Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Put Spread trade opportunity for DRAFTKINGS INC. CLASS A COMMON STOCK (DKNG) for the 7-May-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. DKNG was recently trading at $57.33 and has an implied volatility of 61.86% for this period. Based on an analysis of the options available for DKNG expiring on 7-May-2021, there is a 34.13% likelihood that the underlying will close within the analyzed range of $48.73-$57.33 at expiration. In this scenario, the average linear return for the trade would be 73.59%. Big -7.99% Change: After closing the last trading session at $62.31, DRAFTKINGS INC. CLASS A COMMON STOCK opened today at $61.35 and has reached a low of $57.14. Trade approach: A movement as big as -7.99% is a significantly bearish indicator, so this trade is designed to be profitable if DKNG maintains its current direction and does not revert back to pricing on the bullish side of $57.33 on 7-May-2021. If possible, the trade has been padded such that slight movement against the trade would still return a profit. Upside potential: Using this bearish strategy, the trade would be profitable if DRAFTKINGS INC. CLASS A COMMON STOCK closes at or below $57.34 on 7-May-2021. Based on our risk-neutral analysis, there is a 50.03% likelihood of this return. Downside risk: As with any options trade, there is a substantial downside risk where you may lose most or all of your investment. To analyze this trade in depth, please visit the Quantcha Options Search Engine.