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Need A Stocking Stuffer? DraftKings Now Has Sports Betting Gift Cards

Chris Katje
·1 min read

One of the largest sports betting companies in the United States announced a partnership to launch gift cards in time for the holidays.

Gift Card Partnership: InComm Payments is launching the industry’s first retail gift card in the sports betting market with an offering from DraftKings Inc (NASDAQ: DKNG).

The DraftKings gift cards will be available in denominations of $25 and $50. The gift cards will be sold at InComm retailers that include 7-Eleven, Speedway, Dollar General and Sheetz.

The gift cards could help DraftKings acquire new customers and also come at a time when gift cards could be a popular option during the pandemic.

Related Link: The Rush Street Interactive SPAC: An Underrated Sports Betting Play?

New York Moving Closer: DraftKings may also have positive news in the sports betting world with New York getting closer to legalizing online sports betting.

Gov. Andrew Cuomo suggested sports betting as a way for the state to raise revenue for a $50 billion state and local debt level.

“Are there other ways to get revenue? How about marijuana? How about sports betting?” Cuomo said in the briefing, according to LegalSportsReport.

Cuomo has been seen as the biggest roadblock to the state legalizing sports betting, but could now be coming on board thanks to the success of neighboring New Jersey and its record-setting results.

“This should strengthen the push to add online sports betting to the revenue bill in New York,” Matias Dorta of Roundhill Investments told Benzinga on the New Jersey results.

DKNG Price Action: Shares of DraftKings closed up 7% to $53.80.

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© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.