Online sports betting provider DraftKings has been listed on the semi-yearly growth stock list by Morgan Stanley.
DraftKings, along with 26 other companies from differing industries featured on the list of organizations that don’t fall under the technology, telecommunications and media umbrella.
To feature on it, a company must have thrived in their industry despite economic challenges. DraftKings debuted on the Nasdaq in April 2021 and has successfully overcome the Covid-19 pandemic in a position of strength.
Morgan Stanley analyst Thomas Allen notes that DraftKings is positioned to reach a market share of 25%. The company’s stocks see a year-on-year rise of 6% despite being below the 17.67% gain of the S&P 500.
The company’s stock currently sits at 40% below their all-time high record in the last year.
Morgan Stanley has also commented on the market value of online sports betting and gaming. It predicted a market value of $15bn by 2025, a five-fold increase of the $3bn recorded in 2020.
DraftKings recently signalled its intention to expand its product beyond sports wagering. The online sportsbook recently announced a deal with Autograph for a new NFT marketplace. The deal with the Tom Brady-backed company will allow users to buy, sell and trade digital sports collectibles via the DraftKings Marketplace.
The agreement will see it offer NFT content from Tiger Woods, Tony Hawk, Wayne Gretzky, Derek Jeter and Naomi Osaka.
“The NFT boom has reinvented the collectibles industry and driven excitement to early-adopting audiences worldwide—including the DraftKings community,” DraftKings president Matt Kalish said.
