Just because sports are currently limited doesn’t mean DraftKings can’t enjoy a successful first public trading day as the sports betting firm managed to increase by 18% following its opening.
This was the first time that investors have been able to buy and sell shares of the sports betting platform, and it’s clear there was excitement in the air.
Prior to its public trading, DraftKings completed a merger with SBTech and Diamond Eagle Acquisition Corp, worth a reported $3.3 billion, which is what allowed the trading to start without the need for a direct listing or an initial public offering.
The merger actually made DraftKings the only sports betting operator in the country that is vertically integrated.
DraftKings Continues to Be a Force in the Market
While some companies in the sports betting arena may not be booming at the moment, DraftKings really hasn’t slowed down.
It has worked to offer all-new gambling opportunities to keep people excited and interested. Giving people the chance to wager on e-sports contests has proven to be a huge success, as entries on the first contest alone rose by a whopping 50-fold back in March.
The sports betting platform has also made it possible for people to bet on simulated matches that are taking place on various games. One of the more popular games being bet on is Madden NFL.
And it doesn’t stop there, DraftKings has continued to get creative even setting up contests and pools that are connected to a variety of Netflix series and TV shows.
This includes such shows as Top Chef, Survivor, Tiger King, and more. It’s this out-of-the-box thinking that is allowing DraftKings to stay at the top of its game and not suffer any massive loses while sports are on hold.
DraftKings CEO Jason Robins made the following public comments about investing in DK and the current crop of creative wagers:
“We have a good story that resonates with investors for the long term. We are seeing past investments in our products flourish as we continue to roll out innovative content that does not rely on major sports seasons and sporting events.”
DraftKings Moving Forward
While the unique pools and contests DraftKings has set up are certainly helping the company to weather this bump in the road, the long-term goal is to become a top-rated sports-betting platform and company.
The sportsbook is legal and being used in New Jersey, New York and six other states right now. The plan is to expand the business further and potentially move into more markets and states as sports return and the demand to place wagers increases:
“Eventually we do expect to start and to slowly return to a new normal, and at that time we expect that the momentum across the states for mobile sports betting will resume.”
So, while things may not look entirely normal for DraftKings as it goes public, it seems people aren’t concerned by it and are eagerly awaiting to see what the future holds for the sports-betting platform.
As a longtime freelance writer, avid sports fan, former athlete, and experienced sports bettor, Rick Rockwell has risen up the ranks at GamblingSites.org to become the self-professed "King of the Blog" in his first year with the site. ...
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