DraftKings Dominates Online Gaming, Stocks Projected To Continue Growth
DraftKings is projected to dominate the online gaming market as stocks move higher as time goes by.
The sportsbook industry has already cemented its foothold in the US. The amendment in the gambling laws of the country in 2018 paved the way for the regulation of sportsbooks and other online gaming platforms.
More than 18 states in the US started controlling and regulating sportsbooks as they seek an alternative source of revenue.
The industry has contributed billions of gaming taxes since the ban was lifted in 2018. States have licensed sportsbooks to shift the attention of gamblers from illegal gambling to regulated-gaming outlets. Casinos needed to adapt to the changes in the gambling landscape around the world. Launching sportsbooks became one of their options to compete in the digitally changing gambling industry.
Change in the global gambling market
Land-based casinos are having a hard time coping with the damage brought by the novel coronavirus. In the last four months, casinos saw a massive decline in revenue as governments imposed lockdowns. People were trapped inside their homes, relying on the internet for services. Companies around the globe are moving towards the new normal by changing their focus to tech companies.
DraftKings is on a strong bull run after it was publicly-listed, through a merger with Diamond Eagle Acquisition Corp., in April. DraftKings stock is moving steady but suffered a decline in the past month by 18 percent. The high hope for the return of sports caused the rise in shares of the company.
However, health regulators report implied that sports won’t be resuming soon because of the fast-rising cases of new coronavirus infection across the country. Reports are indicating that the country is moving towards the second wave of the coronavirus infection. States are now implementing strict health and safety protocols to reduce the spread of the disease.
DraftKing is currently competing on the market, estimated between $18 billion and $24 billion. Experts believe that the company’s market share will continue growing as people start placing bets online. Experts say a long term story for Draftkings’ stocks as people remain scared going back to casinos due to the continuous spread of the virus.
Lift of ban for sportsbooks and DraftKings stock
The US Supreme Court lifted the ban for sportsbooks in 2018. It paved the way for the legalization of sportsbook operations in more than 18 states. DraftKings became the leading sportsbook operator in the county since the implementation of the new legislation.
The company recently launched its sportsbook outlet in Mardi Gras Casino in Colorado. The company has been expanding its operations. It now has seven sportsbook operations in casinos in different locations including, New York, New Jersey, Mississippi, and Iowa.
The new DraftKings Retail Sportsbook has debuted on Friday, July 10. Coloradan can now place their bets on their favorite professional sports teams on the casino floor.
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