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DraftKings shares are up more than 16% after announcement of ESPN deal

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Shares of DraftKings, the daily fantasy and sports betting company, are up more than 16% on Monday after the company announced a new partnership with sports entertainment giant ESPN.

Main Facts

DraftKings becomes the exclusive provider of daily fantasy sports and co-exclusive gambling partner of ESPN, the company announced on Monday.

Although the financial details of the deal have not been disclosed, DraftKings can now integrate its products and offerings on ESPN’s digital platforms and studio shows, the announcement said.

DraftKings stock was up more than 16% on Monday’s news, adding to its memorable run despite major US sporting events being delayed for months during the height of the coronavirus pandemic.

Shares of DraftKings are now up more than 160% since going public in April through a reverse merger with specialty takeover company Diamond Eagle.

Despite DraftKings going public at a time when there were few live sports to bet on, DraftKings saw a surge in demand from online gamblers betting on everything from video games and a charity golf game to table tennis and Korean baseball.

The stock’s last big move came earlier this month, rising 8% after DraftKings announced that sports legend and NBA Hall of Famer Michael Jordan Forbes estimates has a net worth of $ 1.6 billion to join the board of directors.

What you should pay attention to

Wall Street analysts are quite bullish on the stock, which is currently trading at just over $ 47 a share. According to data from Bloomberg, eleven analysts (65%) give it a buy rating, while only six give it a hold rating.

Crucial quote

ESPN helped revolutionize the 24/7 sports news cycle and remains the source of the latest and greatest sports stories for many fans today, said Jason Robins, CEO of DraftKings in a statement. press release. We look forward to this partnership to exclusively showcase DraftKings daily fantasy sports content and offerings while promoting the visibility and widespread acceptance of our regulated sports betting.

Main background

ESPN, which is owned by parent company Walt Disney, has broadcast rights to most major American sports, including the NBA and NFL’s Monday Night Football. Saw American sportsbooks high demand for betting last weekend, thanks to the return of the NFL and playoff games for the NBA and NHL.

Read further

DraftKings shares are skyrocketing thanks to bets on table tennis and Korean baseball (Forbes)

NBA Great Michael Jordan tapped as a consultant, co-owner of Sports Bettings DraftKings (Forbes)

What do people bet on with the most sports on Hiatus? Try Russian table tennis, Korean baseball, and more (Forbes)

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