DraftKings (NASDAQ:DKNG) stock fans will want to keep an eye on the company on Sept. 28 for a potential catalyst for shares.
That’s when the sports betting company will launch its online sportsbook in Kentucky. This will allow eligible residents in the state to take part in the company’s sports betting business. That includes college-level games as well as professional level.
DraftKings notes that this launch doesn’t just cover its online sportsbook. The company is also allowing for in-person betting at its new DraftKings Sportsbook locations in The Mint Gaming Hall Cumberland in Williamsburg and Cumberland Run in Corbin.
Matt Kalish, President of DraftKings North America, said the following about the news:
“Kentucky marks the 24th Jurisdiction overall where DraftKings is live, and we are thrilled to have the opportunity to deliver sports fans across Kentucky with our safe and legal mobile DraftKings Sportsbook app.”
What This Means for DKNG Stock
DraftKings coming to Kentucky opens the online betting business up to a whole new state’s worth of potential customers. With this spread, the company could see increased betting. That could lead to more revenue and gains for DKNG stock.
Today’s news brings with it some 185,000 shares of DKNG stock changing hands. That’s still well below its daily average trading volume of about 11.6 million shares. Even so, the company’s stock is up 2.2% on Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
