States Approve Legal Sports Betting, DraftKings Stock Rises

  • DraftKings stock price has risen overnight following the results of several states voting in favor of legal sports betting.
  • Louisiana, Maryland, and South Dakota have all approved sports betting but will need to write concrete laws in their 2021 legislative sessions.
  • Shareholders are expecting DraftKings to aggressively expand into these markets.

BATON ROUGE, La. – Election Day has brought with it more regulated sports betting in the US. Several key states, including Louisiana, Maryland, and South Dakota, have all voted to pass legal sports betting within their borders.

This has had a major effect on popular domestic sportsbook, DraftKings, whose stock prices rose following Election Day.

Shareholders are seemingly expecting a major expansion into these markets in the coming year, as DraftKings has been at the forefront of most every legal sports betting market so far.

Sports Betting Grows

Of the 21 states that currently allow for regulated in-state sports betting, DraftKings is operational in 12 of them. Now that more markets are opening, it is expected that the popular sportsbook will expand its operations even more.

Louisiana sports betting, for example, is a major attractive market that every domestic sportsbook would love to get its hands on. Sports bettors in the Pelican State showed their interest by showing up to the voting polls.

The sports betting bill managed to pass with 55 of the 64 parishes voting in its favor. In the state’s capital of Baton Rouge, sports betting passed with 68% of the votes.

The main attraction, however, is New Orleans who voted for sports betting with a resounding 76% of the votes. For the biggest city and tourist attraction in the state to be this eager for regulated sports betting, then the market is expected to be a major one.

DraftKings has continuously been an early adopter in markets that show potential. The sportsbook was amongst the first to launch its operations in Colorado, Illinois, Tennessee, and New Jersey when sports betting was legalized in these states.

It is not a stretch of thought to assume that the same will occur when these markets officially launch. DraftKings stock growth is a clear indication of investors believing the trend will continue.

DraftKings opened on market to a 7.61% increase following the election results. The sportsbook continues to find success as a publicly-traded company and further proves the legitimacy of the legal sports betting market.

These markets will not launch before the 2021 session, but sports bettors in these states should still be excited as they may soon get their hands on one of the biggest domestic sportsbooks in the country.

News tags: Baton Rouge | DKNG | DraftKings | legislation | Louisiana | Maryland | South Dakota | sports betting | Stocks

Giovanni Shorter

Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.

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