DraftKings stock boosted by New Jersey’s May revenue numbers

2020 has been an incredibly turbulent year for businesses all around the world and things are no different for the DraftKings stock, one of the most prominent sports betting stocks on the market today. The pandemic has forced a lot of people into unfamiliar circumstances, and has led many companies down different daily working paths to their normal routines.

This is especially relevant when you consider the gambling and betting industries.

Here in New Jersey, we’re surrounded by some of the biggest and brightest names in gambling and sports betting . It’s been fascinating to see how these companies have coped with the trials of 2020, and to see who has come out ahead of the competition.

One particular company that seems to have weathered the storm in regards to the pandemic is Draftkings. This is a company that we’ve been reporting on a lot recently – covering their recent lawsuits and mergers – and today, we’re going to be taking an in-depth look at their year so far.

 

 How has this year been for the NJ gambling scene?

It’s been a very difficult year for a lot of gambling and betting companies, due to a number of factors. As reported by Business Insider, the cancellation of major sporting events lead to a lot of difficulties for sports betting companies in particular. That’s not to say that it’s been an easy ride for traditional casinos either, though.

Social distancing measures and closures have led to a lot of difficulties for gambling companies, and this is prevalent in the legendary New Jersey gambling scene. Whereas this state is normally awash with activity and thriving with customers, the pandemic has led to many issues.

 

The rise of online gambling (and the DraftKings Stock)

Something that has been keeping the industry afloat in recent months is the popularity of online betting and sports gambling. This section of the industry is relatively new when compared to other sectors, but it has been immensely popular. Companies like Draftkings, Fanduel and William Hill have been making waves by providing great digital gaming.

As more and more people have been at home, online gambling sites and apps have seen an uptake in business and sign-ups. People are always going to look for a gambling fix, and this new wave of gambling seems to have been just the ticket.

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How has the Draftkings stock benefited from this?

If you’re involved with betting and gambling at all, it’s likely that you’ve witnessed the Draftkings stock’s meteoric rise to popularity. In recent years, they’ve disrupted the industry by pushing for new positions in the market – like we covered here – and by encouraging a faster rate of innovation and creativity within the sector as a whole.

Despite the difficulties that the industry has faced this year, Draftkings has still managed to perform exceptionally well as a company. Recently, we covered the 3 main reasons why investors should be looking to invest in Draftkings despite the sports shutdown, and this has only become more prevalent as time has gone on.

In New Jersey alone, the online and mobile gaming industry pulled in an immense $86 million in revenue, as reported by the NJ Division of Gaming Enforcement. Draftkings have ultimately capitalized on this massive success by consistently providing new and exciting gaming content to users in quarantine, and as a result, their stocks have been going up higher each month.

We can attribute a lot of these successes to the fact that Draftkings have been working on making their online gambling as accessible as possible, and looking at their mobile app as well. Modern gambling companies need to adapt to modern technology in order to succeed.

 

Summary:

As you can see, it’s been a difficult year for a lot of companies, but there are some who have simply been more successful than others. Draftkings have made a name for themselves with innovative products, intelligent partnerships and a fierce level of adaptability.

We’re sure that 2020 is still going to be good for the company, despite the difficulties that it is bringing. As we reported earlier in the year, their stock has been going up and down, but they seem to be mitigating the new working environments with grace. The current trends in the stock market look very positive, and it’s sure to be a great finish to the year for the Draftkings team.

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