Leading digital sports and gaming company, DraftKings (DKNG), has announced the launch of its highly-rated mobile sportsbook in Kentucky starting September 28, 2023. The company recently secured an agreement with ECL Corbin, LLC, a subsidiary of ECL Entertainment, allowing DraftKings to offer online sports betting services in the state. Qualified individuals in Kentucky will now be able to wager on college and professional sports, including NCAA, NFL, MLB, and NBA, through DraftKings’ online sportsbook.
Partnering with Kentucky Sports Radio Host for the Launch
In preparation for its launch in Kentucky, DraftKings has partnered with Matt Jones, a well-known host from Kentucky Sports Radio. To commemorate the event, Matt Jones will broadcast his show live from The Mint Gaming Hall Cumberland and make an inaugural bet using the DraftKings Sportsbook app. In addition to the online sportsbook, DraftKings has also opened physical sportsbooks within The Mint Gaming Hall Cumberland and Cumberland Run, further expanding its presence in the state.
Tough Competition in the Kentucky Market
Kentucky’s sportsbooks are projected to contribute approximately $1 billion in betting volume and generate around $100 million in gross revenues by the end of the year, according to a report by LSR. DraftKings faces competition from other major players in the market, including Flutter Entertainment (PDYPY), Caesars Entertainment (CZR), and MGM Resorts International (MGM). However, DraftKings holds a significant competitive edge due to its strong brand recognition and extensive experience in sports betting and daily fantasy sports.
DraftKings’ Revenue Growth Outlook
Analysts predict strong revenue growth for DraftKings in 2023, with an estimated revenue of $3.53 billion, representing a year-over-year increase of 57.43%. However, the company is also expected to report a loss of $1.62 per share, reflecting a rise of 48.73% compared to the previous year. DraftKings’ stock has performed well year-to-date, gaining 154.8%, driven by its rewards program and a wide range of betting options.
DraftKings Inc. Price and Consensus
With the launch of its online sportsbook in Kentucky, DraftKings is poised to capitalize on the growing sports betting market in the state, further strengthening its position as a leader in the industry.
- When will DraftKings’ online sportsbook launch in Kentucky?
- What sports can individuals in Kentucky wager on through DraftKings’ online sportsbook?
- Who has DraftKings partnered with for its launch in Kentucky?
- What competitive advantages does DraftKings have in the Kentucky market?
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