of a fintech firm than just a pure-play gaming operator.<\/p>\n<div class=\"callout\">\n<p>However admirable those plans may be, they are long-ranging. For today, investors aren\u2019t impressed, as DraftKings\u2019 stock remains <a href=\"https:\/\/www.casino.org\/news\/draftkings-outlook-forecasts-look-good-but-stock-slides\/\" rel=\"nofollow noopener\" target=\"_blank\">mired in a lengthy slump<\/a>. In midday trading, it\u2019s down more than 10% after Argus analyst John Stazak downgraded the stock to \u201chold\u201d from \u201cbuy.\u201d<\/p>\n<\/div>\n<p>\u201cDKNG is facing fierce competition from MGM and Wynn, which are expanding their online sports betting operations, and in our view needs to strengthen its marketing efforts. We also expect revenue growth to slow in 2022, as fewer states approve online sports betting,\u201d he said in a note to clients.<\/p>\n<p>Stazak adds he doesn\u2019t expect DraftKings will notch a profitable quarter until the July through September period of 2023. Argus doesn\u2019t assign a price target to the stock, which was down 24.68 percent year-to-date entering today.<\/p>\n<p>DraftKings Sportsbook is currently available in Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Louisiana, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Polygon_Pertinence\"><\/span>Polygon Pertinence<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Last year, CEO Jason Robins said he\u2019d like his company <a href=\"https:\/\/www.casino.org\/news\/draftkings-ceo-would-like-accept-bitcoin-states-stand-in-way\/\" rel=\"nofollow noopener\" target=\"_blank\">to accept crypto as a form of payment<\/a> for online casinos and sports betting. But state regulators currently don\u2019t permit that. He\u2019s broadly bullish on crypto, noting the asset class will \u201clikely transform some entire industries and portions of others.\u201d<\/p>\n<p>An increasing number of companies are holding bitcoin, the largest digital asset, on their balance sheet. Regarding Polygon becoming a bigger contributor to the DraftKings investment thesis, that\u2019s possible down the road if the adoption and usage cases for the digital token expand.<\/p>\n<p><strong>\u201cPolygon is the fastest growing blockchain with high speed and low gas infrastructure. DeFi bluechip dApps including Sushiswap, Curve, Aave, Balancer, Kyber have all integrated Polygon,\u201d <\/strong>according to DraftKings.<\/p>\n<p>The post <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\/draftkings-broadens-polygon-exposure-but-stock-stumbles\/\" target=\"_blank\">DraftKings Staking Polygon Rewards, Shares Slump on Analyst Downgrade<\/a> appeared first on <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>DraftKings (NASDAQ:DKNG) is moving further into the cryptocurrency space, announcing today it will stake digital assets to support the Polygon blockchain network. But shares of the gaming company are sliding due to an analyst downgrade. DraftKings is expanding into the cryptocurrency arena with Polygon. However, the stock has slumped on analyst downgrade. (Image: Polygon Blog) <a href=\"https:\/\/xxbet-company.com\/de\/draftkings-staking-polygon-rewards-shares-slump-on-analyst-downgrade\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts\/558"}],"collection":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/comments?post=558"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/posts\/558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/media\/559"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/media?parent=558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/categories?post=558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/de\/wp-json\/wp\/v2\/tags?post=558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}