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DraftKings (DKNG) to Launch Mobile Betting in North Carolina
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DraftKings (DKNG - Free Report) has revealed its intentions to introduce the highly-rated mobile sportsbook in North Carolina on Mar 11, 2024. This comes after working closely with officials and regulators in the state to ensure responsible betting options for fans. DKNG have also partnered with NASCAR to make this happen.
North Carolina is a big sports state, home to NASCAR, and various professional and college teams. DraftKings will offer fans different ways to bet on sports like making bets during games or combining different bets into one. It is also focusing on safety, with features like limits on deposits and time spent betting, along with tools for responsible gaming.
To kick off the launch, DraftKings is teaming up with former Carolina Panthers player Greg Olsen for a ceremonial first bet at NASCAR Hall of Fame in Charlotte. The company is also using this opportunity to support problem gambling awareness month, which aims to raise awareness about the risks of gambling addiction.
DraftKings and NASCAR are both members of American Gaming Association and are committed to promoting responsible betting practices through educational campaigns. DraftKings also runs a program called S.E.R.V.E.S. to support responsible gaming and inclusivity. These initiatives are expected to boost the company’s top-line growth in the upcoming quarters.
The Zacks Consensus Estimate for DraftKings’ 2024 revenues is pegged at $4.82 billion, indicating growth of 31.46% from the year-ago levels. The Zacks Consensus Estimate is pegged at a loss of 24 cents per share, indicating a rise of 86.13% from the prior-year actuals.
DraftKings to Face Tough Competition in North Carolina
North Carolina made online sports betting legal in June 2023, but it took about nine months to put the law into action. Now, starting from March 11, 2024, at noon ET, people can legally bet on sports online in the state.
Before this, people could only bet on sports at casinos on tribal lands or by going to other states where it was legal. Now, both professional and college sports can be bet on legally in North Carolina.
According to a Forbes betting report, North Carolina's sportsbooks are anticipated to see $6.9 billion in bets in the first year of sports betting. The industry typically holds around 8% of the handle in form of revenues.
This growing market in North Carolina has attracted many other big players like Flutter Entertainment (PDYPY - Free Report) , Caesars Entertainment (CZR - Free Report) and MGM Resorts International (MGM - Free Report) .
DraftKings holds a notable advantage in the sports betting arena due to its well-established brand recognition, having been actively involved in sports betting and Daily Fantasy Sports (DFS) for a considerable period. When people think about sports betting, DraftKings is often the first name that comes to mind.
FanDuel Carolina, its main competitor, shares a similar background in DFS and closely competes in terms of revenues and betting activity. Both platforms offer a top-notch user experience through their mobile apps and desktop platforms, surpassing many rivals in this aspect. FanDuel is also widely recognized among sports enthusiasts in North Carolina, giving it an edge over other sports betting sites in the state.
BetMGM Carolina is also entering the market, enticing new users with a robust deposit match offer. Meanwhile, BetMGM and Caesars Carolina are striving to secure significant positions in the market.
These platforms appeal to travelers and experience-seekers as they are part of larger entertainment conglomerates with hotels, resorts and casinos worldwide. Users can redeem rewards at these locations by betting on their mobile apps. However, they currently fall behind FanDuel and DraftKings in terms of user interface design and could benefit from enhancements.
DKNG, a Zacks Rank #3 (Hold) company, has gained 20.8% year to date compared with the Zacks Consumer Discretionary sector’s growth of 1.9%. This improvement is attributed to its rewards program, which provides credits to users based on their wagers. Furthermore, the company offers various game specials, bonus bets, parlay boosts and other incentives to attract users. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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DraftKings (DKNG) to Launch Mobile Betting in North Carolina
DraftKings (DKNG - Free Report) has revealed its intentions to introduce the highly-rated mobile sportsbook in North Carolina on Mar 11, 2024. This comes after working closely with officials and regulators in the state to ensure responsible betting options for fans. DKNG have also partnered with NASCAR to make this happen.
North Carolina is a big sports state, home to NASCAR, and various professional and college teams. DraftKings will offer fans different ways to bet on sports like making bets during games or combining different bets into one. It is also focusing on safety, with features like limits on deposits and time spent betting, along with tools for responsible gaming.
To kick off the launch, DraftKings is teaming up with former Carolina Panthers player Greg Olsen for a ceremonial first bet at NASCAR Hall of Fame in Charlotte. The company is also using this opportunity to support problem gambling awareness month, which aims to raise awareness about the risks of gambling addiction.
DraftKings and NASCAR are both members of American Gaming Association and are committed to promoting responsible betting practices through educational campaigns. DraftKings also runs a program called S.E.R.V.E.S. to support responsible gaming and inclusivity. These initiatives are expected to boost the company’s top-line growth in the upcoming quarters.
The Zacks Consensus Estimate for DraftKings’ 2024 revenues is pegged at $4.82 billion, indicating growth of 31.46% from the year-ago levels. The Zacks Consensus Estimate is pegged at a loss of 24 cents per share, indicating a rise of 86.13% from the prior-year actuals.
DraftKings Inc. Price and Consensus
DraftKings Inc. price-consensus-chart | DraftKings Inc. Quote
DraftKings to Face Tough Competition in North Carolina
North Carolina made online sports betting legal in June 2023, but it took about nine months to put the law into action. Now, starting from March 11, 2024, at noon ET, people can legally bet on sports online in the state.
Before this, people could only bet on sports at casinos on tribal lands or by going to other states where it was legal. Now, both professional and college sports can be bet on legally in North Carolina.
According to a Forbes betting report, North Carolina's sportsbooks are anticipated to see $6.9 billion in bets in the first year of sports betting. The industry typically holds around 8% of the handle in form of revenues.
This growing market in North Carolina has attracted many other big players like Flutter Entertainment (PDYPY - Free Report) , Caesars Entertainment (CZR - Free Report) and MGM Resorts International (MGM - Free Report) .
DraftKings holds a notable advantage in the sports betting arena due to its well-established brand recognition, having been actively involved in sports betting and Daily Fantasy Sports (DFS) for a considerable period. When people think about sports betting, DraftKings is often the first name that comes to mind.
FanDuel Carolina, its main competitor, shares a similar background in DFS and closely competes in terms of revenues and betting activity. Both platforms offer a top-notch user experience through their mobile apps and desktop platforms, surpassing many rivals in this aspect. FanDuel is also widely recognized among sports enthusiasts in North Carolina, giving it an edge over other sports betting sites in the state.
BetMGM Carolina is also entering the market, enticing new users with a robust deposit match offer. Meanwhile, BetMGM and Caesars Carolina are striving to secure significant positions in the market.
These platforms appeal to travelers and experience-seekers as they are part of larger entertainment conglomerates with hotels, resorts and casinos worldwide. Users can redeem rewards at these locations by betting on their mobile apps. However, they currently fall behind FanDuel and DraftKings in terms of user interface design and could benefit from enhancements.
DKNG, a Zacks Rank #3 (Hold) company, has gained 20.8% year to date compared with the Zacks Consumer Discretionary sector’s growth of 1.9%. This improvement is attributed to its rewards program, which provides credits to users based on their wagers. Furthermore, the company offers various game specials, bonus bets, parlay boosts and other incentives to attract users. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.