DraftKings is set to become the newest online sports betting site to open up in the state of Michigan. The announcement was made on Thursday that the company is partnering with the Bay Mills Resort & Casino, a tribal gaming venue, to bring the DraftKings mobile app to the Wolverine State.
DraftKings is primarily a fantasy betting site. People can pick teams of real players and then run them against each other in fantasy match-ups based on how the players perform in real life. Over the past few years, they have also included bets on actual sporting events – which has provided them with a good deal of increased revenue.
This makes Michigan the eighth state where DraftKings will be able to have a presence. They are quickly becoming one of the most well-known online betting sites in America. They have a rock-solid, well-earned reputation.
“In a DraftKings-led consumer study of Michiganders who expressed interest in online sports betting, over a third had already actively placed a legal bet via mobile by traveling either to another state or internationally where permitted,” said the company. “Another 55 percent had never made an online wager before, demonstrating potential among casual bettors upon market entry.”
Michigan becomes the eighth state in which DraftKings can offer its mobile app, joining Colorado, Indiana, Iowa, New Jersey, New Hampshire, Pennsylvania, and West Virginia. The state is the seventh with a DraftKings-branded retail sportsbook, joining Colorado, Iowa, Mississippi, New Hampshire, New Jersey, and New York.
This was quite a boon for DraftKings stock, which went up significantly after the announcement. The company is certainly growing, and we expect it to add more states in the near future.
DraftKings is setting out to become the most successful betting companies not affiliated with a single casino. By being flexible they are able to partner with casinos in states that require that or launch on their own in states that do not.
Overall this seems to be a winning strategy for DraftKings and their eventual expansion to all states seems to be on the horizon.