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DraftKings expanded an existing deal with the National Football League on Thursday.
What Happened: The National Football League and DraftKings Inc (NASDAQ: DKNG) expanded an exclusive daily fantasy partnership to Canada.
The existing deal signed in September 2019 was limited to the United States as an exclusive deal between the two parties.
Why It’s Important: Daily fantasy sports is growing in popularity. More importantly, this could give DraftKings a great entry into Canada and the ability to gain a strong user base of daily fantasy sprots users before sports betting is legalized in the country.
Bill C-13, which is in legislation in Canada, would allow provinces and territories in Canada to permit online and physical sports betting.
DraftKings and FanDuel are among the leaders in the online sprots betting market, and some of that success could come from their early entry in daily fantasy sports.
If DraftKings can gain a large pool of daily fantasy users, it could cross-promote its sports betting if Canada legalizes.
DKNG Price Action: Shares of DraftKings were up 2.84% to $61.82.
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