{"id":310497,"date":"2024-02-12T15:45:52","date_gmt":"2024-02-12T21:45:52","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=310497"},"modified":"2024-02-12T16:03:22","modified_gmt":"2024-02-12T22:03:22","slug":"analysts-back-select-online-betting-stocks","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/analysts-back-select-online-betting-stocks\/","title":{"rendered":"Some Online Betting Stocks Worth Wagering On, Says Analyst"},"content":{"rendered":"

With the underdog Kansas City Chiefs winning Super Bowl LVIII, the most bet on domestic sporting event was a negative one for regulated sportsbooks, but one bad day doesn\u2019t dent the long-term outlook for online betting stocks.<\/p>\n

\"gaming
The Nasdaq market site in New York. Some online betting stocks are gaining praise among analysts. (Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

Two of the titans of that group are DraftKings (NASDAQ: DKNG) and FanDuel parent Flutter Entertainment<\/a> (NYSE: FLUT), which recently listed its shares on the New York Stock Exchange (NYSE). While facing competitive threats from new entrants, such as Bet365, ESPN Bet, and Fanatics, FanDuel and DraftKings have maintained a duopoly accounting for approximately 70% of the US market. Some analysts view Flutter\u2019s NYSE listing as a potential plus for investors.<\/p>\n

It could also open up new markets or financing opportunities and also allow the company to retain and obtain new talent. All these things can help its competitive positioning,\u201d noted Morningstar analyst Dan Wasiolek.<\/p><\/blockquote>\n

By market value, Flutter is now the second-largest gaming company trading on a US exchange behind only Las Vegas Sands (NYSE: LVS).<\/p>\n

DraftKings, Flutter Primary Rivals Among Online Betting Stocks<\/h2>\n

DraftKings and Flutter make for a predictable though compelling rivalry among online betting stocks because they\u2019re two of the largest pure-play names in the space.<\/p>\n

\n

Other large mobile sportsbook operators, including BetMGM<\/a>, Caesars Sportsbook, and ESPN Bet, are tied to traditional casino operators. Additionally, Fanatics is a privately held company, and sports wagering is a small part of its revenue stream for the time being.<\/p>\n<\/div>\n

\u201cFanDuel has the number-one spot of US sports betting revenue share with about 40%,\u201d added Wasiolek. \u201cDraftKings is number two at about 30%. Then the number-three player is BetMGM. Then there\u2019s some other players that are noteworthy. You have ESPN BET, which launched in November of this year with its partner, PENN Entertainment, and has had some early success in getting some share.\u201d<\/p>\n

Following the November debut of ESPN Bet, data indicate FanDuel\u2019s market share has held steady, while DraftKings ceded a modest share. However, the latter is embracing the competition and believes it could open the door to participants in regulated sports betting.<\/p>\n

More Legalization Could Boost Online Betting Stocks<\/h2>\n

Barring surprises, Georgia is the most likely state to approve mobile sports wagering this year, followed by Missouri. However, neither is a sure bet.<\/p>\n

\n

As for the big three<\/a> of California, Texas, and Florida, chances are nil the first two put sports wagering before voters in November. Likewise, there\u2019s essentially no chance that Hard Rock International\u2019s mobile sports wagering monopoly in Florida will be broken over the near term. Still, states need revenue, and sports betting taxes can provide it.<\/p>\n<\/div>\n

\u201cNow, the incentive for these states to legalize sports betting is, one major driver would be generating tax revenue, which can be quite substantial,\u201d concluded Wasiolek. \u201cFor example, in New York, we calculate that the tax revenue generated per adult by sports betting is equal to that generated for nicotine sales. So it can be quite substantial for state budgets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

With the underdog Kansas City Chiefs winning Super Bowl LVIII, the most bet on domestic sporting event was a negative one for regulated sportsbooks, but one bad day doesn\u2019t dent the long-term outlook for online betting stocks. Two of the titans of that group are DraftKings (NASDAQ: DKNG) and FanDuel parent Flutter Entertainment (NYSE: FLUT), […]<\/p>\n","protected":false},"author":46,"featured_media":247460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,20,1074,16693],"tags":[81903,81906,80968,82041],"acf":[],"yoast_head":"\nAnalysts Back Select Online Betting Stocks<\/title>\n<meta name=\"description\" content=\"Some Online Betting Stocks Worth Wagering On, Says Analyst .\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/analysts-back-select-online-betting-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analysts Back Select Online Betting Stocks\" \/>\n<meta property=\"og:description\" content=\"Some Online Betting Stocks Worth Wagering On, Says Analyst .\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/analysts-back-select-online-betting-stocks\/\" \/>\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=\"2024-02-12T21:45:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-12T22:03:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/nasdaq.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1334\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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\/analysts-back-select-online-betting-stocks\/\",\"url\":\"https:\/\/www.casino.org\/news\/analysts-back-select-online-betting-stocks\/\",\"name\":\"Analysts Back Select Online Betting Stocks\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/analysts-back-select-online-betting-stocks\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/analysts-back-select-online-betting-stocks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/nasdaq.jpg\",\"datePublished\":\"2024-02-12T21:45:52+00:00\",\"dateModified\":\"2024-02-12T22:03:22+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Some Online Betting Stocks Worth Wagering On, Says Analyst .\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/analysts-back-select-online-betting-stocks\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/analysts-back-select-online-betting-stocks\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/analysts-back-select-online-betting-stocks\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/nasdaq.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/nasdaq.jpg\",\"width\":2000,\"height\":1334,\"caption\":\"The Nasdaq market site in New York.Some online betting stocks are gaining praise among analysts. 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