Draftkings Refund Policy

DraftKings reserves the right to request additional information to process your request. DraftKings will review your submission and if DraftKings determines that you have been charged the international transaction fee as a result of depositing funds into your DraftKings account, DraftKings will credit such amount back to your Account. Because of how the game ended – Indiana won 36-35 — DraftKings Sportsbook decided to refund all bets on the Penn State money line. In tweet Saturday night, DraftKings Sportsbook said the final.

1. Draftkings Refund Policy 2020
2. Draftkings Rules

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Since lockdowns have lightened up and most U.S. states have struggled to reopen in limited ways, some clear market winners have emerged, and several trends seem likely to continue. Online entertainment and gaming stocks have climbed steadily since April — unsurprising even as stay-at-home orders lift. Sports-betting powerhouse DraftKings (NASDAQ:DKNG) has “outperformed the market considerably,” notes TipRanks, despite the fact there have hardly been any sports to speak of. And the success of DraftKings stock has especially shaken things up.

DraftKings currently markets itself as “the leader in daily fantasy sports,” a sure draw with so many people stuck at home. It also features online casino games and an impressive mobile betting app called Sportsbook.

From its inception, this company has been something of an oddity. Rather than a traditional IPO, DraftKings went public in April under a special purpose acquisition company (SPAC), creating a market for the stock, which initially traded around $15 per share. Since then, it has risen as high as the mid-$40s and now hovers around $36. Online gambling is generally a hot market, and DraftKings has been on fire. It may also be a risky bet.

Reasons for Skepticism

DraftKings stock price quadrupled after a March low near $11, soaring to a high in early June over $44 before dropping by 20%. On June 23, the company sold 46 million additional shares. Most of those shares came from insiders who cashed out their holdings as the stock price more than doubled, raising some possible red flags with analysts.

If you want other reasons for skepticism, or for selling the stock, consider the current reality that DraftKings has not turned a profit. The company raised the cash for its recent capital investment from stock sales. But “the fact that insiders sold an additional 30 million shares,” Luis Sanches writes, “can be interpreted as the insiders viewing the valuation as rich.”

Gallery: 10 Best ETFs for 2020: The Race Tightens With ‘New Normal’ Looming Ahead (InvestorPlace)

DraftKings’ Longterm Potential

DKNG’s bumpy descent in June has made some investors wary. InvestorPlace’s David Moadel recommends a “look but don’t touch” approach. Others, however, see bullish potential for DraftKings, in particular and online gambling in general.

Rosenblatt analyst Bernie McTernan, for example, advises investors to look past the current turbulence. “As the gambling industry in the U.S. is emerging,” says McTernan, “we believe online players will take the dominant share and DKNG should be a leader.”

Likewise, Seeking Alpha’s Venki Iyer sees “strong future growth opportunities as the legalization of sports gaming continues across the U.S.” Currently, online gambling is legal in 22 states and Washington, D.C., with several others likely to follow suit in the near future.

The story of DraftKings is one of an industry emerging from its infancy, experiencing the usual growing pains. But the evidence supports McTernan and Iyer’s optimism. Online gambling accounted for 12% of total industry revenue in 2019. However, in New Jersey, which McTernan sees as “emblematic” of the industry’s future, 90% of gambling revenue came from online betting.

Should You Buy?

TipRanks rates DKNG as a strong buy for its long-term odds, but in the short term, investors may wish to be cautious. For DraftKings stock, a lot will ride on the near-term future of major league sports. Given the continued spread of the coronavirus, there’s no telling whether, for example, the planned NBA season will actually restart on July 30, as planned, or if it will be interrupted soon after if players begin testing positive for Covid-19.

On balance, DKNG seems like a toss-up. Closer scrutiny of the company’s financials might help wary investors decide if they’re comfortable anteing in.

As of this writing, Jody Bennett did not hold a position in any of the aforementioned securities.

Neither side loses!

The Big Ten’s college football season finally began this past weekend and with it came a controversial ending to the game between the eighth-ranked Penn State Nittany Lions and the Indiana Hoosiers. Because of how the game ended – Indiana won 36-35 — DraftKings Sportsbook decided to refund all bets on the Penn State money line.

In tweet Saturday night, DraftKings Sportsbook said the final play was a “tough call.” The moneyline bets include live bets made in-game, but not parlays.

Upon further review….

Draftkings Refund Policy 2020

To explain what happened that resulted in DraftKings’ decision, Indiana, a 6-point underdog, tied the game with a touchdown and two-point conversion with 22 seconds left. The game went to overtime and Penn State scored first to go up by seven.

On its first possession, Indiana scored a touchdown on a nifty third down pass and catch from Michael Penix Jr. to Whop Philyor. Now it was time to kick the extra point.

Or not.

Underdogs to a top ten legendary program, Indiana decided to go for the win. Penix dropped back to pass on the two-point conversion, couldn’t find anyone open immediately, stepped up in the pocket, and decided to make a break for it. He ran left, looking like he had an opening, but a defender closed quickly.

At the sideline, Penix dove from the three-yard line, stretching his right arm and the ball as far as he could toward the pylon. He was hit at about the two-yard line, but his momentum carried him just far enough. The ball touched the pylon and the nearest official signaled that the two-point conversion was good. Indiana had won!

Or had they? It was so close that the play was obviously going to be reviewed. Looking at a million different angles in slow motion, the margin was razor thin, but it looked like the ball may have touched out of bounds just before it hit the pylon.

The problem for Penn State – and the benefit for Indiana – was that if it is too close to call, if there is not definitive evidence to change the call, the ruling on the field must stand. Because the ruling on the field was that the conversion was successful and the officials watching the replay video apparently could not tell definitively one way or the other, the conversion remained good and Indiana won the game.

Just be happy

It seems that DraftKings disagreed with the ruling, otherwise it probably would not have given refunds to Penn State bettors (for those wondering, since Penn State was a six-point favorite, the play did not affect people betting with the spread).

Some of the reactions to DraftKings’ decision were a bit puzzling. One person said, “This is a weird precedent to be setting. Bets should live and die on the field. Doesn’t matter if the call was right or wrong.”

Ok, that’s reasonable. The call was the call, the score was the score. Leave it at that.

But then there was another person who tweeted this:

Draftkings Rules

The guy is on top of the world because his team just beat Penn State on a crazy, gutsy play, and he’s saying that he might not use DraftKings again because the sportsbook was…generous? Nobody who placed other bets was hurt by DraftKings’ decision. DraftKings literally gave away money. It affected nobody negatively. Sure, it probably wasn’t completely altruistic – DraftKings probably sees it as a marketing move – but to complain about it seems silly.