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DraftKings has disclosed one particular bet: The $3.46-million US wager placed by the Houston-area mattress salesman known as Mattress Mack. Infamous for losing millions of dollars on. If you want to bet with DraftKings Sportsbook in Virginia, there will be two options. The first is on your computer with the browser site for DraftKings. The second option is to bet on your phone or mobile device with the iOS or Android app for DraftKings. DraftKings Sportsbook users can wager on the vast majority of teams, sports and events. However, some state betting regulations prohibit wagering on certain sports or athletic events. The deal also gives DraftKings exclusive marketing and betting rights for the league. In league races, drone pilots with a first-person view of the action compete for prizes for whoever can zip.

One of the largest single wagers in Super Bowl betting history, $3.4 million on the Tampa Bay Buccaneers to cover the 3.5-point spread, was placed with DraftKings in Colorado on Wednesday night.

DraftKings is one of the top sportsbooks in the sports betting industry for good reason, and there are a number of great features of the site and mobile app. This is a trusted sports betting operator that is licensed in the United States.

DraftKings said Thursday morning that Jim “Mattress Mack” McIngvale wagered $3.46 million on the Bucs to cover against the favored Kansas City Chiefs.

“Tampa Bay is loaded with talent on both sides of the ball and led by the greatest football player of all time in Tom Brady, so I’m betting big on the Bucs who have overcome tough matchups throughout this postseason,” McIngvale said.

“The NFL has only seen eight instances of back-to-back champions and none in the past 16 years, so I like my chances going into Super Bowl LV for this trend to continue. DraftKings has been amazing; providing a safe, legal and fantastic customer experience.”

The 69-year-old McIngvale owns and operates Gallery Furniture.

McIngvale flew into Colorado Springs and placed the wager via DraftKings mobile from the airport, the sportsbook said. He placed a $3.5 million bet on the Houston Astros to win the World Series in 2019.

“Mack has been a great customer and is someone we have history with after taking his sizeable wager on the Astros to win the World Series a couple seasons ago. For Super Bowl LV, Mack is handicapping the game out of pure belief that the Buccaneers can either win or at least cover the spread,” Johnny Avello, director of race and bookmaking at DraftKings said.

“We are not strangers to taking significant action, particularly on one of the biggest sports events in the country. Looking at the way we have booked the Super Bowl so far, bettors are laying 3 on the Chiefs and taking the Buccaneers at +3.5 as fans try to get the best possible line.”

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FanDuel moved the over-under from 56 to 55 on Wednesday as the Sunday evening forecast turned from sunshine to a 75 percent chance of heavy rain and thunderstorms.

PointsBet revealed Thursday morning that more than 70 percent of all bets are being placed on the Chiefs.

–Field Level Media

How and why is it possible for DraftKings (NASDAQ:DKNG) to keep on pushing higher despite the high valuation? A quote from CNBC’s resident celebrity trader Jim Cramer might shed a ray of light on the market mystery of DraftKings stock.

“Investors are simply trying to make money, and that’s why they’re crowding into the stay-at-home economy stocks,” explains Cramer.

With that observation, Cramer recently recommended taking a position in what he calls “stay-at-home” stocks. And DraftKings stock would undoubtedly fall into this category as the company is heavily involved in the digital sports gaming and betting market.

Cramer might be making a valid argument, but would it really make sense to buy DraftKings stock after its massive share-price rally?

Betting on Anything and Everything

There’s no denying the success of the stay-at-home trade this year, at least if you’re using DraftKings stock as a gauge. Indeed, from the middle of March to early June, the DraftKings share price tripled and then some.

Apparently, with shelter-in-place mandates keeping people cooped up in their homes, folks have turned to digital modes of self-entertainment. And having gone public on the Nasdaq exchange in April, the introduction of DraftKings stock to the trading community couldn’t have happened at a better time.

Today, digital sports betting seems to be hotter than ever. It’s actually gotten to the point where a phenomenon known as “in-game betting” is gaining traction.

To put it simply, in-game betting means that people aren’t even betting on the final outcome of the game because they don’t want to wait that long. They’re wagering on the smaller events and minutiae within the games.

“People are betting on every point. It’s literally at that level,” says DraftKings CEO Jason Robins. He also observes that “In the U.K., in-game is about 75% of the revenues at sports books.”

It looks like sports fans are betting on just about every little detail of these games. That’s a deep level of addiction, and it might be worrisome, but it suggests continued profitability for DraftKings as a business.

Analysts Weigh In With Price-Target Revisions

It’s probably not a coincidence that Wall Street analysts tend to favor stocks that have increased in value. In the case of DraftKings stock, the prevailing sentiment is that the stay-at-home trade, and e-sports betting in particular, will remain lucrative.

Much of the enthusiasm is due to the prospect of live sporting events starting back up across the country. After all, sports betting is a whole lot easier to do when there are live events to bet on.

Wall Street is likely also wagering on the possibility of expansion for DraftKings’s operations. Currently the company is operational in less than 10 U.S. states and it provides online offerings in seven states. If more states ease their sports-betting restrictions, DraftKings has the potential to scale up quickly.

And on a fiscal level, the company isn’t operating in the red. In fact, as Matt McCall and the InvestorPlace research staff point out, DraftKings “has no debt and more than $450 million on its balance sheet.”

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Perhaps due to these considerations, a bevy of bulls in the analyst fraternity have bestowed the blessings upon DraftKings stock. Canaccord Genuity analyst Michael Graham reaffirmed his “buy” rating, for example, while raising his price target from $35 to $50.

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In a similar vein, Susquehanna analyst Joseph Stauff increased his price estimate from $33 to $48. Given the stock’s swift ascent in price, don’t be surprised if more Wall Street experts soon join Graham and Stauff in revising their targets for DraftKings stock.

The Takeaway on DraftKings Stock

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Cramer’s bullish recommendation on the stay-at-home trade seems reasonable enough. DraftKings stock is part of this trade and its price momentum has been powerful.

In-game betting is now a notable phenomenon, and the expansion into more U.S. states presents a potential catalyst for DraftKings. And so, while the stock’s high valuation might not be justifiable, it is at least understandable.

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As of this writing, David Moadel did not hold a position in any of the aforementioned securities.