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DraftKings Climbs on Positive News Out of Oregon, Arizona

DraftKings is now the official partner of the Oregon Lottery Commission and is set to be approved for operation in Arizona.
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Shares of sports betting company DraftKings  (DKNG) - Get DraftKings Inc. (DKNG) Report are rising Friday as the company makes inroads at the state level in the Western part of the country. 

The Oregon Lottery Commission made DraftKings the official partner for its mobile betting program, switching from rival Scoreboard.

Oregon allows only one sports betting operator, unlike other states which open up both in-person and mobile betting operations to several companies.

“There are a number of business benefits in terms of simplifying some of the structure and there are player benefits as the experience will be improved on the new platform,” Oregon Lottery executive director Barry Pack said Friday. 

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Meanwhile, Arizona announced Friday that pending regulatory approval, the state will become the 44th state to offer DraftKings Daily Fantasy Sports on Saturday.

"There is no better time of the year to launch our leading daily fantasy sports app than ahead of the NFL season," said Matt Kalish, co-founder and president of DraftKings North America. "We're excited for the opportunity to provide Arizona sports fans with the thrill of having some skin-in-the-game as we head into what we expect to be the busiest time of the year for our company."

After Arizona approves DraftKings, the only states where daily fantasy sports betting is prohibited will be Alabama, Hawaii, Idaho, Iowa, Louisiana, Montana, Nevada and Washington state, according to Legal Sports Report

DraftKings shares were rising 3% to $59.60 in afternoon trading on Friday. Year to date, the stock is up nearly 30% and about 50% over the past 12 months.