Yahoo Finance DraftKings (DKNG) to Launch Its Online Sportsbook in Kansas
DraftKings Inc. DKNG recently announced the launch its online sportsbook in Kansas on Sep 1, 2022. The launch has been planned at the busiest time of the year, prior to the beginning of the 2022 National Football League and college football seasons.
This will allow eligible sports fans in Kansas to access the latest variety of legal and regulated bets including player props, special odds boost selections and more by downloading the DraftKings Sportsbook app available via iOS and Android.
Furthermore, prospective players will also be able to experience the first-ever blockchain-based gaming franchise, Reignmakers Football, which recently revealed Player Card NFTs for fans to collect and play within new fantasy contests all NFL season long.
Kansas would be the 18th U.S state to have DraftKings sports betting activities along with Ontario and Canada. Prior to this, DraftKings launched the online sportsbook (OSB) in Maryland, Ohio and Puerto Rico, making the sportsbook app available to 44% of the U.S. population.
DraftKings Inc. Price and Consensus
DraftKings Inc. price-consensus-chart | DraftKings Inc. Quote
Growing Efforts to Boost Player Growth
Complementing sportsbook is DraftKings' recently launched Same Game Parlay (SGP), which allows users to combine multiple betting outcomes from the same game into one parlay bet.
Besides in-app parlay merchandising, the company also rolled out Parlay Insurance, which will allow customers to avoid an outright loss of one of the legs in their parlay.
DraftKings recently increased its focus on innovation or feature enhancements like the Web3 strategy, which implements use cases for blockchain and NFT technology that form a vital part of their core business and disrupt the sports fan experience.
DraftKings is also focusing on its iGaming product as it captures the marketing, gross margin, and general and administrative synergies from Golden Nugget Online Gaming (GNOG) that it recently acquired. It is also working on migrating the GNOG guest to the DraftKings platform.
After introducing markets for Major League Baseball, and being the first to release look-ahead lines for all 272 NFL games, DraftKings prepares to have more markets for the NFL that it plans to roll out when the season starts.
What's Next for DraftKings?
DraftKings will face a clash in Kansas as FanDuel is also launching its online sportsbook in the same state and on the same day. DraftKings will lose players to its rivals if it fails to provide differentiation in its activities.
This could result in a further drop in the company’s shares, which have declined 41.5% year to date in comparison with MGM Resorts International’s MGM decline of 27.3%. The Zacks Gaming industry fell 37.6% in the same period.
Zacks Rank & Stocks to Consider
DraftKings has a Zacks Rank #3 (Hold), currently.
Some better-ranked stocks in the Consumer Discretionary sector are BJ's Wholesale Club BJ and Intercontinental Hotels Group IHG, both sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
BJ’s Wholesale Club’s shares are up by 13.40% while Intercontinental Hotels Group’s shares are down 9.11% on a year-to-date basis.
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Intercontinental Hotels Group (IHG) : Free Stock Analysis Report
MGM Resorts International (MGM) : Free Stock Analysis Report
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DraftKings Inc. (DKNG) : Free Stock Analysis Report
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