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DraftKings (DKNG) Launches Its Online Sportsbook in Kentucky
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DraftKings (DKNG - Free Report) has revealed its intentions to introduce the highly-rated mobile sportsbook in Kentucky on Sep 28, 2023. In the prior month, the company secured an agreement with ECL Corbin, LLC, a fully-owned subsidiary of ECL Entertainment, LLC, operating as The Mint Gaming Hall at Cumberland (Williamsburg) and Cumberland Run (Corbin) and granting the digital sports and gaming company’s permission to offer online sports betting services within the state.
Starting from Sep 28, 2023, qualified individuals in Kentucky can use DraftKings' online sportsbook to wager on both college and professional sports, including NCAA, NFL, MLB, NBA, and beyond.
DKNG has partnered with Matt Jones, a well-known host from Kentucky Sports Radio, in preparation for its launch in Kentucky. To mark this event, Matt Jones will broadcast his show live from The Mint Gaming Hall Cumberland in Williamsburg and make an inaugural bet using the DraftKings Sportsbook app.
Aside from the online sportsbook, sports enthusiasts in Kentucky have the option to make in-person bets at the newly inaugurated DraftKings Sportsbook situated within The Mint Gaming Hall Cumberland in Williamsburg and Cumberland Run in Corbin. These initiatives are expected to boost the company’s top-line growth in the upcoming quarters.
The Zacks Consensus Estimate for DraftKings’ 2023 revenues is pegged at $3.53 billion, indicating year-over-year growth of 57.43%. The Zacks Consensus Estimate is pegged at a loss of $1.62 per share, indicating a year-over-year rise of 48.73%.
According to LSR’s report, Kentucky's sportsbooks are anticipated to add approximately $1 billion in betting volume and generate about $100 million in gross revenues to the national figures by the year's end.
This will bring Kentucky in line with the rest of the country and contribute to another record-breaking year for the broader industry, as the nationwide betting activity is projected to exceed $100 billion for the first time.
This growing market has attracted many big players like Flutter Entertainment (PDYPY - Free Report) , Caesars Entertainment (CZR - Free Report) and MGM Resorts International (MGM - Free Report) and DraftKings.
DKNG holds a significant competitive edge due to its strong brand recognition, having been involved in sports betting and DFS for an extended period. When people think about sports betting, DraftKings often comes to mind.
Its primary rival, FanDuel Kentucky, shares a similar DFS background and competes closely in terms of revenues and betting activity. Both sportsbooks provide a similar high-quality user experience through their mobile apps and desktop platforms, outperforming many competitors in this regard.
BetMGM Kentucky is another player who is entering the state's market, offering a strong deposit match for new users. BetMGM and Caesars Kentucky are both vying for a significant position in the market. These platforms are particularly appealing to travelers and those seeking experiences, as they are part of larger entertainment conglomerates with hotels, resorts and casinos worldwide.
Betting on their mobile apps allows users to redeem rewards at these locations. However, they lag behind FanDuel and DraftKings in terms of user interface design and could benefit from improvements.
Shares of this Zacks Rank #3 (Hold) company have gained 154.8% year to date compared with the Zacks Consumer Discretionary sector’s rise of 3.5% due to its rewards program, offering credits back to users through their wagers. Additionally, they offer a wide range of game specials, bonus bets, parlay boosts and more. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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DraftKings (DKNG) Launches Its Online Sportsbook in Kentucky
DraftKings (DKNG - Free Report) has revealed its intentions to introduce the highly-rated mobile sportsbook in Kentucky on Sep 28, 2023. In the prior month, the company secured an agreement with ECL Corbin, LLC, a fully-owned subsidiary of ECL Entertainment, LLC, operating as The Mint Gaming Hall at Cumberland (Williamsburg) and Cumberland Run (Corbin) and granting the digital sports and gaming company’s permission to offer online sports betting services within the state.
Starting from Sep 28, 2023, qualified individuals in Kentucky can use DraftKings' online sportsbook to wager on both college and professional sports, including NCAA, NFL, MLB, NBA, and beyond.
DKNG has partnered with Matt Jones, a well-known host from Kentucky Sports Radio, in preparation for its launch in Kentucky. To mark this event, Matt Jones will broadcast his show live from The Mint Gaming Hall Cumberland in Williamsburg and make an inaugural bet using the DraftKings Sportsbook app.
Aside from the online sportsbook, sports enthusiasts in Kentucky have the option to make in-person bets at the newly inaugurated DraftKings Sportsbook situated within The Mint Gaming Hall Cumberland in Williamsburg and Cumberland Run in Corbin. These initiatives are expected to boost the company’s top-line growth in the upcoming quarters.
The Zacks Consensus Estimate for DraftKings’ 2023 revenues is pegged at $3.53 billion, indicating year-over-year growth of 57.43%. The Zacks Consensus Estimate is pegged at a loss of $1.62 per share, indicating a year-over-year rise of 48.73%.
DraftKings Inc. Price and Consensus
DraftKings Inc. price-consensus-chart | DraftKings Inc. Quote
DraftKings Faces Tough Competition in Kentucky
According to LSR’s report, Kentucky's sportsbooks are anticipated to add approximately $1 billion in betting volume and generate about $100 million in gross revenues to the national figures by the year's end.
This will bring Kentucky in line with the rest of the country and contribute to another record-breaking year for the broader industry, as the nationwide betting activity is projected to exceed $100 billion for the first time.
This growing market has attracted many big players like Flutter Entertainment (PDYPY - Free Report) , Caesars Entertainment (CZR - Free Report) and MGM Resorts International (MGM - Free Report) and DraftKings.
DKNG holds a significant competitive edge due to its strong brand recognition, having been involved in sports betting and DFS for an extended period. When people think about sports betting, DraftKings often comes to mind.
Its primary rival, FanDuel Kentucky, shares a similar DFS background and competes closely in terms of revenues and betting activity. Both sportsbooks provide a similar high-quality user experience through their mobile apps and desktop platforms, outperforming many competitors in this regard.
BetMGM Kentucky is another player who is entering the state's market, offering a strong deposit match for new users. BetMGM and Caesars Kentucky are both vying for a significant position in the market. These platforms are particularly appealing to travelers and those seeking experiences, as they are part of larger entertainment conglomerates with hotels, resorts and casinos worldwide.
Betting on their mobile apps allows users to redeem rewards at these locations. However, they lag behind FanDuel and DraftKings in terms of user interface design and could benefit from improvements.
Shares of this Zacks Rank #3 (Hold) company have gained 154.8% year to date compared with the Zacks Consumer Discretionary sector’s rise of 3.5% due to its rewards program, offering credits back to users through their wagers. Additionally, they offer a wide range of game specials, bonus bets, parlay boosts and more. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.