Online sports gambling company DraftKings Inc. (NASDAQ: DKNG) continues expanding, as it announced a new partnership with Michigan casino operator Bay Mills Resort and Casinos to bring sports betting to the state. The deal, which is still subject to proper licenses and approval, according to DraftKings, brings its Sportsbook mobile app to its eighth state. It will also mark the seventh state where it has a DraftKings-branded retail sportsbook.
© Provided by The Motley Fool DraftKings Brings Its Sportsbook Mobile App and Retail Site to Michigan
Bay Mills operates two casinos in Michigan, as well as associated golf courses, hotel rooms, and restaurants. The casino operator has announced that it will reopen its gambling operations on June 12, 2020, after having shut them down due to the COVID-19 pandemic on March 18.
© Getty Images board showing betting odds on baseball games
DraftKings, which began trading publicly on April 24, 2020, has said that in-game betting was its priority and focus for growth. These are bets made during games that are unrelated to the outcome of the event. These “prop bets” can be made on single plays or scoring predictions within a game. They can be made via the company’s mobile app, or in person at a casino sportsbook arrangement.
DraftKings claims it has the No. 1 mobile sportsbook. Chief Business Officer Ezra Kucharz says Michigan “presents a number of gaming opportunities,” as shown by a company-led consumer study in the state. More than one-third of residents who expressed interest in online sports betting had already traveled to other states or countries where it was legal to place online bets, but more than half said they had never placed such a bet, indicating a large available market.
Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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