Why DraftKings Stock Jumped Today
Shares of DraftKings (NASDAQ: DKNG) popped 9.8% on Friday after the daily fantasy sports and online gambling leader reported its second-quarter results before the market opened and lifted its 2022 financial forecast.
DraftKings' revenue surged 57% year over year to $466 million in the second quarter. The company's entrance into Ontario, Canada's online sportsbook and casino markets in May helped to bolster its growth. The recent acquisition of Golden Nugget Online Gaming also contributed to the gains.
People continue to gravitate to DraftKings' gambling platforms despite the challenges wrought by inflation and other economic headwinds. Its average monthly unique paying business-to-consumer customers jumped by 30% to 1.5 million. Those customers also placed more wagers, which drove a 30% increase in average revenue per payer to $103.
Source Fool.com
