Online betting giant DraftKings (DKNG) has announced the launch of a standalone Casino app in Pennsylvania. This marks the second state where the app will be made available, following last month’s launch in New Jersey.
According to DraftKings, iGaming fans in Pennsylvania will now be able to experience a more holistic product suite and dynamic gaming experience.
Like in New Jersey, the app features exclusive new games, plus revamped classics, including Blackjack and Roulette. It will also offer games from third-party providers like International Gaming Technology.
DraftKings Casino was previously made available to Pennsylvanians through the DraftKings Sportsbook app earlier this spring. Looking forward, DraftKings says Pennsylvania customers will also soon have access to the DraftKings Live Dealer Studio which will operate 24/7.
DraftKings added that it is prepared to unveil its Casino product in additional states where regulations allow.
Shares in DraftKings have exploded by an incredible 180% since its Nasdaq debut in April- although the stock is trading down 27% on a one-month basis. Rosenblatt analyst Bernie McTernan has a buy rating on the stock and Street-high $60 price target (98% upside potential).
“We continue to be bullish on DKNG following data… showing iGaming momentum continues and DKNG could be taking share” he told investors, adding that sports betting revenue also increased year-over-year, for the first time since February.
“We think investors should use the recent pullback in shares, likely related to near-term uncertainty of sports returning, as a buying opportunity, especially for those with long-term time horizons” he concluded.
Overall, DraftKings scores 10 Buy ratings versus 1 Hold rating adding up to a Strong Buy analyst consensus. The $47 average price target implies 56% upside potential in the shares over the coming year. (See DraftKings stock analysis on TipRanks).
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