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DraftKings Reaps Super Bowl Rewards as Stock Gains

DraftKings (NASDAQ:DKNG) is a Boston-based company that operates as a digital sports entertainment and gaming company that operates in the United States and around the world. The past month was huge for DraftKings and the company’s peers in the sports betting space.

Super Bowl weekend is the biggest sports betting weekend of the year. That stands to reason, as it is the championship game for the National Football League (NFL), which draws the most interest from bettors across North America. FanDuel, one of DraftKings’ top competitors, stated that it took in $307 million in bets for the Super Bowl that was played between the Kansas City Chiefs and the San Fransico 49ers on Sunday, February 11, 2024.

This past week, DraftKings revealed that it made $8 million for the Super Bowl weekend. Both DraftKings and MGM Resorts International listed the 49ers as favourite for the big game. Despite the Kansas City win, DraftKings managed to come away with a profit while MGM turned out a $5 million loss.

The company last unveiled its fourth quarter (Q4) and full-year fiscal 2023 earnings on February 15, 2024. Revenues jumped 44% year-over-year to $1.23 billion in Q4 2023. Meanwhile, adjusted EBITDA was reported at $151 million. For fiscal 2024, DraftKings is projecting revenues between $4.65 billion and $4.90 billion. That would represent year-over-year growth between 27% and 34%.

DraftKings stock is currently trading in favourable value territory compared to its industry peers.