Topic: How To Invest

Power Growth Investor Hotline – Friday, May 24, 2024

Article Excerpt

DRAFTKINGS INC., $40.81, is still a buy. The digital sports entertainment and gaming company (symbol DKNG on Nasdaq) currently provides sports betting in several U.S. states: Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Louisiana, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia, Wyoming, Ohio, Kentucky and Massachusetts. As well, the company recently launched its online sports book and online casino products in Ontario. DraftKings has completed the acquisition of Jackpocket, the leading lottery app in the U.S., for $750 million. The acquisition lets DraftKings expand into the massive U.S. lottery industry and strengthens its position in Sportsbook and iGaming through cross-selling those service to its new lottery customers. Going forward, the company should remain the dominant player in the expanding U.S. sports-betting market, and it has lots of room to expand as more U.S. states legalize online sports betting. DraftKings holds $1.2 billion in cash to help it continue to prosper, and the company’s online business model is a big…