Is Now the Time to "Roll the Dice" on DraftKings Before the NFL Season Breaks Records ($35 BILLION)?

Once upon a time, sports betting was like the forbidden fruit—bringing up memories of back room bets and crooked referees (seriously, have you caught that Netflix doc on the Arizona State basketball point-shaving scandal?). Now, it’s front and center in neon lights and DraftKings (one of the OGs of online betting) is grabbing the spotlight and running with it.

Ever since the Supreme Court in 2018 gave sports betting the legal thumbs-up, it's been on an absolute tear. Six years later, 38 states are in the game, and just last year, Americans threw down a staggering $119 billion on sports. Revenue? Up 44.5%, hitting nearly $11 billion. No wonder experts are calling sports betting one of the fastest-growing industries on the planet.

So, here’s where DraftKings fits into all this: As one of the early birds in the sports betting world, Las Vegas based DraftKings has really made a name for itself. The company’s stock has shot up more than 300% since its IPO in 2020. Sure, they’ve hit a slog over the last few months (Up less than 1% YTD), but if you’re bullish on the sports betting sector, all the more reason to gobble up some shares now while they're low. 

And this NFL season? It’s set to be a record-breaker. The American Gaming Association is predicting $35 billion in legal bets—up 30% from last year. Why? Because the NFL is America’s favorite drama. More games, more fans, more chances to lose your rent money (just kidding… kind of).

But it’s not all smooth sailing. Despite the growth in the sports betting market, DraftKings has dipped 4.5% over the past month. The reason? Well, So it’s no surprise that the competition is heating up. Their main rival FanDuel is pulling out all the stops by teaming up with YouTube to offer the NFL's “Sunday Ticket,” which basically means free access to out-of-market games if you place a bet. It’s a clever move to attract more bettors.

DraftKings isn’t hanging their head though. They just inked a deal with Lebron James to offer up his own picks on the NFL, college football, and other sporting events–Just not the NBA of course. They’re also introducing new features like the “No Touchdown” prop bet, allowing users to wager on whether a top player will score a touchdown. It’s a fun twist that keeps things interesting. They’re also rolling out some seriously enticing promotions to grab new customers, including a $250 free bet for newbies. 

Needham, a well-known investment firm, is all in on DraftKings. They’ve kept a “Buy” rating on the stock, and they’re betting that the NFL season will be a pivotal moment for the company. They’re even doling out betting tips, like predicting rookie performances and team win totals, which could make the season even more enticing for bettors.

Well, as the NFL season kicks off, I’m definitely putting DraftKings as the most explosive sports betting stock going forward. Especially considering the growth that we will see in sports betting in the near future. So, whether you’re placing bets or just watching from the sidelines, keep an eye on DraftKings. And may the odds be ever in your favor. 

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Stocks.News holds a position in DraftKings.