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Why DraftKings Shot 5% Higher on Friday

TheMotleyFool

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DraftKings (NASDAQ: DKNG) could be sitting on a big opportunity about to open up north of our border. On our Thanksgiving Day, Canada's Justice Minister David Lametti introduced a bill in the country's parliament to legalize sports betting. The following day, DraftKings stock rose 5%.

The bill would, by amending the country's current legislation, allow Canadians to place bets on individual sporting events. At present, the country only allows only so-called "parlay" bets on several contests at once. To win, bettors must correctly guess the outcome of all selected games.

Image source: Getty Images.

Source Fool.com

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