DraftKings’ stock is up a whopping 35% this year, an irony not lost on those who realize the company’s profits balloon as its user base loses more money. Yes, the louder the champagne corks pop at DraftKings’ headquarters, the more likely it is that their user base is simply losing money on consecutive bets.

Now, let’s flip this problem around: if DraftKings’ users start consistently winning, the company’s financial health would nosedive. The business model is, frankly, a bit of a paradox—it thrives on the losses, not the victories, of its customers. If people start winning, something’s wrong with their spreads, algorithms, and pay out structures. They are now paying out more money they are making.

So, as DraftKings’ stocks climb, remember that it’s essentially a celebration of gambler misfortunes.

In the grand casino of Wall Street, DraftKings’ success story is funded by the empty pockets of hopeful sports fans. And while investors may be laughing all the way to the bank, it’s worth remembering the darker side of where those gains are coming from.

Then again, I suppose that’s no different from cigarette stocks or traditional casino stocks from many years ago.