The U.S. digital sports entertainment and gaming company, DraftKings Inc. (DKNG) was down -1.94% on Monday to close trading at $41.50. But the company’s shares rose +16.18% over the past week following reports of the legalization of sports betting in several other US states.
Stocks of the online sports betting and fantasy sports matchmaking company are up 57.97% while the performance significantly increases to a rise of 287.85% from year to date.
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In the coming months, the states of Louisiana, South Dakota and Maryland will authorize their people to bet on sporting events. DraftKings will be one of the winners of this legalization, since it is the leading outlet for daily sports, sports betting, and iGaming opportunities. So far, sports betting have been legalized in 21 US states.
Overall, against the context of the accelerated legalization of sports betting in the United States, favorable conditions are being generated for DraftKings. The urge of state administrations to raise tax revenues, which were decreased due to the COVID-19 pandemic and the closure of many enterprises, is possibly one of the reasons for this. In the United States, the demand for online sports betting and gambling may hit $58 billion a year, according to some analysts.
By entering into collaboration deals with sports teams and TV channels that highlight sports events, DraftKings is improving its brand. The business has enough cash for now to pursue its investment-based approach.
Outside the US, DraftKings is also extending its reach. The business has recently collaborated with Peermont Hotels, Gaming and Resorts, an award-wining South African hospitality and entertainment firm that operates 13 properties located across the country. This expansion is part of the international strategy of DraftKings, which has been pursued by the organization for many years. Its services are currently provided by the organizations in eight countries, including Austria and Ireland.