DraftKings Shares Skyrocket Thanks To Bets On Table Tennis, Korean Baseball

DraftKings shares have jumped over 50% since going public last month. Online gamblers bet on everything from video games and a charity golf match to table tennis and Korean baseball.

DraftKings went public on April 24. The company posted a loss of 18 cents per share on revenue of $113 million in the first quarter. It is benefiting from an uptick in demand for gambling on events outside of U.S. sports. Wall Street analysts are quite bullish on the stock. It currently trades for just over $29 per stock, but most firms assign it a price target of between $30 and $35 per shares.

Robins said during the company’s earnings call last week that people are hungry for sports to come back.

DraftKings shares have risen 50% since its public offering. Goldman Sachs is not a fan of the company. The company has about $450 million in cash and can sustain a loss of $15 million to $20 million per month while major sports leagues are suspended.

DraftKings shares have increased by more than 50% thanks to the success of its sports betting business. The company has a market value of $9.4 billion. It is more valuable than major casino operators Wynn Resorts and MGM Resort International.