Draftkings Inc Stock Price, News & Analysis

DraftKings has announced a partnership with the Colorado Rockies, becoming their Official Daily Fantasy Operator and first Official Sports Betting Operator. The agreement includes branding rights and a digital content collaboration. Additionally, DraftKings will open a retail sportsbook at Mardi Gras Casino in Black Hawk, Colorado, on September 25, 2020, featuring over 40 TVs, self-service kiosks, and a full-service bar. These developments mark a significant expansion of DraftKings' presence in Colorado, enhancing engagement with local customers.

DraftKings (Nasdaq: DKNG) announced the appointment of Jocelyn Moore and Valerie Mosley as new board directors, effective September 23, 2020. This expansion adds two seats, increasing the board to 15 members. Moore, with extensive experience in communications from her tenure at the NFL, and Mosley, a former executive at Wellington Management, are expected to bring innovative perspectives to the board. Their appointments align with DraftKings' commitment to growth and social responsibility, further supported by Michael Jordan serving as a Special Advisor.

DraftKings has partnered with the New York Giants in a multi-year agreement, becoming the team's official sports betting, iGaming, and daily fantasy operator. This collaboration allows DraftKings to utilize official Giants branding and create a virtual SportsLounge for unique fan interactions. The Giants, currently the top 40 most bet franchises on DraftKings, will also feature a Free-to-Play Pick 'Em game. The partnership completes their commitment to enhancing customer experiences and will leverage Giants' media platforms for advertising.

DraftKings Inc. (Nasdaq: DKNG) announced a multi-year partnership with ESPN, becoming a co-exclusive sportsbook link-out provider and the exclusive daily fantasy sports provider for the media giant. This collaboration enables DraftKings to integrate its products across ESPN's digital platforms, potentially increasing visibility and user engagement. The agreement also includes promotional segments on ESPN studio shows. DraftKings aims to leverage this partnership to enhance mainstream adoption of its sports betting products.

DraftKings has appointed Erik Bradbury as Chief Accounting Officer effective September 10, 2020. With over 16 years in corporate accounting, Bradbury previously served as a Partner at Ernst & Young and as a Professional Accounting Fellow at Financial Executives International. His expertise in U.S. GAAP, IFRS, and SEC reporting is expected to strengthen DraftKings' accounting team, aiding its growth. Bradbury will oversee crucial functions, including SEC reporting and operational accounting, contributing to the company’s financial integrity as it continues to expand.

DraftKings (Nasdaq: DKNG) announced CEO Jason Robins will speak at three upcoming investor conferences. The SBC Summit is scheduled for September 8, 2020, at 4:00 AM ET, followed by the Goldman Sachs SPACs conference on September 9, 2020, at 3:35 PM ET, and the Bank of America Gaming and Lodging Conference on September 17, 2020, at 11:20 AM ET. Presentations will be live-streamed on investors.draftkings.com.

DraftKings is a leading digital sports entertainment and gaming company, offering a wide range of products in regulated gaming markets.

DraftKings Inc. (Nasdaq: DKNG) has launched its second retail sportsbook, DraftKings Sportsbook at Manchester, in collaboration with the New Hampshire Lottery and South Side Tavern. Located in a popular bar and restaurant, this facility includes numerous betting kiosks and a large viewing area for sports events. The $2.5 million renovation includes new safety measures against COVID-19. This expansion follows the successful mobile betting launch in New Hampshire in December 2019, enhancing DraftKings' footprint in the state as a premier sports betting provider.

DraftKings reported second-quarter 2020 GAAP revenue of $71 million, up from $57 million in Q2 2019. On a pro forma basis, revenue was $75 million, down from $83 million. The company ended the quarter with over $1.2 billion in cash and no debt. Despite major sports leagues being on hiatus, DraftKings engaged fans with new products, leading to sequential revenue improvement. The company provided fiscal year 2020 pro forma revenue guidance of $500 million to $540 million, indicating a 22% to 37% growth year-over-year.

DraftKings Inc. (Nasdaq: DKNG) has opened New Hampshire's first retail sportsbook at The Brook, enhancing the state's sports betting landscape with new safety measures. This launch coincides with the return of major U.S. sports and marks DraftKings' eighth retail location nationwide. The sportsbook features modern amenities, including betting kiosks and video walls, within a dedicated entertainment space. New Hampshire Lottery officials report over 42,000 registered users for mobile betting since its launch in December 2019, contributing over $65 million in sports betting revenue.