DraftKings Locks Up Sports Deals

DraftKings
Draftkings

Over the past few weeks, DraftKings has been developing partnerships with famous athletes such as Michael Jordan and sports teams including the New York Giants, and the Chicago Cubs. They’re also partnering up with Disney’s ESPN in an attempt to expand its ties with sports media. 

This deal gives DraftKings exclusivity for being the daily fantasy sports provider for certain Turner Sports and Bleacher Report companies. However, this deal does not include the NBA as Turner Sports agreed to a separate deal with FanDuel, a rival of DraftKings. 

Due to COVID-19, many sports teams and leagues have been delaying or pausing their schedules leading to a highly competitive race for the attention of sports fans. DraftKings had a bullish run of nearly 58% between September and October. Unfortunately, another NFL team has been threatened by COVID-19, which led to a sharp decline of 5.4% in the stock market today. 

However, analysts of online sports betting markets predict that the industry will soon reach between $42 billion and $58 billion. 

Our take:

As we begin to see more states legalize online sports gambling, DraftKings only stands to benefit.

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