Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  DraftKings Inc.    DKNG

DRAFTKINGS INC.

(DKNG)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

The NFL is Back and Sports Bettors Are Following

share with twitter share with LinkedIn share with facebook
09/14/2020 | 05:01pm EDT

By Katherine Sayre

Sports betting in the U.S. is surging with the return of the National Football League and other major professional sports, and gambling operators are vying for fans' attention.

Sports betting has been on the rise as more states legalize the industry, and the recent return of the biggest sports leagues has helped satisfy demand that built up during Covid-19 shutdowns.

In New Jersey, the biggest market for sports betting outside Nevada, total sports-wagering revenue in August rose nearly 57% compared with last year, to $39.5 million, according to numbers released Monday. From January through August, revenue totaled about $178 million, up 16.5% versus 2019, despite the several-month sports hiatus earlier in the year. In April, when virtually all major sports were canceled and casinos shut down, sports-betting revenue plummeted to $2.6 million, an 88% drop from the previous year.

This autumn marks the third NFL season since a 2018 U.S. Supreme Court ruling paved the way for states outside Nevada to allow sports betting. Twenty-two states and the District of Columbia now have legalized sports wagering. Sports books got a boost this past weekend as leagues staging games or matches included the NFL, Major League Baseball, the National Basketball Association, the National Hockey League and the U.S. Tennis Association.

"In a word, it was monstrous," said Johnny Aitken, chief executive of mobile sports-betting app PointsBet USA, referring to last weekend's betting activity. "Since Covid[-19] and the pausing of headline U.S. sports, there was this momentous pent-up demand."

About 13% of American adults, or 33 million people, plan to gamble on the NFL this year, down from about 38 million people the previous year, according to surveys by the American Gaming Association, a gambling-industry trade group. About half of those bettors said they would wager casually among family, friends and co-workers. About one-third said they planned to bet online, either legally or illegally, and 20% said they would place bets at a retail sportsbook.

With U.S. sports closed down this past spring, dedicated bettors threw down money on the few options available, such as Russian table tennis and Belarusian soccer.

The sports-betting industry's performance for the remainder of the year depends on how well the biggest sports can stave off and manage Covid-19 infections among players and staff, which could derail seasons. Before the pandemic, the U.S. sports betting market was expected to bring in $1.6 billion in gross revenue this year. That figure will likely shrink to $650 million to $950 million, depending on whether college football and Major League Baseball proceed as planned, according to a report by Eilers & Krejcik Gaming.

Meanwhile, competition for bettors is fierce. Casino operators and big online brands such as FanDuel Group, owned by Flutter Entertainment PLC, and DraftKings Inc. are spending huge sums to acquire U.S. customers and expand beyond hard-core bettors this year.

On Monday, Walt Disney Co.'s ESPN said it struck a deal with DraftKings and Caesars Entertainment Inc. to connect viewers to the gambling operators' sportsbooks across the network's digital platforms. The sportsbook of Caesars is operated by William Hill US. ESPN declined to say how much the deal is worth.

Companies are offering free-to-play games and other promotions to reach new customers. DraftKings said this month that Michael Jordan, the NBA legend and avid gambler, joined the company as a special adviser to the board. Mr. Jordan is taking an equity interest in DraftKings in exchange for strategic advice, the company said.

--Benjamin Mullin contributed to this article.

Write to Katherine Sayre at katherine.sayre@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
CAESARS ENTERTAINMENT, INC. 1.03% 54.69 Delayed Quote.-8.30%
DRAFTKINGS INC. -0.60% 42.74 Delayed Quote.0.00%
FLUTTER ENTERTAINMENT PLC 0.07% 140.05 Delayed Quote.31.42%
MOMENTOUS HOLDINGS CORP. -20.00% 0.16 Delayed Quote.-60.00%
POINTSBET HOLDINGS LIMITED -2.49% 10.57 End-of-day quote.120.67%
REACH NEW HOLDINGS LIMITED 8.00% 0.27 End-of-day quote.13.45%
THE WALT DISNEY COMPANY 0.62% 128.35 Delayed Quote.-11.26%
WILLIAM HILL -0.36% 279 Delayed Quote.48.05%
share with twitter share with LinkedIn share with facebook
All news about DRAFTKINGS INC.
10/22DRAFTKINGS : and Peermont Launch PalaceBet in South Africa
AQ
10/22DraftKings and Peermont Launch PalaceBet in South Africa
GL
10/20DRAFTKINGS : to Release Third Quarter 2020 Results November 13
AQ
10/20DraftKings to Release Third Quarter 2020 Results November 13
GL
10/16Look Who's Really Chasing Hot Stocks Like Zoom
DJ
10/15DRAFTKINGS : and Turner Sports Enter Multi-Year Agreement
AQ
10/15DraftKings and Turner Sports Enter Multi-Year Agreement
GL
10/13EXCLUSIVE : Supply chain software firm E2open nears deal to go public - sources
RE
10/13DRAFTKINGS : Supply chain software firm E2open nears deal to go public -sources
RE
10/09DRAFTKINGS INC. : Other Events, Financial Statements and Exhibits (form 8-K)
AQ
More news
Financials (USD)
Sales 2020 524 M - -
Net income 2020 -574 M - -
Net cash 2020 1 617 M - -
P/E ratio 2020 -26,2x
Yield 2020 -
Capitalization 16 166 M 16 166 M -
EV / Sales 2020 27,8x
EV / Sales 2021 19,3x
Nbr of Employees 869
Free-Float 42,7%
Chart DRAFTKINGS INC.
Duration : Period :
DraftKings Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DRAFTKINGS INC.
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 58,16 $
Last Close Price 42,74 $
Spread / Highest target 77,8%
Spread / Average Target 36,1%
Spread / Lowest Target -13,4%
EPS Revisions
Managers
NameTitle
Jason D. Robins Chairman & Chief Executive Officer
Jason K. Park Chief Financial Officer
Paul Liberman Director, President-Global Technology & Product
Travis Dunn Chief Technology Officer
Shalom Meckenzie Director
Sector and Competitors
1st jan.Capitalization (M$)
DRAFTKINGS INC.299.44%16 166
SANDS CHINA LTD.-29.53%30 637
GALAXY ENTERTAINMENT GROUP LIMITED-5.49%30 395
FLUTTER ENTERTAINMENT PLC31.42%25 681
ARISTOCRAT LEISURE LIMITED-4.34%14 627
EVOLUTION GAMING GROUP AB149.43%14 537