All valid points. Let me add my two cents on a few things:
DKNG is doing exactly what it should be doing in regards to investing in growth. Agree on their tech... Best app around. My hesitation is that even the rosiest scenarios for the total available market for mobile sports gambling would tell you that the stock is overvalued. Doesn't matter in the near-term, but it probably will at some point... Especially if the timeline to open more states is lengthened.
Buying brick and mortar properties would kill DKNG's stock price. Look at what traditional casinos trade for... It's a different business. Investors would revolt. They want a pure play mobile gaming stock... Otherwise they'd buy MGM. PENN's regional casino biz is probably only worth about $30 of the $100+ stock price. If you own the stock, it isn't for that business.
One other thing that I'd note... There has to be some consolidation in this space going forward. No idea, of course, how that all plays out... But there are a ton of players and probably only a need for a few. MGM & CZR both getting ready to make a big push... DKNG PENN FLTR are already out in front. That's 5 right there. They are going to kill each other (and smaller players) on promotions in order to gain market share.