Why DraftKings Stock Soared 48% in November
Shares of DraftKings (NASDAQ: DKNG) rocketed 48% higher last month, according to data provided by S&P Global Market Intelligence, following a host of positive developments for the online betting company.
DraftKings' stock price got a boost early in November after voters in three states -- Maryland, South Dakota, and Louisiana -- approved measures to legalize wagers on sporting events. They'll join 21 other states that already allow such bets to be made, thereby expanding DraftKings' already sizable market opportunity.
DraftKings' stock rose sharply after more states moved to legalize sports betting. Image source: Getty Images.
Source Fool.com
