Why DraftKings Stock Jumped 8.4% Today

Shares of DraftKings (NASDAQ: DKNG) had another strong day on Friday on the back of news that it will launch its online sportsbook in New York tomorrow. Shares traded as much as 8.4% higher and are up 4.5% at 1:20 p.m. ET. 

The state of New York passed an online gambling bill in April and recently approved DraftKings, Caesars Entertainment, Rush Street Interactive, and FanDuel, which is owned by Flutter Entertainment, to operate online gambling in the state. This opens up one of the country's largest markets to online gambling. 

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Source Fool.com