DraftKings Inc. (DKNG): Can Sporting events fuel Gambling rally?

• Boston-based DKNG offers multi-channel sports betting across the US and 17 countries. 
• Major sporting events are on the horizon, fueling the gambling race. 
• DraftKings Sportsbook is already live. 

With major sporting events happening shortly, fantasy league fans and sports betting fans are rejoicing. Trying to ride this wave is Draftking Inc. Boston-based digital sports entertainment and gambling company that was founded in 2011 and went public in 2020. Offering multi-channel sports betting and gaming technologies in 17 countries globally. It is the only vertically integrated online gaming platform targeting US gamers. 

Super Bowl, Kentucky Derby, Monaco Grand Prix, Indianapolis, Rugby finals, Las Vegas Grand Prix, Daytona 500, etc., many amazing events will take place shortly. With most of these games, enthusiastic fans bet on their favorite team or player; with most of these sports fans being young men with high risk-taking ability, theoretically, it can fuel the price up. 

DraftKings Sportsbook is live on mobile and other platforms, while the betting operations in the United States are on, per the regulations in 18 states. 

At the time of writing, it was trading at $16.95 with a slight hop of 0.47%; the previous close was at $16.87, while the last open was $16.51. The fifty-two weeks range was from $9.77 to $25.01, meaning the rate is somewhat nearer to the lower end of the spectrum. It has a market cap of $7.608 billion, with a volume of 9.68 million shares and an average of 12.06 million shares. 

The expected price is $21.70 with an upside of 28.0%; the highest prediction is $35.00, which is lower than just $12.00. The analysts have given a 2.43 rating for hold. The next earning date is expected to be between February 16 to 20, 2023. The revenue per share is $4.36, while its quarterly growth is 135.90%.  

A visible downward-sloping line is broken by the price, which is a positive sign. Further expectations are that the price would move upward to the supply zone before consolidating for a while. 

There is a strong demand zone underneath, which would not be crossed unless a piece of very negative news hits the market. Soft support available at $13.26 could be touched while consolidating or retracing, just in case. However, there are lesser chances for a supposed retracement. The trend line breakout is done in a two-step process, meaning the bulls are driving the rally. 

The higher wicks on the upper side could denote a possible down movement. Still, the sporting events coming around shortly are expected to drive the rally, as sports betting was and will always be a lucrative business when such exciting events occur. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)