Here’s the reason behind rising DraftKings Inc. (DKNG) stock today

DraftKings Inc. (DKNG) stock rose today on October 26, 2021. The rising stock got more hype after its announcement regarding Entain. DKNG stock price saw an uptrend of 4.74% to reach $49.04 a share at the time of this writing. The stock was performing well in the previous trade and went up by1.54% at closing. Let’s dig in to explore more about this stock.

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DraftKings Inc is operating as the digital sports entertainment and gaming firm in the United States of America. The company is operating mainly through two segments; Business-to-Business and Business-to-Consumer. DraftKings Inc, having a market cap of $18.888 billion was founded in 2001 and its headquarters are in Boston, Massachusetts.

What’s Happening?

DKNG stock today announced that it will not make a firm offer for Entain. The company decided after detailed discussions and analysis with the Entain Board of directors. DKNG stock is confident in its best-in-class product and technology capabilities and vertically integrated technology stack to maintain its leadership position. Moreover, management is optimistic that DKNG stock will achieve its long-term growth plans in the rapidly growing North America Market.

Certain restrictions are being imposed on the DraftKings under rule 2.8 of the Code for six months as a result of this announcement.

Previous Development of DKNG stock:

On October 19, 2021, DKNG stock and Foxwoods Resort Casino launched online and mobile sports betting and online casino Connecticut. This became possible after the required soft launch testing that was initiated a week ago before launch.

Now customers of age 21 and older are able to place a variety of sports bets in the state of Connecticut. They can now play and enjoy many casino games like blackjack and roulette using Foxwoods and DraftKings Sportsbook and Casino app on their mobile device.

Strategic Agreement with Polygon:

On October 18, 2021, DraftKings stock and Polygon signed a strategic blockchain agreement in order to support the custom NFT drops along with secondary market transactions. The agreement provided the DKNG stock with a friendly blockchain solution that enabled the added throughput and extended capabilities. Moreover, DraftKings stock can contribute to Polygon’s governance and help secure the network as a validator node with its own stake pool.

Wrap Up:

The recent announcement of DKNG stock regarding Entain added more hype to the rising per share price of this stock. Its six months performance is not so much satisfactory as it lost almost 21% however it gained 4.37% year to date.