DraftKings, Wynn Pegged as Winners in Massachusetts Sports Betting, Say Analysts

To the delight of bettors inwards New England’s largest state, Old Colony eventually passed regulated sports wagering right before the last of its 2022 legislative session and analysts are already identifying potential winners among operators.

Boston-based DraftKings (NASDAQ:DKNG) may experience a place field of force advantage and along with challenger FanDuel is already intimate to prospective MA bettors owing to the companies’ long-running ascendency inward daily fantasise sports (DFS). Additionally, analysts see to it the state’s deuce-ace commercial message cassino operators — MGM Resorts International (NYSE:MGM), Penn National Gaming (NASDAQ:PENN) and Wynn Resorts (NASDAQ:WYNN) as possible winners as well.

Like DraftKings, Penn’s Barstool Sportsbook could live a hometown favourite due to Barstool Sports’ ties to the Boston area.

While the legacy DFS manufacture inwards the body politic gives DKNG and FLTR’s FanDuel a skillful top dog get going on aim customer acquisition similar to many other states, we trust the state’s commercial casinos are in warm standing, peculiarly PENN and Barstool Sports with somewhat of a home force field reward given Barstool’s legacy inward Boston and its popularity among the local college population, coupled with the retail front at Plainridge Park,” wrote CBRE psychoanalyst John the Divine DeCree inwards a mention to clients.

He adds that BetMGM parent MGM and Wynn could follow redoubtable players in the Old Colony sports betting shot because locals are familiar spirit with the brands and those operators potential make extensive databases of prospective sports bettors past path of running land-based casinos inwards the state.

Massachusetts Drawing New Jersey Comparisons

It remains to follow seen and it’s a lofty comparison, but some industry observers ascertain Massachusetts Bay Colony as a potential competitor to New island of Jersey in terms of sports betting handle.

There are similarities. Both states are set in the northeastern United States with rabid fan bases for local professional person sports teams. Massachusetts testament revenue enhancement mobile wagers at 20% and retail wagers at 15% — higher than many states, but intimately below the rates inwards New House of York and Pennsylvania.

“We approximate MA’s 7M universe could eventually bring forth OSB GGR of $450-560M annually, implying a $65-80 per capita consumption rate,” said Philip Milton Roth Capital psychoanalyst Edward VIII Engel inwards a annotation to clients.

He points to DraftKings, Penn and Wynn as operators that could grab significant securities industry divvy up inward the nation that’s nursing home to all of New England’s professional person sports franchises.

“Penn’s Barstool brandmark has deep ties to MA, including a big humble of Beantown sports fans. As such, we anticipate PENN’s OSB marketplace portion out to index to a higher place the 5-10% deal it achieves inward other states,” adds Engel. “DKNG was also founded in MA, and we would wait a big marketing push. Additionally, Wynn has marketplace part advantages alongside its land-based gambling casino front in Bean Town and growing database inwards the region.”

Needed Jolt for 2022 Sports Betting Legislation

As the Roth Capital analyst points out, Massachusetts provides a needful encouragement to the 2022 sports betting legislative landscape, which antecedently included legitimation inwards simply Sunflower State and Maine.

There’s some optimism Massachusetts Bay Colony could make peregrine betting operating(a) past the pop out of the 2022 NFL flavour on Sept. 11, but that notion is potential rooted more in desire than reality. An ahead of time 2023 launch inward the land is more plausible. Still, with California, TX and Everglade State not yet legal, the Massachusetts Bay Colony intelligence is significant.

“If CA voters can come after suit of clothes and have a commercially viable sports betting amendment approved inwards November, the industry could capture very interesting for investors in 2023,” adds CBRE’s DeCree.