This was the day the U.S. Supreme Court ended the federal ban on sports gambling, allowing states to decide for themselves whether to make sports gambling legal for their residents. Five years later, the market has exploded in the U.S. Over 20 states have legalized online sports betting with tens of billions of dollars spent yearly by gamblers betting on football, basketball, and more through these online portals. One popular stock in this sector is DraftKings (NASDAQ: DKNG), a leading online sports betting platform.
DraftKings (DKNG) introduces "Pick6," a fantasy sports variant that operates on a peer-to-peer model.
ESPN Bet's launch will disrupt the sports betting industry and impact major players like DraftKings.