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DraftKings Inc. (NASDAQ: DKNG) is a prominent American company specializing in daily fantasy sports contests and sports betting. Originating in 2012, DraftKings has made significant strides in the digital sports entertainment industry. The company offers daily and weekly fantasy sports-related contests where users can win money based on individual player performances across a variety of sports, including Major League Baseball (MLB), National Hockey League (NHL), National Football League (NFL), National Basketball Association (NBA), and the Professional Golfers' Association (PGA), among others.
Following the Supreme Court ruling in 2018, which allowed states to legalize online sports wagering, DraftKings expanded into online sports and casino gambling. It currently ranks as one of the top operators in the industry, maintaining a strong presence in both online and retail sports betting across 27 states, as well as iGaming operations in seven states. The company's offerings are also accessible to approximately 40% of Canada's population.
DraftKings operates a diverse portfolio that includes a non-fungible token (NFT) marketplace and licenses online gaming products. The company is committed to creating engaging and responsible gaming experiences. It has formed strategic partnerships with several major sports leagues, such as the NFL, NHL, PGA TOUR, UFC, NBA, and MLB, to enhance its fantasy sports and sports betting offerings. Additionally, DraftKings is an official partner of NASCAR and an authorized gaming operator of MLB.
In recent developments, DraftKings anticipates a significant boost in adjusted EBITDA, projecting an increase of $60 million to $100 million by the fiscal year 2026. The company also prioritizes responsible gaming and corporate social responsibility, offering extensive resources and programs to ensure player well-being.
Headquartered in Boston, DraftKings continues to innovate and lead in the realm of digital sports entertainment. With a mission to fuel the competitive spirit of sports fans, DraftKings is dedicated to delivering the world's favorite real-money games and betting experiences.
DraftKings announced it will release its first quarter 2023 results after market close on May 4, 2023. An investor conference call is scheduled for the following morning, May 5, 2023, at 8:30 a.m. ET. During this call, management will discuss the company's performance and share insights regarding its financial results. DraftKings operates as a key player in digital sports entertainment, providing various products including daily fantasy sports and regulated gaming in multiple states and Canada. The company emphasizes responsible gaming and corporate social responsibility in its operations.
DraftKings commemorates the 20th anniversary of Problem Gambling Awareness Month by enhancing its commitment to responsible gaming through financial support to state councils. The company has pledged over $1.5 million to promote responsible gaming initiatives across participating states, providing annual grants of $15,000 for three years. This funding allows councils to expand services and educational opportunities, including training for over 200 counselors. The collaboration aims to foster innovation and inclusivity in addressing gaming-related issues, particularly within diverse communities. DraftKings' partnerships are designed to create a positive social impact while ensuring its players engage in safe and enjoyable gaming.
Paysafe (NYSE: PSFE) has expanded into the Massachusetts mobile sports betting market, marking its entry as the 26th U.S. iGaming jurisdiction. The market is projected to generate over $295 million in first-year revenue. Paysafe enhances payment solutions for various mobile sportsbooks, enabling secure deposits via debit cards and alternative payment methods. This move strengthens its long-term partnerships with DraftKings (NASDAQ: DKNG) and Caesars Entertainment (NASDAQ: CZR), fostering growth in Massachusetts's emerging sports betting scene. The company aims to aid operators in player acquisition and retention.
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