DraftKings Rises as Cathie Wood Buys More, Acquisition Announced By Investing.com

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© Reuters.

By Christiana Sciaudone

Investing.com —  DraftKings (NASDAQ:) rose 1.5% after Cathie Wood bought more shares, and the company announced it acquired a sports betting news and analysis company.

Wood’s ARK Investment active ETFs bought over 500,000 shares of DraftKings, as well as adding smaller amounts of Twitter Inc (NYSE:) and Peloton (NASDAQ:). Wood has cultivated enough of a following that anything she touches turns to gold. 

DraftKings acquired four-year-old Vegas Sports Information Network, Inc. (VSiN) to build out content capabilities as legal sports betting expands. DraftKings is live in 14 states with mobile and/or retail sports betting, and intends to continue growing. Since 2018, 23 states have legalized some form of sports gambling, DraftKings said in a recent investor presentation.

“VSiN also has an established infrastructure that DraftKings can immediately help expand, in the hopes of adding value to consumers who are looking to become more knowledgeable about sports betting,” said Chief Executive Officer Jason Robins.

VSiN operates out of Las Vegas, and is accessible through channels including Comcast (NASDAQ:) Xfinity, Sling TV, fuboTV, Rogers’ Sportsnet and MSG Networks (NYSE:).

On Monday, DraftKings said it will become an Official Gaming Partner of WWE. DraftKings will receive an exclusive license to media assets and in-game branding for WWE pay-per-view events. The collaboration will launch at WWE’s two-night pop culture extravaganza, WrestleMania, on April 10 and 11.

 

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