Why DraftKing's Stock Is Trading Higher Today

DraftKings Inc. DKNG shares are trading higher after the company announced it has become the PGA Tour's official betting operator.

"By becoming the first to join the TOUR's Official Betting Operator program, DraftKings will have rights in the United States to use PGA TOUR trademarks, rights to advertise within TOUR media and TOUR partner platforms, plus content and video rights allowing DraftKings' Sportsbook solution to create pre-game and post-game betting programming, as well as the distribution of highlights to users who have placed bets," according to the press release.

DraftKings is a digital sports entertainment and gaming company. The firm provides users with daily fantasy sports, sports betting, and iGaming opportunities.

DraftKing's stock was trading up 2.52% at $36 per share on Tuesday. The company has a 52-week high of $44.79 and a 52-week low of $9.76.