{"id":251605,"date":"2023-01-05T15:25:02","date_gmt":"2023-01-05T21:25:02","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=251605"},"modified":"2023-01-05T15:37:05","modified_gmt":"2023-01-05T21:37:05","slug":"publicly-traded-sports-betting-company-could-go-private-in-2023","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/","title":{"rendered":"Publicly Traded Sports Betting Firm Could Go Private in 2023, Says Research Firm"},"content":{"rendered":"<p>Less than three years removed from a flurry of initial public offerings (IPOs) by companies with ties to the sports betting industry, it\u2019s possible that at least one of those firms goes private this year.<\/p>\n<figure id=\"attachment_251607\" aria-describedby=\"caption-attachment-251607\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-251607\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP2-142x80.png\" alt=\"sportsbook\" width=\"1200\" height=\"675\" \/><figcaption  id=\"caption-attachment-251607\"class=\"text-description\">The sportsbook at Caesars Palace Las Vegas. A research firm sees a sports betting company going private this year. (Image: Caesars Entertainment)<\/figcaption><\/figure>\n<p>That\u2019s the sentiment of research firm Eilers &amp; Krejcik Gaming (EKG). In its most recent edition of the <em>EKG Line<\/em>, the company unveiled several predictions for the sports betting industry in 2023, including \u201ca major US OSB company goes private\u201d without identifying a potential candidate.<\/p>\n<blockquote class=\"main-blockquote\"><p><strong>It\u2019s expensive to be a public company. Not to mention the time that goes into quarterly reporting and the forced focus on short-term financial performance over long-term goals,\u201d<\/strong> according to EKG. <strong>\u201cWith valuations continuing to be depressed and capital hard to come by, the benefits of being publicly listed are arguably outweighed by the costs\u2014especially for smaller firms.\u201d<\/strong><\/p><\/blockquote>\n<p>The California-based gaming research firm didn\u2019t name potential candidates for privatization. Nor did it mention if companies that could make such a move are more likely to be sportsbook operators or <a href=\"https:\/\/www.casino.org\/news\/gan-extends-buyback-deadline-as-shares-swoon\/\">technology providers<\/a>.<\/p>\n<h2>Sports Betting Industry Is Competitive, Expensive<\/h2>\n<p>Since the 2018 <a href=\"https:\/\/www.casino.org\/news\/ohio-officials-weigh-in-on-1b-net-revenue-record-at-racinos\">Supreme Court ruling<\/a> on the Professional and Amateur Sports Protection Act (PASPA), several points regarding about the domestic sports wagering industry became abundantly clear.<\/p>\n<p>First, this is an ultra-competitive space. Second, thanks to marketing and promotional costs, it\u2019s expensive to attract and retain bettors. Finally, by way of the second point, <a href=\"https:\/\/www.casino.org\/news\/draftkings-2022-outlook-disappoints-stock-tumbles\/\">it\u2019s difficult for operators<\/a> to become profitable.<\/p>\n<div class=\"callout\">\n<p>While online sportsbook companies were profitable for parts of 2022, and the end of losses is expected to be a prominent industry trend in 2023, being a private company is an efficient avenue for cutting expenses. As EKG notes, being a listed firm isn\u2019t cheap. There are costs involved with everything from Securities and Exchange Commission (SEC) filings to holding investor days to maintaining investor relations staff and more.<\/p>\n<\/div>\n<p>Additionally, as pure play names such as DraftKings (NASDAQ:DKNG) and Rush Street Interactive (NYSE:RSI) confirm, there are no guarantees market participants will appropriately value sports betting\u2019s future prospects. Likewise, the public companies in the space are being punished amid fears that inflation and a recession will crimp consumer spending.<\/p>\n<h2>Still Hope for Expansion<\/h2>\n<p>Investors craving more options among publicly traded sports wagering firms need not fret. There are no guarantees the EKG prediction will be accurate, and as of now, no operators are signaling plans to become private companies.<\/p>\n<p>Additionally, 2023 could be the year of some of the most anticipated IPOs in the nascent industry\u2019s history. For example, one of or both <a href=\"https:\/\/www.casino.org\/news\/fanduel-fanatics-could-be-among-2023-ipo-darlings\/\">FanDuel and Fanatics<\/a> could become listed entities this year.<\/p>\n<p><strong>FanDuel, the largest online sportsbook operator in the US, would be spun off from parent company Flutter Entertainment (OTC: PDYPY), while Fanatics would be a more traditional IPO. There\u2019s no firm date on when either of those moves will occur. But rumors are flying that Fanatics recently held discussions with investment banks regarding a potential IPO.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Less than three years removed from a flurry of initial public offerings (IPOs) by companies with ties to the sports betting industry, it\u2019s possible that at least one of those firms goes private this year. That\u2019s the sentiment of research firm Eilers &amp; Krejcik Gaming (EKG). In its most recent edition of the EKG Line, [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":251607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Publicly Traded Sports Betting Company Could Go Private In 2023<\/title>\n<meta name=\"description\" content=\"A publicly traded sports betting company could become a private firm in 2023.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Publicly Traded Sports Betting Company Could Go Private In 2023\" \/>\n<meta property=\"og:description\" content=\"A publicly traded sports betting company could become a private firm in 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-05T21:25:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-05T21:37:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/\",\"url\":\"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/\",\"name\":\"Publicly Traded Sports Betting Company Could Go Private In 2023\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP2.png\",\"datePublished\":\"2023-01-05T21:25:02+00:00\",\"dateModified\":\"2023-01-05T21:37:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"A publicly traded sports betting company could become a private firm in 2023.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP2.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP2.png\",\"width\":1920,\"height\":1080,\"caption\":\"The sportsbook at Caesars Palace Las Vegas. A research firm sees a sports betting company going private this year. 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Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Publicly Traded Sports Betting Company Could Go Private In 2023","description":"A publicly traded sports betting company could become a private firm in 2023.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Publicly Traded Sports Betting Company Could Go Private In 2023","og_description":"A publicly traded sports betting company could become a private firm in 2023.","og_url":"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-01-05T21:25:02+00:00","article_modified_time":"2023-01-05T21:37:05+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP2.png","type":"image\/png"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/","url":"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/","name":"Publicly Traded Sports Betting Company Could Go Private In 2023","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP2.png","datePublished":"2023-01-05T21:25:02+00:00","dateModified":"2023-01-05T21:37:05+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"A publicly traded sports betting company could become a private firm in 2023.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP2.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/CP2.png","width":1920,"height":1080,"caption":"The sportsbook at Caesars Palace Las Vegas. A research firm sees a sports betting company going private this year. (Image: Caesars Entertainment)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/publicly-traded-sports-betting-company-could-go-private-in-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Publicly Traded Sports Betting Firm Could Go Private in 2023, Says Research Firm"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. 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