Trend Watch: Sports Betting Growth $DKNG $PENN

July 14, 2021

Trend Watch: Sports Betting Growth $DKNG $PENN

Sports Betting is seasonal (largest spikes around the Super Bowl, March Madness), dependent on legalization, and growing.

Online sports betting is only fully legal in 10 states right now, with legislation pending in a handful of others.

Global online betting is expected to exceed $92 billion by 2023, with sports betting comprising more than 40% of online betting activity.

DraftKings, FanDuel, and Barstool Bets are the three major online sportsbooks we follow.

From a volume perspective, DraftKings is winning.

While FanDuel is exhibiting similar growth patterns, DraftKing sentiment is 4 points higher (63% positive vs. 59% positive). However, neither of the larger players have the level of sentiment as Penn National, at 77% positive.

We're expecting continued consumer engagement across the board as the Olympics kick can even bet on Country medal counts if events aren't your thing.

We've been Bullish on DraftKings since November, when shares were trading pretty close to where they are now. Shares moved +37% to the upside through March before this recent correction.

Looking ahead, all of the players in this space are being propelled by macro tailwinds: Increased legalization, rising consumer interest in online sports betting (+20% YoY), and improved platform integrations.

Long-term, we still like PENN's positioning. It has the most diverse gambling exposure, with a mix of in-person and online betting. It also has a powerful marketing tool in its Barstool Sports media brand, which consumers love.

But right now, DraftKings is executing better vs. peers.  Keep an eye on this one.

Want deeper insights? Get Free Access to The Vault.

Related Posts

Is Draftkings worth betting on here?

DraftKings (DKNG) DraftKings has been busy, and is poised for […]

Read More
Gamers can't get enough of Nvidia's graphics cards

Nvidia (NVDA) Would you look at that?! It's no leg […]

Read More
DraftKings Shares Rise on Strong Report

DraftKings Shares Rise on Strong Report We recently issued a bullish […]

Read More
1 2 3 10

Related Posts

About LikeFolio

LikeFolio analyzes social media data to accurately predict shifts in consumer behavior. We sell data and insights to professional investors, corporate research teams, and software providers.
© 2024
 LikeFolio. All Rights Reserved.