What happened Shares of sports betting company DraftKings (NASDAQ: DKNG) jumped 10% at the open today, and remain 9% above yesterday's closing price as of 10:40 a.m. EST. The company reported strong revenue growth on Friday, leading it to raise its fiscal year 2020 revenue guidance. So what DraftKings reported pro forma revenue growth of 42%, meaning it is comparing to the previous year as if its merger with SBTech (Global) Limited and Diamond Eagle Acquisition occurred on Jan. 1, 2019. The mergers culminated in the company's initial public offering (IPO) in April 2020. Image source: Getty Images. In addition to raising 2020 revenue guidance by about 6% at the midpoint of given ranges, the company initiated fiscal 2021 guidance that implies about 45% year-over-year growth. Now what DraftKings is riding momentum from two recent events. First, the return of major sports leagues in the third quarter from pandemic-forced suspensions increased user activity. The company said its monthly unique payers (MUP) increased by 64% to over 1 million. And results from the U.S. election continued to add support for the sector. Sports betting ballot initiatives were passed in three more states, bringing the total to 21 states and Washington, D.C., where sports betting is legal in the U.S. DraftKings is now live with mobile sports betting in 10 states after its launch in Tennessee this quarter. The company has also recently entered partnerships with Turner Sports and NFL teams including the Philadelphia Eagles and the New York Giants. Investors are applauding the company's results today and its growth. Shares are now up more than 130% since its IPO. 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 Howard Smith 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