Several more states voted to legalize sports betting last week, and the good news for the gambling industry continues: DraftKings and the owner of FanDuel both reported solid results this week thanks to the return of many live sports this summer.
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Investors who took a gamble on DraftKings stock when the company went public in April are sitting on a winning ticket. And the company might be one of the clearest examples of the market’s bet on America — and the world’s return to normalcy following the coronavirus pandemic.
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Although Major League Baseball has yet to start its season and the NBA and NHL have suspended play, gamblers still found other things to place wagers on. DraftKings reported $88.5 million in sales for the quarter, a 30% increase from a year ago.
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DraftKings, a company that runs fantasy sports games and lets people make legal wagers on sporting events, said late Thursday it will go public on Wall Street Friday in this coronavirus-induced sports vacuum.
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