ARK Invest, led by Cathie Wood, sold nearly 785,490 shares of DraftKings stock ahead of the Super Bowl due to fears of increased competition from prediction markets. DraftKings, with a market cap of $13.5 billion and a forward P/E ratio of 22x, reported a revenue increase in Q3 to $1.14 billion. Despite a loss from operations, DKNG predicts strong EBITDA for 2025. The online gambling sector is facing challenges, but MGM stands out with its diversified offerings and strong growth potential, making it an attractive long-term investment option. The sector remains promising despite regulatory challenges and competition.

(Source: www.barchart.com)

Read more at Barchart: The Super Bowl Is Over, And Cathie Woods Is Ditching This Key Sports Betting Stock