Argus downgrades DraftKings on prediction market competition

Argus downgraded DraftKings (DKNG) to Hold from Buy without a price target The company faces high customer acquisition costs, increased state taxes, and “aggressive” competition from the prediction markets, the analyst tells investors in a research note. The firm says DraftKings has also been losing market share in internet gaming in the U.S. It cut the company’s estimates and downgraded the shares.