HomeMost PopularInvestingDraftKings Launches Online Sportsbook in Kentucky, Boosting Revenue Growth

DraftKings Launches Online Sportsbook in Kentucky, Boosting Revenue Growth

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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 DraftKingsโ€™ 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

Kentuckyโ€™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.

FanDuel Kentucky, DraftKingsโ€™ primary rival, offers a similar high-quality user experience through its mobile app and desktop platform. Both platforms provide a wide range of game specials, bonus bets, and parlay boosts. BetMGM Kentucky and Caesars Kentucky are also vying for market share, leveraging their larger entertainment conglomerates that include hotels, resorts, and casinos worldwide. While these platforms offer unique benefits to travelers, they lag behind DraftKings and FanDuel in terms of user interface design.

DraftKingsโ€™ 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. DraftKingsโ€™ 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

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.

FAQs

  • When will DraftKingsโ€™ online sportsbook launch in Kentucky?
  • What sports can individuals in Kentucky wager on through DraftKingsโ€™ online sportsbook?
  • Who has DraftKings partnered with for its launch in Kentucky?
  • What competitive advantages does DraftKings have in the Kentucky market?

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Nasdaq, Inc.

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