DraftKings (DKNG)

Oct 10, 2022Trade Ideas

Investors may want to keep an eye on DraftKings (DKNG).

For one, “This football season is slated to see a record number of Americans placing bets on their favorite teams, according to the American Gaming Association. Nearly 47 million people said they plan to bet on the NFL this year, representing 18% of American adults. Of those, 23 million have plans to bet online, up 18% from 2021,” as noted by Barron’s.

Two, Roth Capital Partners recently upgraded the DKNG stock to a buy, with analysts pointing to the company’s app growth as a path to profitability. Even Citi analysts raised their price target to $24 from $20, with a buy rating.

Three, the company may be close to an agreement with ESPN. According to Investing.com, “Oppenheimer analysts reflected positively on media reports of ESPN and DraftKings having advanced talks over a long–term deal.”

“We see any agreement providing more odds’ integrations to better direct consumers to wagering opportunities that accelerate same-Game Parlay (SGP) and live betting adoption. We believe DKNG is in a favorable negotiating position as the only operator with the budget scale to meet DIS partnership standards, following FanDuel’s investments in its own OTT channel, and operators scaling back advertising (Caesars/BetMGM),” the analysts said.

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