Shares of digital sports betting company DraftKings (NASDAQ:DKNG) surged higher this week, rising about 15%. The stock's gain has been driven by several things, including news that famed investor Cathie Wood bought DraftKings shares via ARK Invest, upbeat momentum for tech stocks, and an announcement that the company was bringing its fantasy sports product to Arizona this weekend.
Shares of DraftKings popped midweek, following news that Wood's ARK Invest bought 1.1 million shares of the digital sports betting specialist's stock on Tuesday. Bullishness for the stock continued in the second half of the week amid optimism in the market -- particularly for tech stocks.
Helping the stock on Friday was news that DraftKings was bringing its Daily Fantasy Sports product to Arizona on Saturday, pending regulatory approval.
"There is no better time of the year to launch our leading daily fantasy sports app than ahead of the NFL season," said DraftKings co-founder Matt Kalish in a press release Friday morning.
Arizona will mark the 44th state where the company will offer its DraftKings Daily Fantasy Sports product, highlighting the growing adoption of sports betting around the country.
"We're excited for the opportunity to provide Arizona sports fans with the thrill of having some skin in the game as we head into what we expect to be the busiest time of the year for our company," said Kalish.