Shares of DraftKings (NASDAQ: DKNG) trended higher in pre-market trading on Friday after Action Network reported that the online betting company could possibly sign a partnership agreement with ESPN.
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The report stated that this is likely to be an exclusive agreement that would have shows and betting odds integrated into broadcasts of games. This partnership could also result in DKNG “rebranding itself with the ESPN name.”
Action Network quoted DraftKings as saying, “We have a great, long-standing relationship with ESPN. However, we speak to a variety of companies on a regular basis and don’t comment on the specifics of those conversations.”
The report added that ESPN could be looking at getting $3 billion over a period of time from this partnership.
Is DraftKings Stock a Buy, Sell, or Hold?
Analysts are cautiously optimistic about DKNG, with a consensus rating of Moderate Buy. This rating is based on 10 Buys, seven Holds, and one Sell.
The average price target for DKNG stock is $24.27, with upside potential of 51.3% at current levels.
