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Monday, March 8, 2021

DraftKings Inc. (DKNG): Are Investors Missing The Big Picture?

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Sports betting continues to grow as more US states legalize it, and DraftKings Inc. (NASDAQ: DKNG) is also taking advantage of this growth. DraftKings is a platform for online gambling and betting. In recent quarters, the company has expanded significantly in the US market, where it operates in several states.

Due to the legalization of online sports betting in more jurisdictions, this trend will only continue. According to estimates by some analysts, the online sports betting and gambling market could top $58 billion a year in the United States.

Most states today legalize sports betting. As betting popularity increases, so do the stakes. According to the Play Pennsylvania website, sports betting in Pennsylvania reached $548.6 million in December 2020. Online bets accounted for over 97% of all wagers. According to a report, New Jersey currently leads the way in sports betting, while Nevada is third behind Pennsylvania. The state’s sports betting revenue in November 2020 was $525.8 million. In Pennsylvania, DraftKings has processed more than $100 million in sports betting in the past month.

DraftKings Inc. (DKNG) has also announced a partnership with Bleacher Report and plans to start Michigan operations. As a result, the company will be able to process betting offers based on specific events or players during the Super Bowl.

By entering into partnerships with major sporting events and cable networks, DraftKings strengthens its brand. The company has recently expanded outside the US, partnering with South African Peermont Hotels, Gaming, and Resorts. A significant part of DraftKing’s international strategy has been to expand internationally. In eight countries, the company is currently offering its services, including Ireland and Austria.

DraftKings Inc. (DKNG)’s shares started the day at $53.56 and reached an intraday high of $54.4454. During Thursday’s trading session, the stock also fell to $52.66 intraday. Stocks of DraftKings Inc. are extremely active, and their trading volume on Thursday surpassed 56.13% of the average daily trading volume. A total of 8.63 million shares were traded on Thursday, which is more than 56.13% of the average daily volume of 8.63 million shares.

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