Sports betting written reports report 2021

Sports betting written reports report 2021
spac betting it can hide its black market operations, Hindenburg Research targets DraftKings and its fully owned SBTech unit.

The spac deal that brought DraftKings public was a three-way merger between the spac, DraftKings and Bulgaria-based gaming technology company SBTech.

Hindenburg accuses SBTech of being a red flag unit hidden within the DraftKings business.

Unbeknownst to investors, DraftKings merger with SBTech also brings exposure to extensive dealings in black-market gaming, money laundering and organized crime, the report says.

Hindenburg spoke to former employees and reviewed SEC filings to find that SBTech, which will soon power DraftKings back-end infrastructure, has a record of operations in the black market.

According to Hindenburg, SBTech attempted to hide some of the illegal operations prior to the merger by spinning off a unit into a newly formed company called BTi/CoreTech.

At the time of the spac merger, SBTech represented 25 of the companys revenue and was the only positive contributor to positive operating income.

Hindenburg also questions the.4 billion in insider sales since the company going public with the founder of SBTech the biggest seller with transactions of around 568 million.

Related Link: DraftKings Q1 Revenue Up 175, Paying Users Rise 114.
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