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Like a speeding train with no brakes, the shares of DraftKings (NASDAQ: DKNG) are hurtling upwards after the U.S. Supreme Court turned down West Flager Associates’s (WFA) case against the Seminole Tribe. In a monumental move, the tribe secured exclusive rights to online Florida sports betting in 2021, defending the practice as technically on tribal land due to server location.
West Flager Associates contended that online sports betting in Florida wasn’t legitimately greenlit by the Department of the Interior since the bets do not transpire physically on tribal territories.
“The rejection of the case now paves the way for sports betting to triumph unopposed in Florida for years to come,” reported the Tampa Bay Times.
This development spells a massive win for DraftKings, potentially signaling a domino effect for other states like New Mexico, Washington, and Wisconsin to expand their agreements, enabling tribal gaming nations to run online sports betting statewide.
DKNG stock has soared 25% year-to-date and an impressive 69% year-over-year, outshining the S&P 500 over both periods.
The Top Buyers of DKNG Stock
Monitoring institutional ownership holds significance, as these whales provide substantial liquidity and bolster stocks. In the first quarter, 789 13F filers disclosed a stake in DraftKings, marking a robust 7.06% surge from the previous quarter. Cumulatively, these filers possess 339.96 million shares, showcasing a bullish quarter-over-quarter uptick of 4.12%.
Hedge funds, a subgroup of 13F filers, showed buoyancy as well. The total hedge fund filers spiked by 4% to 182, with their aggregate ownership climbing by 9.19% to 136.3 million shares.
Without further ado, let’s dive into the major players who ramped up their DraftKings holdings in Q1:
- Wellington Management Group appended 12.39 million shares, elevating its position to 23.12 million shares.
- Marshall Wace injected 5.26 million shares, boosting its holding to 5.69 million shares.
- Neuberger Berman Group tacked on 3.36 million shares, pushing its stake to 4.35 million shares.
- Franklin Resources entered the arena with 2.87 million shares after previously owning zero shares.
- AQR Capital Management acquired 2.48 million shares, propelling its position to three million shares.
As of the publication date, Eddie Pan had no direct or indirect positions in the securities discussed in this article. The viewpoints expressed here belong to the writer, in line with the guidelines set by InvestorPlace.com.