Draftkings Inc Stock Price, News & Analysis

DraftKings has partnered with the Mashantucket Pequot Tribal Nation to facilitate online sports betting in Connecticut, pending regulatory approvals. This multi-channel agreement will allow DraftKings to expand its presence in New England and become the official daily fantasy sports partner of Foxwoods Resort Casino. With mobile sports betting already operational in 10 states, this partnership aims to generate $175 million in new revenue for Connecticut over five years. The launch of daily fantasy sports is set for December 13, 2020.

DraftKings (Nasdaq: DKNG) announced that CEO Jason Robins will participate in the UBS Virtual TMT Conference on December 7, 2020, with his presentation scheduled for 1:55 PM ET. The conference will be available via live video and audio webcast, accessible through investors.draftkings.com. Founded in 2012, DraftKings is a leading digital sports entertainment and gaming company, providing services across various regulated markets.

DraftKings partners with the Detroit Pistons as their exclusive Official Daily Fantasy Sports Partner and Official Sports Betting and iGaming Partner. This deal includes access to team trademarks, branded signage, and prize opportunities for fans. As DraftKings prepares to launch in Michigan, the collaboration aims to enhance fan engagement. The company offers a free $200 bonus for new customers in Michigan, while the Pistons plan to leverage this partnership to strengthen community ties. The agreement marks a significant move into a new market for DraftKings.

DraftKings has been named the Official Sports Betting Partner for the boxing match between Mike Tyson and Roy Jones Jr. scheduled on November 28, 2020. The event will include betting options through DraftKings in several states and a free-to-play pool available nationwide. This collaboration allows DraftKings to enhance viewer engagement with exclusive sportsbook data and branding throughout the event. With significant celebrity involvement and a $49.99 pay-per-view price, this matchup aims to attract a wide audience.

DraftKings Inc. (Nasdaq: DKNG) reported a strong third quarter of 2020, achieving revenue of $133 million, which is a 98% increase from $67 million in Q3 2019. Following a successful return of major sports, the company raised its 2020 pro forma revenue guidance to $540-$560 million and introduced a 2021 revenue guidance of $750-$850 million. The growth is attributed to innovative products, a 64% rise in monthly unique payers, and expansion into new states, including Illinois. DraftKings now operates in 10 states, representing 20% of the U.S. population.

DraftKings has formed an exclusive, multi-year partnership with Bryson DeChambeau, who is the sixth-ranked professional golfer, to enhance its brand in the gaming industry. This collaboration will make DeChambeau the face of DraftKings golf, starting with the 2020 Masters, where the DraftKings logo will appear on his cap. Golf has seen significant growth in betting, with the 2019 Masters among the top five events. DraftKings is also introducing a $100,000 free-to-play pool during the 2020 Masters, showcasing its innovative approach to fan engagement.

DraftKings announced the launch of its mobile sportsbook app in Tennessee on November 1, marking its entry into the ninth state for legal online sports betting. The app provides innovative promotions, betting types, and is tailored to local interests. With high anticipation for sports betting in Tennessee, a DraftKings study indicated that 82% of residents favor online wagering, with a strong interest specifically in DraftKings’ products. The company aims to leverage local sports enthusiasm, promising an engaging experience for Tennessee fans.

DraftKings Inc. has announced a multi-year sponsorship agreement with the University of Nevada, Las Vegas, granting the company naming rights to the Center for Gaming Innovation. This collaboration allows DraftKings to establish the DraftKings Gaming Innovation Studio at UNLV, enhancing access to local talent and fostering innovation in online gaming. The partnership aims to strengthen DraftKings’ ties with the Las Vegas community and promote advancements in gaming technology. The agreement comes after DraftKings’ establishment of a 300-person office in Las Vegas earlier this year.

DraftKings Inc. has renewed its partnership with MansionBet, a leading U.K. sportsbook, to continue powering its sportsbook and casino platforms. This long-term agreement includes a comprehensive suite of managed services such as compliance and fraud prevention. MansionBet aims to enhance its customer offerings, particularly in horse racing, by utilizing DraftKings' technology, including additional streaming options. DraftKings emphasizes its role in transforming fan engagement in sports through innovative solutions.