DraftKings Slides 1.4% Amid Regulatory Concerns Trailing 270th in U.S. Trading Volume

On September 26, 2025, DraftKings (DKNG) closed down 1.40% with a trading volume of $380 million, ranking it 270th in terms of volume among U.S.-listed stocks. The decline came amid mixed market sentiment toward the online gaming and sports betting platform.

Recent developments suggest renewed regulatory scrutiny in key markets could weigh on investor confidence. Reports highlighted ongoing investigations into potential compliance issues across multiple states, though no formal charges have been filed. Analysts noted the stock's sensitivity to legal risks in its high-margin verticals.

Operational updates revealed a strategic shift toward international expansion, with recent partnerships in emerging markets. However, these moves have yet to translate into near-term revenue growth, as domestic market saturation remains a challenge. The company's Q2 earnings report showed stable but unremarkable performance metrics.

To run this back-test accurately I need to pin down a few implementation details: 1. Market universe • Do you want to rank all U.S. listed stocks each day, or focus on a specific universe (e.g., S&P 500 constituents, NASDAQ stocks, A-shares, etc.)? 2. Trade timing & prices • Should the trade be entered at the same-day close and exited at the next-day close (the most common 1-day holding convention), or do you prefer open-to-open / open-to-close pricing? 3. Portfolio construction • Equal weight across the 500 names each day, or volume-weighted / value-weighted? • Any size limit or liquidity filter beyond simply “top 500 by volume”? 4. Frictional costs • Should we include an estimate for commissions and bid-ask slippage, or ignore trading costs? Once I have those details I can generate the data-gathering plan and run the back-test for you.