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DraftKings (DKNG) Unveils Sportsbook Platform in Virginia

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Zacks Equity Research
·3 min read
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DraftKings DKNG recently extended its sports betting footprint by introducing its digital Sportsbook app in Virginia.

The mobile sports-betting app will allow Virginian customers to bet on more than 250 leagues, including well-known professional sports such as baseball, football, golf, hockey, boxing, soccer, tennis, motorsports and basketball.

Additionally, sports betters will be able to bet across collegiate sports except for in-state college teams and college prop bets.

Strength in Sports-Betting, iGaming Platforms: Key Positives

The legalization of sports wagering across multiple states has garnered interest from sports-betting customers on DraftKings’ Sportsbook app. Additionally, significant traction in online gambling on platforms such as online poker, casino games and lottery is a major positive.
Moreover, strong demand for iGaming, such as online Blackjack and Roulette, has driven momentum in the company’s iGaming platform. This has also improved its competitive prowess against the likes of Capcom and Boyd Gaming BYD.

Additionally, the resurgence of major sporting events after coronavirus-induced sports cancellations has further accelerated customer engagement on the company’s e-sports betting platform.

Furthermore, a strong content portfolio due to partnerships with major sports teams, such as Major League Baseball, Chicago Cubs, New York Giants, Colorado Rockies and Nashville Predators, along with similar deals with Disney’s DIS ESPN and Turner Sports, a subsidiary of AT&T's T WarnerMedia, helps the company attract new customers, thereby aiding customer acquisition.

Notably, in the third quarter of 2020, DraftKings’ average monthly unique payers grew 64% year over year from 621,000 to 1,021,000. This growth was primarily driven by increased user engagement on its sports-betting and casino platforms.

Moreover, the introduction of the company’s mobile Sportsbook app and iGaming platform across several new states bodes well for the company’s top line over the long haul.

The recently announced launch in Virginia brings the company’s mobile sports-betting app to a total of 12 states in the United States. DraftKings launched its mobile Sportsbook and Casino app in Michigan, on Jan 22. Michigan and Virginia together comprise 6% of the U.S. population, thereby increasing the company’s total addressable market.

Markedly, the company provides sports-betting services and gaming technologies to more than 50 operators across 17 countries, reflecting its strong market presence.

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