March Madness, a well-known sports event in the United States, is likely to raise hundreds of millions of dollars for DraftKings Inc (DKNG)
Aside from the Super Bowl, “March Madness” – a men’s basketball tournament of the NCAA first division – is the next most popular sporting event. Since more than 20 states have legalized sports betting already, bookmaker revenues from this event could have increased to over $ 1.5 billion. More than three times as many people participated in the last March Madness. There are many games in March Madness, so there are many bets, so it follows a custom of placing bets on each game.
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Sports betting platform DraftKings is one of the beneficiaries of high activity during March Madness. The DKNG stock has recently increased in price as investors positively perceive the impending expansion of legalized sports betting to a larger geographic area in the United States.
Nearly half of the states in the US have legalized sports betting. However, its popularity continues to grow. According to the Play Pennsylvania website, the volume of sports betting in December 2020 in the state of Pennsylvania reached $ 548.6 million. The Pennsylvania report indicates that 97% of bets were placed online. According to the report, Pennsylvania is now in third place in sports betting, behind New Jersey and Nevada.
Extending into new markets will also increase sales for DraftKings. Canadian lawmakers have proposed a bill to legalize sports betting. The bill, if approved, would enable Canadians to bet on several selected sporting events. The only sports in the country for which you can bet are football, basketball, and football.
With the increase in DKNG’s stock price on Wednesday, its performance improved over the past few months. Based on a few metrics, we can assess how the stock has performed this year so far. Currently, the 52-week high price for DKNG stands at $74.09, which is 4.64% more than its current trading price. Despite this, DKNG’s current trading price is -546.98% lower than its 52-week low price of $10.92.