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Why Cathie Wood Is Bullish On DraftKings

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Why Cathie Wood Is Bullish On DraftKings

Ark Funds CEO and Founder Cathie Wood joined Benzinga’s “Raz Report” this week and discussed the history of Ark Funds. Wood also shared some of the reasons why Ark Funds owns several positions, including in DraftKings Inc (NASDAQ: DKNG).

Wood on DraftKings: Wood told Benzinga that DraftKings is becoming accepted as a platform for sports betting as the public grows more comfortable with the activity.

“We do think sports betting is losing its taint,” Wood said.

See also: How to Buy DraftKings, Inc. (DKNG) Stock

The fund manager sees more states turning toward legalizing sports betting, especially as many face huge deficits, Wood said.

Wood used New Jersey as an example of the success states can have. The state is a mature market and DraftKings’ revenue was up 100% in the state.

“New Jersey was very telling to us," she said.

Ark Funds: DraftKings was added to two different Ark Funds beginning in February. 

Ark Next Generation Internet ETF (NYSE: ARKW) owns around 1.4 milion shares of DraftKings worth $88.1 million. 

Ark Fintech Innovation ETF (NYSE: ARKF) owns around 546,000 shares of DraftKings worth $33.8 million. 

DraftKings represents around 1.2% and 0.8% of ARKW and ARKF, respectively. 

Price Action: Shares of DraftKings finished the week down 6.24% at $59.52.

Related Link: DraftKings And Dish Network Partner On Sports Betting, TV Integration

 

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