02 December 2020 Posted By : Todd Shriber

DraftKings Is Royal Idea as Canada Embraces Conventional Sports Wagering

DraftKings (NASDAQ:DKNG) is a gaming equity for investors to consider, as Canadian policymakers mull legislation that will allow betting on individual sporting events, according to one analyst.

On Monday, Credit Suisse analyst Benjamin Chaiken highlighted the stock as a play based on recently introduced bills in Canada that pave the way for single-game betting. Those proposals, one of which was filed last Thursday, enjoy bipartisan support.

Home to the capital of Ottawa and Toronto — Canada’s largest city — Ontario is the biggest Canadian province by population, with 14.57 million residents. That’s a hefty percentage of the country’s total population of 37.59 million. Four professional teams that play in US-based leagues also reside in Ontario — the NHL’s Maple Leafs and Senators, the NBA’s Raptors, and and Major League Baseball’s (MLB) Blue Jays.

Not Accounted for in Current Estimates

For years, Canadian sports bettors have been able to wager on parlays, but not single games. Provincial lotteries oversee the current offering, which generated $500 million for those governments. But that’s a meager percentage of what gamblers in the Great White North are sending offshore in order to gain access to a fuller menu of wagering options.

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