DraftKings Inc.

DraftKings rode the legalization of sports betting in the United States from a fantasy-sports app into one of the biggest names in online gambling. It runs a sportsbook where users bet on games and an online casino, and it competes fiercely with FanDuel for the top spot in a market that has expanded state by state since a 2018 Supreme Court ruling opened the door. The company began in 2012 offering daily fantasy contests before pivoting to real-money betting, and it went public in 2020. Based in Boston, DraftKings has spent heavily on marketing and promotions to grab market share, which kept it unprofitable for years as it chased growth, though the economics improve as each state's operation matures. The stock is a bet on the continued spread and growth of legal US sports betting, sensitive to new state approvals, competition, tax rates and how freely consumers spend.

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