Perhaps no sportsbook is enjoying a better 2023 than DraftKings, and the Boston-based sports betting operator will ride that momentum into its Kentucky launch this September.
The price for DraftKings’ stock (DKNG) is up 182% so far since the start of 2023. As of this morning, its price was sitting at $31.18 and it began the year at $11.05. In their weekly newsletter, analysts at independent gaming firm Eilers & Krejcik credited the sportsbook’s improved hold rate and revenue shares for the stock price surge.
Kentucky is up next for DraftKings
There has been a trend of continuous growth in DraftKings’ stock price this year, and it doesn’t seem likely to change any time soon. Especially since DraftKings has enjoyed such a successful first several months in its home state of Massachusetts. It not only leads FanDuel for the No. 1 share of the Massachusetts market — it’s increasing its lead each month.
Barring any unforeseen developments elsewhere, Kentucky will be the next launch state for DraftKings. While it hasn’t announced a racetrack partnership to enter the Kentucky sports betting market yet, we can all but assume a deal is already signed or very close to being finalized to create a DraftKings Kentucky.
DraftKings poised to — potentially — lead the Kentucky market
Depending on how it chooses to operate, DraftKings could have a unique opportunity to lead the Kentucky market as well.
Why?
Because the legal sports betting age limit in the Bluegrass State is 18. Caesars Sportsbook Kentucky has already said it will be 21-plus. We can safely assume the same for BetMGM KY and FanDuel KY, based on track records in other states where 18-20-year-olds are allowed to bet.
However, DraftKings may choose to allow 18-and-over betting on its Kentucky platform. When PlayKentucky directly asked DraftKings about its 18 vs. 21 plans in Kentucky back in May, here’s what it said:
“DraftKings is committed to following the age restrictions set forth by each individual jurisdiction.”
If DraftKings does choose to allow 18-20-year-olds to bet on its platform, it could have that demographic chunk to itself in Kentucky, at least among the big four operators. DraftKings allows 18-and-over wagering in New Hampshire and Wyoming, where the legal age limit is 18.
