The Wall Street Journal reported on Monday that a coalition of gambling companies led by DraftKings (NASDAQ: DKNG) and FanDuel Group, in an online sports betting initiative, named Proposition27 had canceled about $11 million in broadcast television and cable ads.
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Proposition27, which has raised $402 million in fundraising so far aims to legalize online sports betting in California.
The report stated that the coalition did this after polls indicated that Proposition27 was likely to lose a ballot measure that sought to legalize online sports betting in California.
WSJ reported that a poll by the Institute of Governmental Studies at the University of California, Berkeley found that while 27% of voters were likely to support the initiative of making online sports betting legal in California, 53% would likely oppose it.
Is DraftKings a Good Stock to Buy?
Wall Street analysts are cautiously optimistic about DKNG stock with a Moderate Buy consensus rating based on 10 Buys, seven Holds, and one Sell.
The average price forecast for DKNG stock is $24.27, implying an upside potential of approximately 70% at current levels.
