DraftKings emerges as unlikely winning stock even as pandemic cancels most sports

The entrance from the elevators, designed to resemble a tunnel entering a stadium, is pictured at the new DraftKings office in Boston on March 25, 2019.
David L. Ryan | The Boston Globe via Getty Images

Stocks such as Zoom Video, Teladoc Health and Amazon are among this year's best performers as they capitalize from people staying at home during the coronavirus pandemic. But an unlikely stock has also posted sharp gains in a very short time: DraftKings.

DraftKings shares are up more than 100% since late April, when the company went public through its merger with Diamond Eagle and SBTech. The merger between the three companies was announced December 2019 and sent Diamond Eagle's stock surging 80% from Jan. 1 to April 24, when the merger closed.

Here's what's behind the run and whether it can continue.