DraftKings' $390M Trading Volume Ranks 267th as Stock Falls 0.74% Amid Regulatory and Legal Challenges

On September 24, 2025, DraftKings (DKNG) traded with a volume of $390 million, ranking 267th in the market, while the stock closed down 0.74%.

DraftKings faces regulatory and operational headwinds as it navigates new market dynamics. Recent developments include plans to introduce a 50-cent per-bet fee in Illinois following a state tax law, potentially impacting user engagement and revenue. The company also faces legal challenges, with five Pennsylvania bettors suing over alleged predatory marketing practices and a Baltimore lawsuit accusing it of deceptive tactics. Additionally, DraftKings’ CEO Jason Robins emphasized the importance of live betting, which he estimates could generate 70-80% of gross gaming revenue in 2025, signaling a strategic shift toward real-time wagering.

Despite these challenges, DraftKings reported a 20% year-over-year revenue increase in Q1 2025, driven by strong performance in live betting and diversified product offerings. However, the stock’s decline reflects ongoing concerns about regulatory pressures and competitive dynamics in the sports betting sector. The company’s expansion into new markets, including potential entry into Missouri and Texas, remains a key focus for growth, though legal and operational hurdles persist.

To set up the back-test correctly I need to pin down two practical details: (1) Market universe – should we rank all U.S. listed common stocks or a different universe? (2) Execution convention – after identifying that day’s top-500 by turnover: Do we assume we BUY at that day’s close and SELL at the next day’s close? Or BUY at the next day’s open and SELL at that same day’s close? Let me know your preference, and I’ll start the data pull and run the back-test from 2022-01-03 through today.