DraftKings Gains Sports Betting Share Since Start of NFL Season
Week sise of the 2023 NFL time of year is inwards the books and with a record book identification number of states permitting regulated sports wagering, it’s not surprising grip is on the rise. Data also point that DraftKings (NASDAQ: DKNG) is adding market part since the starting line of the football game season.
In a new account to clients, Stifel analyst Jeffrey Stantial observed that US sports wagering handle “accelerated nicely” into football game season and, as expected, DraftKings is the biggest winner when it comes to market deal gained. FanDuel, a building block of Flutter Entertainment (OTC: PDYPY), and DraftKings are the top of the inning two operators in terms of US sports wagering share, method of accounting for to a greater extent than 70% of the market.
We reiterate our Hold-rating on DKNG for now as patch recent marketplace part impulse and mathematical product instruction execution is extremely encouraging, we believe forthcoming competitive product launches/improvements could lay out a best accounting entry point,” wrote Stantial.
Shares of Boston-based DraftKings are higher by 166.77% year to date, making it ane of 2023’s best-performing gaming equities.
Online Sports Betting Competition Remains Fierce
If there’s I thing the US sports wagering manufacture is known for, it’s competition. Over the yesteryear several years, the duopoly established past FanDuel and DraftKings has claimed several victims, including operators that threw inwards the towel and others that opted to sell themselves.
DraftKings has reinforced an enviable fosse that’s allowed it to ward off a viable competitor inwards Caesars Sportsbook. That status is all the more of import at a clip when Fanatics and William Penn Entertainment (NASDAQ: PENN) with ESPN Bet are looking to gainsay the FanDuel/DraftKings duopoly.
Stantial pointed out that Fanatics is away to a solid start, but that’s mostly attributable to sound promotional spending, a tactic that can buoy threaten profitability. Penn’s ESPN Bet is slated to debut inward November.
“While too betimes to discount either potential disruptor, we believe mostly horse barn apportion for DraftKings/FanDuel in a battleground state with heights disbursal disruptors is notable, especially as the market place continues to grip with the upcoming ESPN Bet launch,” added the analyst. “We appear to forthcoming Oct Bluegrass State data, and initial Second Earl of Guilford Carolinas results inwards 2024, as still break measuring sticks for market portion out normalized for number 1 public mover advantage.”
DraftKings Sports iGaming Success, Too
While iGaming is live and sound in simply six states, far fewer than the 35 permitting sports betting, analysts and operators remain enthusiastic around the long-term ontogeny trajectory for online casinos.
Currently, Michigan is the only if country that releases operator-level data. There, it appears that DraftKings and FanDuel are grabbing market place deal from BetMGM. Stantial noted Caesars Entertainment (NASDAQ: CZR) is another epithet that could encouragement iGaming marketplace portion going forward.
“Looking forward, we preserve to monitor Caesars as a potency part victor precondition the set in motion of a standalone iCasino app, and other improvements to product and omnichannel marketing execution,” concluded the analyst.
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