U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
BOSTON - DraftKings Inc. (NASDAQ:DKNG) announced Friday it has been granted a direct mobile sports betting license by the Missouri Gaming Commission, allowing the company to operate independently across the state without requiring affiliation with a land-based casino or professional sports team. The company, which has seen impressive revenue growth of 25.8% over the last twelve months, continues its expansion amid strong market performance, with the stock up nearly 28% over the past year.
The online sportsbook is expected to launch on December 1, 2025, pending final regulatory approvals. DraftKings secured one of only two direct mobile licenses available in the state.
"Missouri is home to several professional teams and deeply passionate fanbases," said Matt Kalish, President of DraftKings North America.
Once operational, Missouri will become the 29th U.S. state where DraftKings offers regulated sports betting. The company also operates in Washington D.C. and Ontario, Canada.
DraftKings provides responsible gaming tools including My Stat Sheet, which allows customers to monitor their gaming activity, and My Budget Builder, which helps players set custom limits and reminders.
Earlier this year, the company made a charitable donation to the St. Louis Tornado Response Fund to support recovery efforts following the tornado that struck the Greater St. Louis area in May.
The company, headquartered in Boston and founded in 2012, offers products across daily fantasy sports, regulated gaming, and digital media. DraftKings has partnerships with major sports leagues including the NFL, NHL, PGA TOUR, WNBA, and UFC. For detailed analysis and 12 additional exclusive insights about DraftKings, including Fair Value estimates and financial health scores, visit InvestingPro.
This information is based on a press release statement from DraftKings.
In other recent news, DraftKings Inc. reported impressive second-quarter earnings, with revenue reaching $1,513 million, marking a 37% year-over-year increase. This performance exceeded both Guggenheim’s estimate of $1,388 million and the consensus forecast of $1,424 million. As a result, several firms have adjusted their outlooks on DraftKings. Susquehanna raised its price target for DraftKings to $64 from $60, maintaining a Positive rating, while Jefferies increased its target to $54 from $53, citing stronger-than-expected quarterly results. Additionally, Guggenheim and Needham both reiterated their Buy ratings, with price targets set at $60. Despite facing challenges such as higher taxes and new market launches, these firms maintain a positive outlook on DraftKings’ performance. In other developments, MoffettNathanson raised its price target for Flutter Entertainment to $350 from $310, driven by potential upside in its U.S. operations.
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