Why DraftKings Stock Jumped Today

Shares of DraftKings (NASDAQ: DKNG) climbed 13% on Monday, following the release of strong online gaming revenue figures in a major market.

The coronavirus pandemic and related social distancing directives forced casinos to close and sports leagues to postpone or cancel their seasons. That's driven bettors to online gambling sites in recent months. On Friday, New Jersey's Division of Gaming Enforcement said the state's internet gaming revenue in May surged 124% year over year to $85.9 million. 

This bodes well for DraftKings. The digital sports entertainment company has an online gaming presence in New Jersey and several other states.

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Source Fool.com