As optimistically expected, shares of leading sports wagering company DraftKings Sportsbook jumped more than 9% in premarket trading Friday after the company reported better-than-expected third-quarter results and a noticeable surge in users.
The following are a synopsis of the results and corporate highlights:
“The resumption of major sports such as the NBA, MLB and the NHL in the third quarter, as well as the start of the NFL season, generated tremendous customer engagement,” DraftKings CEO Jason Robins said in a press release.
DraftKings Sportsbook spent millions last quarter on its partnerships, including with Michael Jordan in an equity deal, the New York Giants, Chicago Cubs, and ESPN.
The company had been looking to increase its brand exposure as it fought to gain market share in the expanding sports betting landscape. Currently, 19 states, plus Washington DC allow online sports betting. Six US states have legalized sports wagering but are not yet operational, while two states are working on legislation to allow betting.
Last month DraftKings signed a deal to integrate its content with AT&T’s (T) Turner Sports platforms. The agreement made DraftKings the exclusive sportsbook and daily fantasy sports provider across select Turner Sports and Bleacher Report properties.
Look for DraftKings Sportsbook to continue their aggressive posture of making deals with major media companies, US sports teams, and software companies in 2021, retaining their position among the leaders in the sports wagering industry.
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Larry Gibbs is both a seasoned journalist and a respected online gaming industry consultant. His wry commentary & sharp analysis have appeared in numerous top gaming and sports wagering publications. He has also served as Vice President of US Gaming Services, a marketing research organization with 15 years of experience in US online wagering. He has spoken at noted gaming industry conferences including G2E, GiGSE, and NCLGS.
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