DraftKings Stock Was Running Out Of The Gates Wednesday: What Happened?

DraftKings Inc DKNG shares traded higher on Wednesday. The company announced the launch of its first-ever horse racing product before the open.

DraftKings has launched DK Horse in 12 states. The digital gaming operator expects to launch in additional states by the Kentucky Derby on May 6. The standalone, DK Horse-branded app will allow eligible customers to access pari-mutuel wagering on horse racing.

DK Horse customers will have the opportunity to place bets on some of the most prestigious horse races in the United States, including Churchill Downs' flagship events such as the Oaks and Derby. In addition to allowing customers to place wagers, DK Horse will offer live video streaming of races. The platform will also feature a comprehensive betting guide to keep customers informed about upcoming races and various ways to place bets.

Under the multi-year agreement DraftKings and Churchill Downs announced in November, Churchill Downs subsidiary, TwinSpires, agreed to provide the technology for advance deposit pari-mutuel wagering for DK Horse.

“Our goal is to provide our customers with best-in-class-sports and gaming products, and we expect DK Horse to provide a fun and new way to engage with renowned races like the upcoming Run for the Roses,” said Jason Robins, CEO and Chairman of the Board of DraftKings.

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DKNG Price Action: DraftKings has a 52-week high of $21.62 and a 52-week low of $9.78.

DraftKings shares closed Wednesday up 7.1% at $18.86, according to Benzinga Pro.

Photo: courtesy of DraftKings