Super Bowl LVII kicks off in Glendale, Arizona, on Sunday. It’s expected to be the most wagered-on edition of the big game in history. As such, some analysts are examining DraftKings’ (NASDAQ: DKNG) stock ahead of the championship clash.
That’s sensible because DraftKings is one of a small number of pure-play iGaming and sports wagering equities on the market today. In a Friday report to clients, Macquarie analyst Chad Beynon notes that, depending on the game’s outcome, DraftKings stock and some equivalents could get a boost.
Based on recent commercial volumes, we estimate $1.0-1.5bn will be wagered on this year’s Super Bowl legally (~50%+ growth YoY) driven by a combination of legalization (~20% growth) and from continued mainstream adoption (~30% growth) due to better product offerings (e.g., SGP, props) and better user experiences (e.g., tech advancements),” wrote the analyst.
That’s sensible because DraftKings is one of a small number of pure-play iGaming and sports wagering equities on the market today. In a Friday report to clients, Macquarie analyst Chad Beynon notes that, depending on the game’s outcome, DraftKings stock and some equivalents could get a boost.
Based on recent commercial volumes, we estimate $1.0-1.5bn will be wagered on this year’s Super Bowl legally (~50%+ growth YoY) driven by a combination of legalization (~20% growth) and from continued mainstream adoption (~30% growth) due to better product offerings (e.g., SGP, props) and better user experiences (e.g., tech advancements),” wrote the analyst.