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Tuesday, May 17, 2022

DraftKings [NASDAQ: DKNG] Becomes First Official Betting Operator Of PGA Tours

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DraftKings, Inc. [NASDAQ: DKNG] has secured its position as the first betting operator of PGA Tours. The PGA Tours and DraftKings both announced today that they have decided to expand their multi-year content and marketing relationship.

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Earlier, in July 2019 DraftKings became the first official daily fantasy game of PGA Tours. After the new deal, now DraftKings have the rights to use the trademarks, have secured the right to advertise within TOUR media and TOUR partner platforms in the US.

The deal also gave the content and video rights to DraftKings which allows DraftKings’ sportsbook solutions to launch pre-game and post-game betting programs and also gave rights to distribute the highlights to users who placed bets.

Shares of DraftKings, Inc. plunged 6.48% at $35.12 during the trading of Monday. DraftKings has a day low range of $32.39 and a high range of $38.04. It has a 52-weeks low and high range of $9.76-$44.79, respectively.

If we look at its profitability, it has a return on assets (ROA) of 0.70% and the return of equity (ROE) of 0.70%. It has a total market capitalization of 11.87 billion. DKNG has moved up 259.78% and moved down -21.60%.

PGA Tours said that it is delighted to announce the partnership with DraftKings. Norb Gambuzza, PGA Tour senior vice president said that the reaction of fans was very promising last year in our DraftKings Daily Fantasy games. The new relation with DraftKings will attract a large audience.

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