In the world of online gambling, two major players have emerged as leaders in the industry: DraftKings and DoubleDown. Both companies have seen significant growth in recent years, as more and more people turn to online gambling as a form of entertainment.
DraftKings, originally founded in 2012 as a daily fantasy sports platform, has since expanded to offer a wide range of online gambling options, including sports betting, casino games, and fantasy sports contests. The company has seen rapid growth in recent years, with a reported revenue of $609.3 million in 2020, a 49% increase from the previous year.
DoubleDown, on the other hand, is a social gaming platform that offers a variety of casino games, including slots, blackjack, and poker. The company was acquired by DoubleU Games in 2017 and has since continued to grow its user base and revenue. In 2020, DoubleDown reported revenue of $1.2 billion, a 15% increase from the previous year.
Both DraftKings and DoubleDown have capitalized on the growing trend of online gambling, as more states in the US have legalized sports betting and online casino games. This has allowed both companies to attract a larger audience and increase their revenue streams.
However, the competition between DraftKings and DoubleDown is fierce, as they both strive to offer the best online gambling experience to their users. DraftKings has focused on sports betting and has partnerships with several professional sports leagues, including the NFL and NBA, which has helped to attract sports fans to the platform. DoubleDown, on the other hand, has focused on social gaming and has a large community of players who enjoy playing casino games together.
The growth of DraftKings and DoubleDown in the online gambling market has not gone unnoticed by investors. Both companies have seen their stock prices rise significantly in recent years, as they continue to attract new users and increase their revenue streams. In fact, DraftKings went public through a reverse merger in April 2020 and saw its stock price soar in the months following its IPO.
Overall, the online gambling industry is experiencing a boom, and companies like DraftKings and DoubleDown are at the forefront of this growth. As more states legalize online gambling and more people turn to the internet for entertainment, it is likely that these companies will continue to see significant growth in the years to come. Investors will be watching closely to see how DraftKings and DoubleDown will continue to innovate and expand their offerings in this fast-growing market.