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An investigation: Hindenburg Research (DKNG)

FIRST, WATCH THIS VIDEO: Down with Hindenburg

Hey retards, I’ve decided to take a break from posting memes and offer a rebuttal to the Hindenburg’s recent fud article they wrote about DKNG. Before I begin, here’s my track record.

In this post, I will discuss the following: what is Hidenburg Research, who is their CEO, Nathan dick-fuck Anderson, then I'll breakdown the Hidenburg Fud article about DKNG. Their evaluation of DKNG. The connection between DKNG, SBTech and the illegal sportsbook market. Lastly, why Hidenburg wrote this article. And of course- there’s a tl;dr at the bottom. Let’s fucking go nerds.

What is Hindenburg Research?

bad guys

Hindenburg Research does exactly what a lot of us do here, they construct DD's and release them onto the public hoping that others will join in on their idea and together make a lot of money. As of lately they've been kind of right, ex: Nikola (was trash we all knew it), Kandi (again trash), Lordstrom Motors (debatable), Clover too (but this one was a flop). Anyway, so HR (Hindenburg Research) looks for heavily invested-retail stocks, with heavy-bull $$$$, they enter these massive short positions and then they construct these intricate DDs called "investigations" on why you should short with them, then the next day, the stock will drill, HR will take profits and the stock either flops or goes back to business in a few months. The big difference maker between our DDs and their DDs is they have fucking money to distribute their idea. I think they were right about the previous companies, but they're definitely stretching with DKNG.

Who is Nathan "Dick Sucker" Anderson?

Ugly MF

Nathan Anderson is an absolute crook.- the CEO of Hindenburg. This guy literally think's he's God's gift, check out his twitter.


But when he manipulates the public it's okay?

Shorted CLOV, then bragged about how his company made money and WSB is insane.

You can check out his twitter for your own eyes, but this guy is an absolute dick-wad and he really think's he is better than everyone on WSB/retail bros, just because he's had three successful trades, but I think he turned on the wrong stock with DKNG. So we've established that he's a dick head, but what else about him? He's also been investigated for pump and dump cases before.

Absolute hedgie crook.

Court Filing Link Here

Sounds pretty similar to DKNG, doesn't it? Making up information for their own financial gain. You can read more about it here. Essentially, Anderson was releasing fake sources and articles through an alias of a company that was linked to HR. Promoting their idea and trying to profit off false information.

He's currently being Investigated by the SEC? – Source

Not sure how accurate this is, but supposedly, he's currently being investigated by the SEC for Misconduct. I guess their website keeps getting taken down by the SEC for investigation. To conclude, Nathan Anderson, is an absolute corporate, pump and dump, shill artist. He doesn't like WSB as you can tell from his tweets and he thinks he's God's gift to drop and article and just instantly make money, regardless of whether it's valid or not. Fuck that Dickhead. This guy, his tweets, his actions should be enough alone to fight against this guy and any company he shorts.


The article is absolute trash, if you haven't seen it yet- here it is.

There's basically two key arguments. The first, DraftKings is tied to illegal revenue streams (poor sources). Second, DraftKings is overvalued (with some weak fundamentals) So I will be discussing these two arguments and talking about why they're dead ass wrong and/or just plain don't matter.

Before we go in, please watch this CNBC segment from yesterday morning. They explain it very well. TL;DR, SBtech has little to no value for DKNG.

SBTECH – "the illegal revenue stream"

SbTech may or may not have been involved in some shady business altercation back in 2014-2017. You can be the judge of that, but I can assure you that as of the DKNG acquisition, they are most likely clean.

What is SBTech?

Essentially, SBTech creates the platforms for sportbooks. They are the data analytics. They don't own psychical sportsbooks, rather they create the software for websites to lease out and use for their own branding. HR believe's that SBTech has been leasing their software to illegal sportsbooks in Asian via a pseudo company, BTI company (kind of ironic right, the man who used pseudo accounts to spew false information- is now accusing another company of using a pseudo name), all because of their locality (their offices are close – they offer a picture of google maps to show this lmao??), they have similar source code (they literally went into google chrome and inspected their website code, you can find similar script comparing source code for ANY website) and their CEO (BTI Company) is friends with the founder of SBTech (people who are in similar business tend to work together). But the factor of the matter is, a quick google search from Bit Core Tech, and SBTech can tell you that the two companies are COMPLETELY DIFFERENT. Lastly, they use hypothetical sources, stating that they talked to prior employees of SBTech, saying everything they do is illegal, are you actually going to trust a Hedgie who's manipulated information before, I Know I'm not. Regardless, does it even matter?


What's kind of crazy, is that they (SBTech) have an exclusive deal with the state of Oregon, yet HR thinks that their research team is able to do a better investigation than the state of Oregon, and the Department of Justice. Not only that, the laws associated with establishing a mobile sports gambling license are insane, to think that state and federal investigations weren't able to find any illegal activity is down right laughable.

They estimate that roughly half of SBTech's 2020 revenue came from unregulated markets, and about 10% of DKNG's B2B revenue comes from SBTech, so what does that mean? That mean's they're creating fud, this is funny, just wait. Let's say that hypothetically speaking they're right, and DKNG is committing to fraudulent revenue streams, how does this affect their current revenue?

B2B revenue = $31,429,000 (SBTech accounts for 10%) = $3,142,900 total revenue to DKNG

$312,376,000 TOTAL revenue so far in 2021

Yeah, so worst case scenario, HR is right and DKNG has to remove SbTech from their revenue, damn. Looks like they lost a whopping ~1% of their current revenue stream. Not a massive hit considering they only have access to 25% of the current U.S. Population.

Bullet point 2 – 25% of U.S. Population

June 2020 to Current

Another big point for HR was that insiders were selling. Who the fuck cares- when has insider selling ever been a clear bearish since, news flash , it hasn't. You don't even know what they're doing with that money. They could be investing BACK into the company for all well know. Plus, this back tests back to JUNE of 2020, literally a few months after they dropped the SPAC. Who knows if any of these sales are due to SPAC merger. What's way more important is institutional purchases

the mouse

BlackRock, Vanguard, JPMorgan? – This list is outdated, you can find the updated list here. I just took the image from my previous DD, which will be linked below.

Who cares if insiders sold a total of 32 million shares, when Walt Disney, Vanguard, ARKK and BlackRock are holding and continuing to buy about ~50 million shares. The craziest part of it all. CATHIE WOODs, our fucking Queen, added an absolute fuck ton today.


If you question the valuation of DKNG, please check out my previous DD here:

Closing Statement – Who are you going to trust, a DKNG Investor, User, and Lover, me (and Queen Cathie Woods) or Nathan Anderson the CEO of Hindenburg Research, your corporate crook on steroids, he brags about being better than you're average retail investor/wsb'r on his private twitter, he's been charged in a previous pump and dump scheme for spreading false information under a pseudo name and he may or may not be currently under the investigation by the SEC. His current allegations against DraftKing's is another one of his pump and dump's of fake news. DKNG is undervalued, his accusations of illegal revenue would't even matter if they were real, as SBTech only accounts for 1% of DKNG's current total revenue. In this expanding sports-gambling market, their B2B sales will be completely irrelevant as their Sportbook Sales Revenue will just about ~10x in the next few years as their reach the remaining 75% of the U.S. population. Don't listen to the hedgies. Goodluck out there.

I just like the stock.

tl;dr – Nathan Anderson – Hindenburg Research is big bad. DKNG is good

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