Why DraftKings Stock Rose Today
Shares of DraftKings (NASDAQ: DKNG) were up 5.4% by the close of trading on Thursday, just a few hours before the opening game of the National Football League's 2020 season.
Despite a dearth of live sports during the coronavirus pandemic, legal sports betting revenue jumped 18.9% year over year during the first seven months of 2020, according to the American Gaming Association. That growth is accelerating, with the resumption of live games in major sports leagues like the National Basketball Association helping to fuel an 86.2% surge in sports betting in July. Now, with the most popular sport in America about to begin its much-awaited season, sports betting could be set to soar.
DraftKings' stock climbed ahead of the NFL season opener. Image source: Getty Images.
Source Fool.com
