TLDR

• DKNG fell ~10% on Wednesday, trading around $22.52, on very low volume — down 82% from its average session
• A Senate betting bill was read as negative for DraftKings, triggering a sharp sell-off
• The NCAA sued DraftKings to block use of “March Madness” trademarks during peak tournament betting season
• DraftKings previously cut its 2026 revenue guidance to $6.5–6.9B, missing Wall Street estimates by over $600M
• Analysts still hold a “Moderate Buy”