DraftKings goes public despite phyiscal activities being shut down
The majority of the sports world may be locked out right now, but that didn’t stop DraftKings from going public. The Daily Fantasy Sports and sports betting app company went public on the NASDAQ last Friday. It was a big chance for the company, which has seen a near complete shutdown of its operations since the coronavirus pandemic has halted professional sports across the globe. Even still, the company, which is based in Boston, saw its shares increase by 10% at the end of the day Friday, which is a nice sign of potentially good things to come. DraftKings recently finalized a merger with Diamond Eagle Acquisition Corp., which also merged with SBTech, a platform supplier for the sports gambling world. The market value of the new company is $3.3 billion.
The entire sports world is on hold right now, as countries continue to deal with the coronavirus pandemic. Most of the major sporting leagues in North America and beyond shut down in mid-March, and they have yet to resume play as of yet.
Without any professional or collegiate sports taking place around the globe, there is obviously on sports to bet on or daily fantasy games for people to play. That has delivered a pretty hard blow to DraftKings and other sportsbooks and fantasy sports operators.
That being said, the future is still bright for sports betting, especially in North America. Jason Robins, the co-founder and CEO of DraftKings who retained those titles after the merger, said he believes people will return in droves to bet on sports once games eventually are held again. He even believes that all this time away could lead to people betting even more on sports than they may have before.
As he told The Associated Press:
“I hope and believe that sports will come back and people will continue to have a strong appetite for sports. If there is a trend away from being outdoors and going to the public places, you could actually see an increase in sports viewership once traditional sports are being played again. You could also see an increase in online activity.”
When sports do return to the field, you can get in on the gambling action at the online sportsbooks listed here.
Unlike some other areas of life, sports gambling won’t be hampered by social distancing measures that may remain in place even after sports resume play. While many land-based casinos and sportsbooks may have trouble attracting customers — or operating as they did before — a lot of sports gambling is done online nowadays anyway.
In the United States, a majority of the states that have legalized sports gambling have also made the practice available online. In total, there are 14 states that have some form of legalized gambling, plus 43 states have a legalized form of daily fantasy sports.
In Canada, where single-sports gambling legislation is still being debated, it’s likely that the practice would be allowed on online platforms were it to be legalized.
This means that even if social distancing measures remain in place, and people must stay six feet away from each other to prevent the further spread of coronavirus, sports betting will still go on full force because it can be done online. That fact is what is likely driving the price of DraftKings’ stock up higher, with the company hoping more good things are to come in the future. When sports resume playing, you can get in on the gambling action at one of the online sportsbooks listed below.
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