Shares of (NASDAQ: DKNG) rose 209.5% in 2023, according to data from S&P Global Market Intelligence. The fantasy sports and sports betting expert delivered a steady stream of positive earnings and revenue surprises last year, punctuated by robust progress in the company's business expansion plans.

There's no denying that DraftKings' financial results fired on every cylinder last year. The company met or exceeded the consensus analyst targets across the board in all four earnings reports during calendar year 2023. On average, the reported net loss was 60% smaller than expected and DraftKings even saw positive earnings in August's second-quarter update. On the top line, the average revenue surprise was 12% -- a strong double-digit outperformance.

The muscular results largely sprung from bullish trends in the American gambling industry. Once only available in places like Las Vegas, Atlantic City, and Native American reservations, sports betting and casino games are now available in dozens of states, both online and in physical betting locations.

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Source Fool.com