The Flutter Entertainment Bull Case: Are FanDuel And DraftKings A Sports Betting Duopoly?
The Flutter Entertainment Bull Case: Are FanDuel And DraftKings A Sports Betting Duopoly?
DraftKings Inc (NASDAQ:DKNG) and FanDuel, owned by Flutter Entertainment PLC (NYSE:FLUT), are "rapidly turning" into a sports-betting duopoly, Oppenheimer analyst Jed Kelly says.
Oppenheimer分析師Jed Kelly表示，DraftKings Inc (NASDAQ:DKNG)和Flutter Entertainment PLC (NYSE:FLUT)旗下的FanDuel正在“迅速成爲”體育博彩壟斷。
Both companies exceed Wall Street expectations despite competition from PENN Entertainment Inc (NASDAQ:PENN) and MGM Resorts International (NYSE:MGM), Kelly adds.
儘管受到PENN Entertainment Inc (NASDAQ:PENN)和MGM Resorts International (NYSE:MGM)的競爭，但這兩家公司仍舊超過了華爾街的預期，Kelly補充道。
The Flutter Analyst: Kelly initiated coverage on Flutter with an Outperform rating and price target of $240.
Flutter分析師：Kelly給Flutter打出了“跑贏大盤”的評級，並給出了240美元的目標價。
FLUT Takeaways: Flutter is attractive given its high market share, Kelly said.
Flutter市場份額較高，因此具有吸引力，Kelly表示。
"In 1Q, FD/DK combined for ~70% and ~75-80% of US OSB handle and GGR share, and we are expecting these trends staying consistent over the next decade, especially if more states raise taxes," the analyst said.
該分析師表示：“在第一季度，FD/DK的美國線上體育博彩處理量和淨收入市場份額合計約爲70%和75-80%，我們預計這些趨勢在未來十年會保持一致，特別是如果更多的州提高稅收的話。”
The analyst went on to discuss the struggles of several competitors.
該分析師接着討論了幾個競爭對手的困境。
"We highlight that BetMGM is consistently losing iGaming share in states with a land-based presence, CZR's [Caesars Entertainment Inc (NASDAQ: CZR)] new iGaming product is not resonating at scale, and PENN is under an activist investor campaign to get out of digital after ESPNBet recently failed to gain even 5% industry share, following a heavy promotional period post the Barstool rebranding."
他說：“我們要指出的是，即使有着實體存在的州，BetMGM在iGaming市場份額上持續失去份額，CZR（Caesars Entertainment Inc (NASDAQ:CZR)）的新iGaming產品規模不可能產生共鳴，而PENN則在ESPNBet最近無法獲得甚至5%的行業份額後，遭受了激進投資者的攻擊，試圖擺脫數字化業務，而後者在Barstool重新品牌之後，在大量促銷期之後也沒有取得足夠的進展。”
In comparing FanDuel and DraftKings, Kelly believes that FanDuel has an advantage in trading and risk management while DraftKings has an advantage in customer acquisition costs.
Kelly認爲，在比較FanDuel和DraftKings時，FanDuel在交易和風險管理方面具有優勢，而DraftKings在客戶獲取成本方面具有優勢。
Kelly cited state-level taxes on sports betting platforms, such as Illinois's recent tax, as a key risk. However, the analyst believes that Flutter will be able to endure state taxes due to its operational strength. Furthermore, Kelly thinks that state taxes will hit smaller OSB players the hardest and accelerate FanDuel and DraftKings' market share consolidation.
Kelly指出，州級對體育博彩平台的稅收（例如伊利諾伊近期的稅收）是一個重要的風險。然而，分析師認爲Flutter將能夠因其運營實力而經受住州級稅收的衝擊。此外，Kelly認爲，州級稅收將對規模較小的OSB玩家產生最大的打擊，並加速FanDuel和DraftKings的市場份額鞏固。
FLUT Price Action: Flutter traded at $191.04, up 1% at the time of writing.
FLUT股票價格：截至撰寫本文時，Flutter的交易價爲191.04美元，上漲了1%。
Now Read: Penn Entertainment Analyst Predicts Gaming Turnaround Through ESPN Partnership
現在閱讀：Penn Entertainment分析師預測通過ESPN合作取得遊戲方面的轉機
譯文內容由第三人軟體翻譯。