DraftKings stock jumps after winning Oregon’s sports betting lottery

The Oregon Lottery Commission voted to switch its mobile betting operator from Scoreboard to DraftKings

People in the state of Oregon are getting a new mobile sports betting provider.

On Thursday, the Oregon Lottery Commission, which runs sports betting for the state, voted to switch its mobile betting operator from Scoreboard to DraftKings DKNG, +3.72%.

The Oregon Lottery Commission has only allowed one sports betting operator at a time to offer Oregonians mobile betting. This practice is in stark contract with a state like New Jersey, which has opened up both in-person and mobile betting to several operators.

“There are a number of business benefits in terms of simplifying some of the structure and there are player benefits as the experience will be improved on the new platform,” Oregon Lottery executive director Barry Pack said regarding the move to DraftKings.

Since the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA) in 2018, it’s now up to individual states to decide whether or not they will offer legalized sports betting.

Wagering on college sports is not currently legal in Oregon.

DraftKings stock is up 3.3% on Friday, and up 18.29% over the last three months, compared with the S&P 500 SPX, +0.88%, which is up 6.85% over the same period.

https://www.marketwatch.com/story/draftkings-stock-jumps-after-oregon-makes-it-the-states-exclusive-sports-betting-provider-11630083436