Was Jim Cramer Right About DraftKings Inc. (DKNG)?
We recently published a list of In this article, we are going to take a look at where DraftKings Inc. (NASDAQ:DKNG) stands against other stocks that Jim Cramer discusses.
Back in 2024, on May 16, a caller asked about sports betting stocks ahead of football season at the time, specifically DraftKings Inc. (NASDAQ:DKNG). Cramer said:
'Look, I saw Flutter's numbers — that means that DraftKings is the one to buy. It's terrific.'
DraftKings went the wrong way after Cramer's call, dropping 17.95% even as sports betting continued growing. DraftKings Inc. (NASDAQ:DKNG) is slipping despite strong sports betting trends, as rising costs and competition pressure margins.
A woman at a betting table paying out customers who won their sports bets.
During a recent Mad Money episode which aired on May 15, Cramer admitted he was too bullish on the stock, but he still sees a potential bullish scenario. Here's what he said:
'I've gotta tell you, you could say I've been too bullish on it. I just really believe that we were, you know, we're still too far away from football season, but I do genuinely believe that what has to happen is some of these states that don't have gambling have to get gambling, and that's what I think it's really about. I thought it was about the handle. I thought it was about the hold. I'm beginning to think it's about these states that don't allow gambling yet that have to.'
Overall, DKNG ranks 9th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of DKNG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DKNG and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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