Why DraftKings' Stock Jumped 6.6% on Wednesday

Shares of sports betting company DraftKings (NASDAQ: DKNG) were up as much as 6.7% in trading Wednesday after announcing it's the official partner of the upcoming Mike Tyson versus Roy Jones Jr. fight. Shares of the stock were up 4.8% at 3:40 p.m. EDT. 

The fight on Nov. 28, 2020 is the latest in a string of key partnerships for DraftKings as the company attempts to build scale in its sports-betting business. And the boxing business is another high-potential market that could be turning to online gambling locations because it's harder to visit physical gambling locations due to COVID-19.

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Source Fool.com