Stock price when the opinion was issued
Great fundamentals, though a quarter of the US still bans sports betting. DKNG has done a good job increasing parlay use. Delta just announced a partnership--we'll see how that plays out. iGaming saw a 14% bounce last quarter in customer count YOY; it's small, but has a lot of room to expand. Overall, DKNG has a lot going for it, and it does well during the NFL playoffs. Also, shares are down a lot, so shares are cheap.
A new law means that professional bettors will pay taxes on their winnings (but don't get a full tax deduction on losses). However, this could discourage bettors. However, since mid-June when the legislation was unveiled the shares of DKNG and FLUT have been rallying. Major sports books already discourage bettors who win too often. Also, the books cater to VIPs, those who bet a lot but don't win as much as the big winners. There's a chance this bill may not pass or could be amended. The two stocks hold a duopoly in sports betting, and more states are legalizing sports betting, so he remain bullish in them.