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’t dent the long-term outlook for online betting stocks. 카지노사이트먹튀

Two of the titans of that group are DraftKings (NASDAQ: DKNG) and FanDuel parent Flutter Entertainment (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’s NYSE listing as a potential plus for investors.

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,” noted Morningstar analyst Dan Wasiolek.

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

DraftKings, Flutter Primary Rivals Among Online Betting Stocks
DraftKings and Flutter make for a predictable though compelling rivalry among online betting stocks because they’re two of the largest pure-play names in the space.

Other large mobile sportsbook operators, including BetMGM, 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.

“FanDuel has the number-one spot of US sports betting revenue share with about 40%,” added Wasiolek. “DraftKings is number two at about 30%. Then the number-three player is BetMGM. Then there’s 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.”

Following the November debut of ESPN Bet, data indicate FanDuel’s 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.

More Legalization Could Boost Online Betting Stocks
Barring surprises, Georgia is the most likely state to approve mobile sports wagering this year, followed by Missouri. However, neither is a sure bet.

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

“Now, the incentive for these states to legalize sports betting is, one major driver would be generating tax revenue, which can be quite substantial,” concluded Wasiolek. “For 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.”

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