What happened Shares of DraftKings (NASDAQ: DKNG) climbed 9% on Thursday after voters in three more states approved measures to legalize sports betting. So what Maryland, South Dakota, and Louisiana will soon allow bets to be placed on sporting events. They'll join 21 other states that already allow such wagers. As a leading daily fantasy sports contest and sports betting platform, DraftKings -- and its investors -- stand to profit handsomely from these developments. DraftKings' stock surged after more states legalized sports betting. Image source: Getty Images. Now what The pace of legalization appears set to accelerate in the coming year, as more states turn to sports betting to help shore up tax revenue bases depleted during the COVID-19 crisis. In turn, the online sports betting and gambling market could eventually generate $58 billion in annual revenue in the U.S. alone, according to some analysts. DraftKings has moved aggressively to make the most of this tantalizing growth opportunity. The hard-charging company has struck deals with ESPN and multiple sports teams in recent months -- all of which are designed to keep its brand top of mind among bettors. DraftKings is also flush with cash after its recent share offerings, which should give it the capital it needs to continue heavy investments in its growth initiatives. 10 stocks we like better than DraftKings Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and DraftKings Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source