Shares of DraftKings (NASDAQ:DKNG) were up over 5% in late afternoon trading Wednesday after a series of positive sports developments were reported today.
Although the Big 10 college football conference of the National Collegiate Athletic Association threw in the towel on its season the other day, the Big 12 conference announced today it would proceed with its fall sports season.
Moreover, New Jersey reported sports betting jumped 134% in July from the month before as Major League Baseball began playing its shortened 60-game season and the first National Basketball Association games were played at the end of the month. Still, sports wagering gross revenue totaled less than $30 million for the month.
And on its own growth opportunities, DraftKings opened the first sportsbook in New Hampshire today at The Brook Casino in Seabrook. It is DraftKings' eighth retail location in the country.
New Jersey is the sports betting capital of the country and DraftKings and FanDuel control about 80% of the wagers that happen in the state. Add in DraftKings expanding its reach into other states as they go live with sports betting and the market appears to feel better about its future prospects.