DraftKings to Offer Lacrosse Betting

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Online betting giant DraftKings  (DKNG) - Get Draftkings, Inc. (DKNG) Report is offering lacrosse bets starting July 25 as part of a new partnership with the Premier Lacrosse League (PLL).

While the financial terms of the deal have not been made public, the agreement makes DraftKings PLL’s “Official Sports Betting Partner.”

The PLL tournament, held in Utah, runs from July 25 to August 9. The two-week tournament that will have no fans in attendance. The first week is a 14-game group play and the second week is single-elimination. It will air on NBC, NBCSN and NBC Sports Gold in addition to being streamed online.

According to Sports Illustrated, before the coronavirus pandemic reshaped countless industries and businesses across the U.S., the PLL was planning on playing in Salt Lake City this summer.

DraftKings also has partnerships with the NBA, NFL, PGA Tour, and MLB.

In June, a Jefferies analyst initiated coverage of the online sports-betting site with a buy rating. Analyst David Katz said in a note to investors said that online sports betting is in the initial stage of a "decade-long acceleration" and is projected to reach $19 billion by 2023-2025.

"We expect that post-covid, the engagement with digital leisure, the pent-up appetite for sports and political realities should position DraftKings to accel," Katz said. "What’s more, our proprietary survey supports the view that sports betting is a highly social endeavor more so under current circumstances."

As of publication, the stock is up over 9% Thursday.and up 250% year-to-date.

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