Why DraftKings Stock Surged Today
Shares of DraftKings (NASDAQ: DKNG) popped 15% on Friday after the sports-betting leader delivered impressive revenue growth and boosted its full-year financial forecast.
DraftKings' revenue rocketed 81% year over year to $855 million in the fourth quarter, fueled by the launch of its Sportsbook and iGaming offerings in recently legalized markets. The company now has mobile sports-betting operations in 20 states that together account for more than 40% of the U.S. population.
Better still, DraftKings is getting better at acquiring and retaining customers. Its monthly unique paying users jumped 31% to 2.6 million. Chief Financial Officer Jason Park said DraftKings was benefiting as its competitors pared back their promotional activity in markets where sports gambling has been legalized for some time.
Source Fool.com
