Investing.com -- DraftKings Inc (NASDAQ:DKNG) jumped 7% after Goldman Sachs (NYSE:GS) upgraded the stock, citing improving chances for more states to allow online sports betting and gambling.
Goldman upgraded the stock to buy, saying DraftKings had the national network to capitalize on state rollouts. New York, Texas and Florida are considering online betting to help close budget gaps with tax revenue.
The stock is up 283% in the last year. Online sports betting has become more popular as spectators place bets while watching live events streaming on their mobile devices.