DraftKings shares rise considerably thanks to Illinois potential
Operator sees stocks soar after analyst note, following huge marketing drive in the state.
DraftKings’ share price was up more than 9% on Tuesday, following an analyst’s note that talked up the company’s chances in Illinois.
The operator recently entered the Illinois market and, even more recently, in-person registrations were scrapped within the state.
This prompted a $1m+ marketing drive from DraftKings, as well as a reaction from CEO Jason Robins on Twitter that criticised Rush Street Interactive for trying to keep the operator out of the state; he branded the rival “corrupt idiots.”
“We estimate the Illinois market has a $700m market opportunity and is the fifth-largest state in the US,” Benchmark analyst Mike Hickey is quoted as saying by the Action Network.
DraftKings shares closed on Tuesday at $39.06 and Hickey’s note was extremely positive about the company’s future chances of success.
At the time of writing, DraftKings shares sit at $39.58.
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