Home cooking is always nice, and Boston’s own DraftKings is enjoying every bite as its sportsbook continues to perform well in Massachusetts.
That success has helped fuel a 182% surge in its stock price this year.
DraftKings Sportsbook Massachusetts was among the first sportsbooks to go live in the Commonwealth when the online sports betting industry launched earlier this year.
Revenue rising in 2023
According to data from MarketWatch, DraftKings (DKNG) has reported a 182% increase in its stock price since Jan. 1.
More specifically, DraftKings stock was priced $11.05 on Jan. 1, 2023. As of 9 a.m. ET on July 13, it was $31.22, according to NASDAQ.
In a weekly investing communication newsletter, independent gaming firm Eilers & Krejcik cited DraftKings’ improved hold rate and revenue for the surge in stock price in 2023.
As the sports betting operator surges in value in 2023, it continues to flex its muscles as one of the clear leaders in the industry, especially among Massachusetts sportsbooks.
DraftKings owning Massachusetts market
In Massachusetts, DraftKings has grabbed 48% of the market share by total handle since online sports betting launched on March 10. Since then, DraftKings has a total betting handle of $762 million, resulting in $73.9 million in revenue as of May.
In comparison, its biggest competitor, FanDuel Massachusetts, has generated a total handle of $489 million and $57.4 million in sports betting revenue.
DraftKings is clearly the leader in Massachusetts, and its value is benefiting from the allegiance of customers in its home state.
DraftKings brand name in Massachusetts
The Boston-based company has leveraged its popularity from daily fantasy sports (DFS), which was legal in many states long before sports betting. The DraftKings Sportsbook, which is offering up to $1,200 in sign-up bonuses in Massachusetts, is a reliable app and sports betting site.
Every full month since Massachusetts sports betting launched, DraftKings has increased its lead over FanDuel in total handle.
In some ways, DraftKings is becoming another brand name synonymous with Massachusetts and Boston, much like a Patriots logo or Celtics green lucky charm. The company has partnership deals in place with the Red Sox, Celtics and Bruins, and has signage in iconic Fenway Park.
Later this year, DraftKings will enter another new state, Kentucky, which is launching retail and online sports betting in September. More than 30 states now have active sports betting markets, either retail or online, or both.
