Benzinga | Nov 4, 2021 12:20PM EDT

What's Going On With DraftKings Stock Today?

DraftKings Inc (NASDAQ:DKNG) is trading lower in sympathy with Penn National Gaming Inc (NASDAQ:PENN) after the company announced its third-quarter financial results.

Penn National Gaming reported quarterly earnings of 52 cents per share, which is down from 93 cents per share year-over-year. The company reported quarterly revenue of $1.51 billion, which was in line with estimates.

"In addition to the five new launches of our Barstool mobile sportsbook betting app, all of which occurred before the start of the football season, earlier this week, we launched our mobile sports betting app in Iowa, which expands our footprint to 10 states," said Jay Snowden, president and CEO of Penn National Gaming.

Snowden continued, "Overall, we are benefiting from our increased scale and are driving higher handle and revenue market share across the board while remaining disciplined with our marketing and promotional spend."

Related Link: Penn National Q3 Earnings Highlights: Revenue Beat, Barstool Sportsbook In 10 States, Omnichannel Growth

DraftKings announced Thursday an expanded multiyear relationship with the National Basketball Association (NBA), making DraftKings a co-official sports betting partner of the league.

"The NBA season only just tipped off, and yet we have already seen the immediate impact of the sport among our customer base with significant reengagement along with healthy new betting activity across all of our states," said Ezra Kucharz, chief business officer of DraftKings.

DraftKings is set to announce its third-quarter financial results before the market opens on Nov. 5.

DKNG, PENN Price Action: DraftKings was down 4.06% at $44.94 and Penn National Gaming was down 16.98% at $60.38 at time of publication.

Photo: World Poker Tour from Flickr.