{"id":194073,"date":"2021-12-03T09:53:03","date_gmt":"2021-12-03T17:53:03","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=194073"},"modified":"2021-12-03T13:37:34","modified_gmt":"2021-12-03T21:37:34","slug":"draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments\/","title":{"rendered":"DraftKings CEO Jason Robins Fires Back at Short Seller Chanos, Says Claims Are Baseless"},"content":{"rendered":"<p>DraftKings CEO Jason Robins is clapping back at Kynikos Associates founder Jim Chanos, who yesterday revealed a short position in the online sportsbook operator.<\/p>\n<figure id=\"attachment_194074\" aria-describedby=\"caption-attachment-194074\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-194074\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/JR-142x80.jpg\" alt=\"Robins Chanos\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/JR-142x80.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/JR-1024x576.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/JR-768x432.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/JR.jpg 1280w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption  id=\"caption-attachment-194074\"class=\"text-description\">DraftKings CEO Jason Robins, seen above, responds to short-seller Jim Chanos. Robins says Chanos is off base in his bearish thesis on DraftKings stock. (Image: <em>Fox Business<\/em>)<\/figcaption><\/figure>\n<p>On Thursday, Chanos noted he&#8217;s short richly valued emerging growth stocks that aren&#8217;t profitable, including DoorDash (NYSE:DASH) and DraftKings. Specific to the gaming company, the Kynikos boss <a href=\"https:\/\/www.casino.org\/news\/chanos-still-bearish-on-wynn-adds-draftkings-to-list-of-short-positions\/\">said the business model is flawed<\/a> and the operator is destined to continue losing money.<\/p>\n<blockquote class=\"main-blockquote\"><p>If you quadrupled DraftKings&#8217; revenues and gross profits and every state has sports betting and then some, and it grows and you take their marketing spend \u2014 which is currently over 100% of revenues \u2014 you take it to 10% of revenues, which is their target. And you keep the overhead at today&#8217;s level \u2014 you don&#8217;t add anything. DraftKings would still be losing $200 million a quarter or $800 million a year,&#8221; Chanos said.<\/p><\/blockquote>\n<p>He adds that DraftKings is trading at 30x revenue &#8212; an assertion Robins takes issue with.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><strong>It appears Jim Chanos has forgotten how to do math. He claims we are trading at 30x revenue? Not even close Jim<\/strong><\/p>\n<p>\u2014 Jason Robins (@JasonDRobins) <a href=\"https:\/\/twitter.com\/JasonDRobins\/status\/1466513166498779140?ref_src=twsrc%5Etfw\">December 2, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>&#8216;Some People Will Say Anything&#8230;&#8217;<\/h2>\n<p>Chanos made his comments in a CNBC interview on Thursday and the financial news network earlier today gave Robins a chance to address the claims.<\/p>\n<p>In roughly 21 months as a standalone public company, DraftKings <a href=\"https:\/\/www.casino.org\/news\/draftkings-short-sellers-could-use-help-from-mlb-cancelled-season\/\">experienced periods of being heavily shorted,<\/a> and the company doesn&#8217;t have a history of directly commenting on those scenarios, making Robins&#8217; retorts to Chanos somewhat unique.<\/p>\n<blockquote class=\"main-blockquote\"><p><strong>Some people will say anything to make a buck,\u201d<\/strong> the DraftKings CEO and co-founder told CNBC. <strong>\u201cObviously, it&#8217;s annoying when people come and make stuff up and do that at their own service, but not much you can do about it.\u201d<\/strong><\/p><\/blockquote>\n<p>At least for today, Chanos is winning this round. Shares of DraftKings are lower by 9.33 percent on volume that&#8217;s already at the daily average. That is adding to what&#8217;s been a miserable stretch for the stock, as it shed 34.24 percent over the past month.<\/p>\n<p>Robins maintains his company can achieve state-level profitability within two to three years of entering each new market. He adds that the operator is focusing on building \u201ca great company over the long term.\u201d<\/p>\n<h2>Not First Gaming CEO to Clap Back at Chanos<\/h2>\n<p>Robins isn&#8217;t the first chief executive officer in the gaming industry to respond to Chanos being short his company&#8217;s stock.<\/p>\n<p>In September, Kynikos revealed a bearish position in Wynn Resorts (NASDAQ:WYNN), with Chanos saying the stock is overvalued even when excluding Macau concession renewal risk.<\/p>\n<p>Although he didn&#8217;t go as far as Robins did, Wynn CEO Matt Maddox did note Chanos is off base in his bearish thesis, and that it was <a href=\"https:\/\/www.casino.org\/news\/wynn-resorts-ceo-maddox-remains-optimistic-on-macau\/\">unlikely the short seller read<\/a> a consultation report outlining new gaming regulations in Macau.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DraftKings CEO Jason Robins is clapping back at Kynikos Associates founder Jim Chanos, who yesterday revealed a short position in the online sportsbook operator. On Thursday, Chanos noted he&#8217;s short richly valued emerging growth stocks that aren&#8217;t profitable, including DoorDash (NYSE:DASH) and DraftKings. Specific to the gaming company, the Kynikos boss said the business model [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":194074,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DraftKings CEO Robins Not Happy With Short Seller Chanos Comments<\/title>\n<meta name=\"description\" content=\"DraftKings CEO Robins responds to short seller Chanos, saying the bearish trader is missing the mark.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings CEO Robins Not Happy With Short Seller Chanos Comments\" \/>\n<meta property=\"og:description\" content=\"DraftKings CEO Robins responds to short seller Chanos, saying the bearish trader is missing the mark.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-03T17:53:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-03T21:37:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/JR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments\/\",\"name\":\"DraftKings CEO Robins Not Happy With Short Seller Chanos Comments\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/JR.jpg\",\"datePublished\":\"2021-12-03T17:53:03+00:00\",\"dateModified\":\"2021-12-03T21:37:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings CEO Robins responds to short seller Chanos, saying the bearish trader is missing the mark.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-ceo-robins-not-happy-with-short-seller-chanos-comments\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/JR.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/JR.jpg\",\"width\":1280,\"height\":720,\"caption\":\"DraftKings CEO Jason Robins responds to short seller Jim Chanos. Robins says Chanos is off base in his bearish thesis on DraftKings stock. 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Robins says Chanos is off base in his bearish thesis on DraftKings stock. 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