Not Financial Advice (NFA)
Warning: Wall of Text. If you hate reading just skim through the bolded/italicized
Ever since I publicized my findings on DKNG, the stock has underperformed & probably has fucked a lot of people here, especially given the overly bullish stance back in June. Unless you took my advice & got into Puts then, congrats, welcome to tendie town. For the ADHD retards, here’s what the next wall of text is going to summarize: I believe at the current price of ~$30, the stock is oversold.
A tech-focused, high-growth Company that has made sports betting easy to understand with an aesthetically pleasing interface similar to how Robinhood has neatly laid out stock market gimmicks so even high-schoolers can make sense of it I believe, is underpriced at these levels.
Let’s get into some details as to why the stock has underperformed:
First off, the news slate revolving sports with the rumored delay/cancellation of the MLB season & the NFL watching from the sidelines is in my view, just a part of why the stock has underperformed. We’ll revisit this later in this post, but I want to focus on the drivers of the stock’s recent underperformance, & why these factors are now in the rearview mirror.
Part I – The Past Has Passed – SPAC-related Equity Dilution
History lesson first: DKNG went public via a SPAC merger, which has exploded in popularity recently. Anyone serious about analyzing stocks going forward needs to do their homework on this, Google is your friend.
A feature of most SPAC merger to public listings that creates a headwind to near-term share prices are embedded equity dilution events, usually in the form of earn-outs (stock bonuses to execs, the SPAC sponsor) & conversion of Warrants.
On 5/24, the earn-outs were triggered, adding 6m shares to the share count.
On 6/26, 16.3m warrants converted to DKNG, netting them ~$188m of cash.
Stepping back a little, in addition to the above, on 6/18 DKNG launched a follow-on equity offering of 16M shares @ $40/Share [1], receiving $621M in proceeds.
The last part is tricky to understand from a dilution perspective. To simplify, historically it’s almost a coin toss whether a Company’s shares outperform on the onset of an equity offering. While issuing shares does dilute the existing shareholder base, it theoretically shouldn’t, if the proceeds from the offering are earmarked for investments/projects that yield outsized returns. This is the reality for the long term, theory for the short-term. For the short-term, the ‘reality’ isn’t that the proceeds will be used for investments/projects that yield outsized returns, it is more about how convincing management is to investors that the investments they intend to pursue with the proceeds will outweigh the dilutive effects of issuing incremental shares. That’s a mouthful, but hopefully you get what I’m trying to convey.
All of this stuff put together – the Company has increased its share count by ~39M, but now has a whopping ~$1.4Bn of cash [2]. More on this in the next section.
Part II – MLB News Should Not Fucking Matter & DKNG Is Positioned As the Leading Online/Mobile Sports Platform
DKNG should not be so tied to MLB news or any of this shit as the ongoing success of the NBA/NHL season + Soccer in Europe has effectively created a blueprint on how to regulate player behavior so that they maintain professionalism amidst the pandemic. I’m going out on a whim here, but I truly think the MLB threatening a cancellation of the season is pure posturing to get these fuckers to behave appropriately. Maybe a ‘bubble’ is what it takes to get these players to focus on their jobs instead of going out & contracting COVID, but I argue that isn’t necessarily required given Soccer in Europe. So there’s already a proven path here without the need for a bubble in Soccer, so MLB/NFL should be fine, and execs need to study how they got it done in Europe. Okay, back to some facts.
Anecdotally, I’ve kept in touch with a handful of sports bookies from California to New York & even internationally about what they’re seeing – all of them say that since the NBA season started on 7/30 & since Soccer (especially the Premier League) resumed in June, along with other leagues like La Liga & Serie A, they’ve seen massive increases in betting.
These numbers are also showing up in the official data [3]:

• Average % increase in sports betting handle from April 2020 to June 2020 (handle is the total $ wagered in sports bets) from the states that reported up to June 2020 (NJ, PA, MS, RI, WV, IA, IN, NH) of +258%!
  
  • Note: NV is left out due to the site I sourced showing a weirdly negative number – so I dug into the official filings & show specifically, Sports Mobile betting growth from June since April has growing by at least +73% [4]

REMEMBER: This is for June only! No NBA, No NHL, No MLB, just Soccer, Golf, NASCAR & UFC.
The data clearly shows that there was a ton of pent-up sports betting demand, which leads one Wall St. analyst to think that betting on the NBA/NHL could ABSORB the MLB’s sports betting handle (handle = total $ size of sports bet) [5]. Remember, the MLB season is still ongoing, with games being played. The entire focus is on the Miami Marlins & St. Louis Cardinals. Fucking retards.
Additionally, I want to remind everyone that DraftKings.com is the #1 Fantasy sports website in the U.S. [6]. Also, since April 2020 site visitations are up +86% [7] & Google Search Trends for “Draft Kings” is up ~3x compared to PRE-COVID levels [8]. What does this mean? They are piquing more people’s curiosity than prior to COVID/ongoing slate of sports.
This is important because remember that ~$1.4Bn chest full of cash I mentioned DKNG had assembled earlier? Well, that money is being put to work & results are already coming in, which is exactly what DKNG intended to do with it.
Part III – Legalization of Sports Betting in the U.S.
I could write a fucking bible on this topic alone, but for now we’ll stick to some basics. Due to COVID, it’s easy to understand that each State’s financial situation is clearly in shit. Because of this, you better believe that these guys are going to start taking a hard look at how they can extract additional tax revenues, & what’s one of the easiest ways to do this? Legalization & taxation of gambling.
The big players: CA, TX, FL & NY. First, CA pushing its legislation out to 2023 was fucked up, but here’s a twist I want to add to this: Anything that has to do with gambling in CA you better believe is lobbied against by not just the Tribal casino owners in CA, but by the deep pockets of Las Vegas money. Similar thing can be said for FL, but let’s take a look at some actions by LV/nationwide gambling companies that are starting to align financial incentives with guys like DKNG.

• MGM / GVC Holdings JV in BetMGM - $450m total invested
• PENN invests $163m into BS Sports
• Caesars has a 20% stake in William Hill plus partnership deals with The Stars Group (TSG) & our winner DKNG for operating its sports books

So it’s safe to say going forward, nationwide legalization of sports betting will reap rewards for everyone involved, & no longer be something LV money is completely focused on safeguarding.
Let’s also not forget that DKNG didn’t become the Company they are today because of their fancy app, but because their management team has a HISTORY of navigating the U.S.’s legal framework to get what they want out of it.

• The Crown Jewel – The Internet Gambling Prohibition & Enforcement Act: I said it in a previous post, but I want to emphasize that them getting Fantasy Sports to be labeled a ‘game of skill’ by FEDERAL Law as opposed to gambling is just something for the history books. Fucking genius shit. When this happened I bet every casino from LV to every Indian Tribe that has one was against it, yet DKNG & other DFS providers won.
• There’s more, but more recently: Getting into IL:
  
  • In IL, there’s an 18-month ‘penalty box’ for Companies that offer DFS to offer sports betting. Our guys at DKNG created a workaround to this situation with their partnership with Casino Queen [9]. DKNG being savvy again.

These guys are at the cutting edge of creating legal frameworks to successfully launch their products & now with more of their ‘competitors’ financially aligned with them, combined with financial deterioration of State budgets, we should see an overweighting of good news vs. bad on the legal front.
Final Part – Share Price Targets
Under-fucking priced at anything below $42.50
Near-term catalysts:
8/14: DKNG files 2Q’20 results, might be shitty, but you can bet that the Earnings Call is going to contain rhetoric on how massive the uptick in sports betting has been since late June/July.
Sometime from now until November: NY releases ‘study’ by Spectrum Gaming on online/mobile sports betting.
8/20 – 9/7: PGA Championship for FedEx Cup Title
9/5 – KY Derby
9/10: NFL KickOff Game
9/17: PGA U.S. Open Start Date
Month of October: NBA/NHL Playoffs
10/1: Estimated launch of online sports betting in TN
11/1: Estimated launch of online sports betting in VA
[1] https://draftkings.gcs-web.com/news-releases/news-release-details/draftkings-announces-proposed-public-offering-class-common-stock
[2] Wall St. Research – DKNG on 6/29/20
[3] https://www.legalsportsreport.com/sports-betting/revenue/
[4] https://gaming.nv.gov/modules/showdocument.aspx?documentid=16984; Note: Nevada did not break out April/May figures but from the Revenue difference of 3 month ended June 30 of 4,950 vs. month of June of 2,297 for a total difference of 2,653 spread evenly over April/May for a base case April estimate of 1,327.
[5] Wall St. Research - 7/27/20
[6] https://www.similarweb.com/top-websites/category/sports/fantasy-sports/
[7] https://www.similarweb.com/website/draftkings.com/#overview
[8] https://trends.google.com/trends/explore?geo=US&q=draft%20kings Feb 23-29, 2020 vs. Current Aug 2 – Aug 8, 2020
[9] https://www.legalsportsreport.com/42314/draftkings-illinois-sports-betting-market-access/

LAST UPDATED Sep 13th, 2018 [Added some new 24/7 streams]
There is a TON of full adult swim shows that are readily available to steam on their website or elsewhere, and it can be crazy trying to find it all. I've attempted to compile a comprehensive guide for every adult swim original that can or cannot be streamed.
EDIT: So this was featured on adult swims front page, which was cool... until Turner came in and took down most of the youtube videos that weren't on adult swim's channel. It sucks because it was mostly the pilots that you can't find virtually anywhere. I've marked through any video thats been taken down.

Entire Series Free on Website and App

12 oz. Mouse
Apollo Gauntlet
Assy McGee
Ballmastrz: 9009
Black Dynamite
Check It Out! with Dr. Steve Brule
Decker
Delocated
Fat Guy Stuck In Internet
FLCL
Home Movies
Hot Streets
Joe Pera Talks With You (includes the infomercial and special)
King Star King
Loiter Squad
Lucy, The Daughter of the Devil
Metalocalypse (includes the rock opera)
Million Dollar Extreme Presents: World Peace (Ep 6 Uncensored Extended)
Minoriteam
Mongo Wrestling Alliance
Mostly 4 Millennials
Off The Air
Perfect Hair Forever
Samurai Jack (includes the original CN seasons!)
Sand Whale and Me
Saul of the Mole Men
Space Dandy
Space Ghost Coast To Coast
Squidbillies
Stroker and Hoop
Superjail!
Tender Touches
The Brak Show (War Next Door is just a 10 second clip, and since I know you're reading this adult swim please fix this)
The Drinky Crow Show
The Heart, She Holler
The Jellies
The Restless Bell
The Rising Son
Titan Maximum
Tom Goes To The Mayor
Xavier: Renegade Angel
You're Whole

Entire Series Free on Other Sites

Soul Quest Overdrive (Pilot, 1, 2, 3, 4)

Almost Entire Series

These shows have nearly every episode on the site but are missing a few. I'll provide links to the missing episodes if available.
Aqua Teen Hunger Force - Full seasons 1-9, partial seasons 10 and 11 which are available on Hulu
Dream Corp LLC - Missing "You Down with OCD?" but this changes from time to time. There's usually at least 5 episodes. Available on Hulu.
Mary Shelley's Frankenhole - Missing "Mother To Be-sa", an unaired banned episode. (Download)

Infomercials

All infomercials (specials that premiered at 4am) are on the website, but they're split up. Some are listed as infomercials, some as specials. Sorted them all here in chronological order. Youtube links included if available.
Icelandic UltraBlue (Youtube)
Aziz Ansari's Dangerously Delicious (thanks metaldanirl)
Swords, Knives, Very Sharp Objects and Cutlery (Youtube)
For-Profit Online University (Youtube)
Live Forever As You Are Now With Alan Resnick (Youtube)
Broomshakala (Youtube)
Fartcopter (Youtube)
The Salad Mixxxer (Youtube)
Alpha Chow (Youtube)
Goth Fitness (Youtube)
Too Many Cooks (Youtube)
The Newbridge Tourism Board Presents: "We're Newbridge, We're Comin' To Get Ya!" (Youtube)
In Search Of Miracle Man (Youtube)
Smart Pipe (Youtube)
Book of Christ (Youtube)
Frank Pierre Presents: Pierre Resort Casino (Youtube)
Unedited Footage of a Bear (Youtube)
This House Has People In It (Youtube)
Joe Pera Talks You To Sleep (Youtube)
Big Grams: "Born to Shine" / "Run For Your Life"
M.O.P.Z. (Youtube / Slowed Down Version)
Giles Vanderhoot (Youtube)
Live at the Necropolis: Lords of Synth (Youtube)
NewsHits (Youtube)
Mulchtown (Youtube)
Check It Out! With Scott Clam
The Suplex Duplex Complex
Wet Shapes
Innovation Makers: The Coyote Suit
A Message From The Future
Cool Dad - Official Trailer
Dayworld
Final Deployment 4: Queen Battle Walkthrough (Youtube)
Food: The Source of Life

Specials

Adult Swim Golf Classic (Extended) - Adam Scott and Jon Daly play as golfers who share their names
Anime Talk Show / Adult Swim Brain Trust - In 2004, Perfect Hair Forever aired its pilot instead of the announced Squidbillies pilot (Here are the bumps "explaining" it: 1, 2, 3). This special hosted by Space Ghost interviewing Meatwad, Sharko, and Early followed it.
Art Prison - A pilot just turned into a one-off special
Bagboy - Check It Out! spin-off
Brett Gelman's Dinner in America - Includes all three specials
Bushworld Adventures - 2018's second April Fools' prank. It's Australian Rick and Morty!
Cool 3D World "Spurt" - Was once removed from Youtube but now it's back
Earth Ghost - Part of 2011's April Fools' prank, aired after The Room.
First Annual Stupid Morning Bullshit Invitational On The Green - A golf match between Mike Lazzo & Andrew Choe
FLCL: Alternative (Subbed) - Episode 1, part of 2018's first April Fools' prank.
Freaknik: The Musical - Hour-long special starring T-Pain that spawned from That Crook'd 'Sipp
The Greatest Event In Television History - Includes all four specials. Created by Adam and Naomi Scott
Mother, May I Dance with Mary Jane's Fist?: A Lifetone Original Movie - Based on a play of the same name by Mary Elizabeth Ellis and Artemis Pebdani of It's Always Sunny in Philadelphia fame
Mr. Neighbor's House - Includes both specials. Parody of Mr. Roger's Neighborhood
Ranger Smith - Boo Boo Runs Wild - Two shorts created by John K. that aired on Cartoon Network before
Scavengers - Toonami special
Soft Focus with Jena Friedman - I don't have much of a description for this, but it's good.
The Xtacles (1,2) - Frisky Dingo spin-off
Toonami Countdown - Supercut of Toonami's 2017 immersion event
Young Person's Guide to History - Includes both parts

Pilots

These aren't all of them, just the ones that are relatively easily available. Turner keeps taking down the Youtube links, i'll update when I can.
Bad Guys
Captain Sturdy: The Originals
Captain Sturdy: Back In Action
Cheyenne Cinnamon and the Fantabulous Unicorn of Sugar Town Candy Fudge
Chuck Deuce
Coffin Dodgers
Duckworth
Finkel Files
Filthy Sexy Teen$
Gigglefudge U.S.A.
Hindenburg Explodes!
Korgoth of Barbaria
Let's Do This!
Let's Fish (Youtube / Vimeo)
Lewis Lectures
Lowe Country (pt. 2)
Neon Knome
Penguins Behind Bars (Youtube)
Saddle Rash (Youtube)
Snake n' Bacon
Southies
Spacecataz
Stiff
That Crook'd 'Sipp (Backup)
The Best of Totally 4 Teens (Youtube)
The Groovenians
The Mark Lembeck Technique
The New Big Ball With Neil Hamburger
The Pound Hole
The Shivering Truth
Tigtone and the Pilot
Trap Universe
Tropical Cop Tales
Übermansion
Welcome to Eltingville (Vimeo)
Yappy Broads

Online Series

I'm only going to list the full series (Thanks bnjrivera for some of these)
Adult Swim Celebrity Poker Tournament Royale
Carl's Stone Cold Lock of the Century of the Week
Daytime Fighting League (Season 1 on Youtube)
Electronic Game Information
On Cinema
Ricking Morty
The Cry of Mann: A Trool Day Holiday Spectacular In Eight Parts
The Tim Heidecker Trial
Yoga Bro

24/7 Commercial Free Marathons

Dream Corp LLC
Off The Air
Rick and Morty
Robot Chicken
Superjail!
The Eric Andre Show
The Venture Bros.
Williams Stream (Variety of random originals) - The format seems to be 1-2 episodes per show, and the selected episodes usually stay for weeks
App Only:
Aqua Teen Hunger Force
Black Jesus
Metalocalypse
Mr. Pickles
Squidbillies

The Rest Are Not Complete And/Or Free

Full series with Hulu subscription (Free partial series on adultswim.com):
Black Jesus (as)
Brad Neely's Harg Nallin' Sclopio Peepio (as)
China, IL (as)
Dream Corp LLC (as)
Eagleheart (as)
Frisky Dingo (as)
Harvey Bridman: Attorney At Law (as)
Hot Package (as)
Moral Orel (as)
Neon Joe: Werewolf Hunter (as)
NTSF:SD:SUV:: (as) - Complete Season 3 on internet archive
Rick and Morty (as)
Sealab 2021 (as)
Tim and Eric Awesome Show, Great Job! (as) - 10 Year Anniversary Special only on [as]
Tim & Eric's Bedtime Stories (as)
The Boondocks - No free episodes on [as], first and second seasons on internet archive
The Eric Andre Show (as) - Eric Andre Does Paris only on [as]
Your Pretty Face Is Going To Hell (as)
Partial with Hulu:
Aqua TV Show Show / Aqua Teen Hunger Force Forever - rest on [as] (see above)
Mr. Pickles (as)- Missing season 3
Robot Chicken (as) - Missing season 9
The Venture Bros. (as) - Season 7 will come and go on [as]
Partial on Website and other sites:
Mike Tyson Mysteries - Few episodes of season 3 on website
Newsreaders - Complete season 1 on internet archive
Childrens Hospital - Seasons 1, 2, and 3 complete on internet archive
​
Not on Website, Lost Media, and Others:
Jack and Triumph Show - rights issue with NBC, no free streaming links atm, on itunes though
​

Bonus Archived Blocks / Non-Originals / Misc.:

I will be adding more to this list as I come across them
April Fools' Prank 2010 - Cut of all the bumps in between The Room with Space Ghost interviewing Tommy Wiseau
April Fool's Prank 2011 - The Room full block with Earth Ghost
April Fools' Prank 2012 - The Return of Toonami full block (Bleach, Dragon Ball Z, Mobile Suit Gundam Wing, Tenchi Muyo! Ryo-Ohki, Outlaw Star, The Big O, Yu Yu Hakusho, Blue Submarine No. 6, Trigun, Astro Boy, and Gigantor)
April Fools' Prank 2018 - Subbed Toonami (FLCL Alternative, Mind Game (full movie), JoJo's Bizarre Adventure: Stardust Crusaders, Hunter x Hunter, Naruto: Shippuden, Space Dandy, Cowboy Bebop, Ghost in the Shell: Stand Alone Complex 2nd Gig, and Scavengers)
Daylights Savings 2017 - Aqua Teen Hunger Force Colon Movie Film For Theaters aired in the extra hour for DST. Includes commercials and bonus episodes of King of the Hill, Rick and Morty, and Ben 10
Aqua Teen Hunger Force Banned Boston Episode - Unaired episode about their Boston bomb scare. Uncensored and unfinished!
Clerks: The Animated Series - aired Friday nights on adult swim in 2008
High School USA! - Fox series made by Dino Stamatopoulos (Moral Orel, Frankenhole). I'm not sure if this aired on adult swim or not.
Mission Hill - Classic old syndicated show. Individual episode playlist on internet archive or Youtube.
The PJ's - Old Fox series by Eddie Murphy.
Wonder Showzen - NOT an adult swim show but for anyone who is a fan of PFFR (Xavier, The Heart She Holler), this is an essential watch. Besides, adult swim wanted this show anyway.
If you notice any broken or missing links, please let me know! Likewise, if you have any material that could go here, leave a suggestion (I've personally been specifically searching for full blocks of their 16th Anniversary weeks). Happy Streaming!