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Date : 20210220

Source : yahoo.com

News Article : DraftKings: The Trends Suggest Strong Growth, Says Analyst

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DraftKings: The Trends Suggest Strong Growth, Says Analyst

DraftKings (DKNG) stock has been an impressive performer since the company went public last April, riding the wave of a rising secular trend – online sports betting (OSB). The momentum has continued in 2021, with share gains of 30% year-to-date. Heading into next week’s (Feb 26) Q4 earnings, Oppenheimer’s Jed Kelly thinks the OSB player will spring a surprise on Wall Street. The analyst anticipates DraftKings will boost its current $750–850 million 2021 revenue guidance based on 3 reasons: “VA/MI Jan. launches, iGaming share gains, and sustaining top 1–2 OSB positioning.” “If January market share trends hold,” the analyst said, “combined with factoring conservatism on tougher NJ/PA iGaming comps, seasonality, and single-digit DFS growth, we still believe DKNG can potentially generate over $1B of ’21 revenue in the states where it is currently live. We expect DKNG’s OSB to be live in 2–3 additional states by NFL and are increasingly bullish on the Canada prospects.” An analysis of state revenue trends shows that DraftKings’ OSB and iGaming figures are trending 19% and 16% above Opco/the Street’s 4Q20 revenue estimates. Even more impressively, the figures are 46% and 50% higher than Opco/ the Street’s 1Q21 revenue forecasts. Additionally, Kelly thinks the company’s iGaming push is not being appreciated enough. Although DraftKings hasn’t been able to leverage brick-and-mortar casinos’ loyalty programs and its brand is “under-indexed to middle-age females,” DraftKings is now a top-3 player in the iGaming markets; carving out 24%, 22% and ~20% market share in Michigan, New Jersey and Pennsylvania, respectively. “We believe this speaks to DKNG’s CAC (customer acquisition costs) competencies that are hard for legacy competitors to replicate,” Kelly opined. What’s more, although there were some backend-driven outages close to the recent Super Bowl kick-off, thirteen states and D.C. announced Super Bowl handle of $444 million, a 68% year-over-year increase. (without Nevada, $308 million – a 179% uptick). Kelly believes this level of growth shows “how early we are in the industry cycle and the potential for OSB to sustain exponential growth over multiple years.” Based on all of the above, Kelly rates DKNG an Outperform (i.e. Buy) along with an $80 price target. This figure implies a 31% upside from current levels. (To watch Kelly’s track record, click here) DraftKings also gets decent support from Kelly’s colleagues; Based on 10 Buys, 4 Holds and 1 Sell, the stock has a Moderate Buy consensus rating. At $67.79, the average price target suggests upside of ~11% in the year ahead. (See DKNG stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. More recent articles from Smarter Analyst: Tech Innovation Continues to Drive Apple Stock Frontdoor’s 2021 Revenue Outlook Tops Estimates After 4Q Beat Jabil Receives FDA Nod For Protective Face Masks Twilio Proposes Sale Of $1B Class A Shares

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Yahoo Osb Dkng Jed kelly Online sports betting Share gains

Date : 20210219

Source : thestreet.com

News Article : DraftKings Target Raised on Prospect of Strong Earnings Report

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DraftKings Target Raised on Prospect of Strong Earnings Report

Oppenheimer analyst Jed Kelly raised his price target for DraftKings based on anticipation of a strong fourth-quarter earnings report next Friday.

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Earnings forecast Sports Sports business Investing Gambling Stocks Earnings preview Analysts Price target

Date : 20210215

Source : yahoo.com

News Article : DraftKings: Secular Industry Tailwinds Could Drive Further Upside

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DraftKings: Secular Industry Tailwinds Could Drive Further Upside

In the last year, digital sports entertainment and gaming company DraftKings (DKNG) has been in a steady uptrend. During this period, the stock has returned 241% and currently trades at $61.07 per share. With positive company specific developments coupled with industry tailwinds, DraftKings stock remains attractive even after its massive rally. Let’s discuss the reasons for this bullish outlook. Strong Industry Growth in the Coming Years According to Barry Jonas of Truist Securities, the U.S. sports betting and iGaming market is likely to be worth $20 billion by FY2030. By the company’s own estimates, the global sportsbook total addressable market is worth $70 billion. Back in FY2018, the American Gaming Association estimated that Americans illegally bet at least $150 billion annually on sports. Even if part of this market shifts to legal betting and sports, the opportunity is significant. Therefore, from an industry perspective, there is big potential for growth in the next decade. To put things into perspective, DraftKings has guided for revenue in the range of $750 to $850 million for FY2021. Even if the company captures 10% of the global addressable market, the revenue potential is $7 billion. It’s also worth noting that sports betting is being gradually legalized throughout the United States. On Jan. 24, the company launched DraftKings Sportsbook in Virginia. With growing reach, the company’s addressable market is increasing, which will translate to an acceleration in top-line and earnings growth. Overall, DraftKings is well positioned to benefit from secular industry tailwinds, likely resulting in a long-term stock uptrend. Company Specific Bullish Triggers DraftKings is scheduled to report Q4 2020 results on Feb. 26. It should be noted that the company has already guided for revenue of $550 million for FY2020. For the current year, the company’s revenue guidance is $800 million (mid-range). Therefore, the company expects 45% top-line growth on a year-on-year basis. Even beyond the current year, strong growth is likely to persist, reflecting one of the key stock upside triggers. DraftKings is also looking at geographical expansion. The company is already entering new states in the U.S. as sports betting and iGaming is legalized. At the same time, international expansion is a key growth catalyst. In October 2020, DraftKings partnered with Peermont Hotels to launch PalaceBet (a mobile and online sportsbook) in South Africa. Further, on Feb. 4, the company announced an agreement to expand their daily fantasy sports to Canada. This is just the beginning of the company’s international expansion and will ensure that healthy growth continues. For Q3 2020, the company reported an adjusted EBITDA loss of $197 million. Although EBITDA level losses have increased on a year-on-year basis, that’s not a concern at an early growth stage. What’s more, it’s worth noting that for Q3 2019, the company reported 621,000 average monthly unique payers (AMUP). For Q3 2020, AMUP was 1,021,000. Clearly, as paying users increase, the company will be positioned to generate robust EBITDA and cash flows. Once operating level profitability is achieved, the stock is likely to surge higher. Wall Street’s Take Looking to the analyst community, 12 Buys, 5 Holds and 1 Sell have been assigned in the last three months. So, DKNG has a Moderate Buy consensus rating. At $64.71, the average analyst price target suggests 6% upside potential. (See DraftKings stock analysis on TipRanks) Concluding Thoughts As of September 2020, the company reported cash and equivalents of $1.1 billion. Further, the company had zero debt outstanding. With ample financial flexibility, the company is positioned to push for aggressive growth. The company’s CEO did mention during the Q3 2020 conference call that DraftKings is exploring opportunistic and accretive M&A. That’s another potential trigger for revenue and earnings acceleration. Overall, DraftKings is positioned for multi-year growth. It’s very likely that the stock will remain in an uptrend, and thus, fresh exposure can be considered at current levels. Disclosure: On the date of publication, Faisal Humayun did not have (either directly or indirectly) any positions in the securities mentioned in this article. Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities.

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Yahoo Sports betting Draftkings stock

Date : 20210211

Source : berkshireeagle.com

News Article : Bill Schmick | The Retired Investor: Gambling — the vice we love

Bill Schmick | The Retired Investor: Gambling — the vice we love

The pandemic has altered the behavior patterns of many Americans. It has also forced states to reexamine their thinking in several areas, especially in taxation and spending. One of the

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Date : 20210207

Source : forbes.com

News Article : Yahoo Joins Competitors In Testing Legal Limits With Super Bowl DFS Contest

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Yahoo Joins Competitors In Testing Legal Limits With Super Bowl DFS Contest

Earlier this week Yahoo announced that it will host a pay-to-play, daily fantasy sports contest entirely based on the Super Bowl—making Yahoo into just the latest DFS operator to drop the historic view that such contests have to be based on multiple real-world events.

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California United states Illinois Kevin bonnet Department of justice Yahoo Super bowl Unlawful internet gambling enforcement act Yahoo to offer super bowl Yahoo sports Fanduel Monkey knife fight Fantasy sports lawyer Fantasy sports law Fantasy sports attorney

Date : 20210113

Source : fantasyalarm.com

News Article : PGA DFS Playbook - Sony Open | Fantasy Alarm

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PGA DFS Playbook - Sony Open | Fantasy Alarm

Drew Phelps explores every Fairway, reads every Green and uses his DFS Golf experience to put together a winning DFS Playbook for the Sony Open.

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Waialae country club Hawaii United states Bermuda Cameron smith Daniel berger Webb simpson Sony Sentry tournament Waialae country Dfs Pga Pga tour Fantasy Fantasy golf Golf Fanduel Sony open

Date : 20210112

Source : rotogrinders.com

News Article : PGA DFS GPP Breakdown: Sony Open in Hawaii

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PGA DFS GPP Breakdown: Sony Open in Hawaii

Top-ranked grinder, STLCardinals84, will break down his top fantasy golf targets for the coming week's tournament, going over his favorite plays at various price ranges.

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Waialae Hawaii United states Hawaii at waialae country club Sony Sony open Waialae country Pga Dfs Daily fantasy golf Fanduel Pga dfs strategy Pga dfs picks

Date : 20210111

Source : tweaktown.com

News Article : Drone Racing League takes flight, drone race betting in some US states

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Drone Racing League takes flight, drone race betting in some US states

So, drone racing is now a sport that you can bet on -- at least in some US states, Drone Racing League teams with DraftKings.

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Colorado United states Tennessee New hampshire New jersey West virginia Drone racing league Racing league Drone racing Drone race betting

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