""US Sports"" – Google News
Bank of America just reported its latest US online sports betting (OSB) download numbers for September, and the data suggests that MGM Resorts International (NYSE: MGM) and Caesars Entertainment Inc. (NYSE: CZR) are making great strides in gaining market share in high-growth business.
Bank of America reported 1.8 million OSB app downloads in September, 198% more than a year ago. In the course of the year to date, a total of around 5 million OSB app downloads have been recorded. The state of Arizona launched Daily Fantasy Sports (DFS) betting in September, the latest in a state-to-state roll-out of online sports betting and iGaming.
Related Link: How Fox Provides a Unique Presence in US Sports Betting
The breakdown: Among the iOS users, Bank of America analyst Shaun Kelley said Draftkings Inc (NASDAQ: DKNG) still has the largest market share with 37%, followed by Flutter Removes ADR (OTC: PDYPY) Subsidiary FanDuel with 24%, MGM with 14%, Caesars with 11% and Penn National Gaming, Inc (NASDAQ: PENN) Subsidiary barstool at 8%.
Compared to the previous year, MGM gained the largest market share of all apps with 8%. Caesars also saw big gains, increasing its market share by 7%. Bar stools were the biggest loss in market share compared to last year, losing 10%. FanDuel also lost a share of 5% compared to the previous year.
Advance booking: Looking ahead, Kelley said the next big store to open will be Connecticut, which is slated to have a “soft start” of online sports betting and iGaming on October 12th.
Bank of America has the following ratings and price targets for the top US OSB leaders:
- Draft kings: Neutral rating, $ 60 goal.
- MGM Resorts: Neutral valuation, target of $ 48.
- Caesars: Buy valuation, target of $ 125.
- Penn National: Purchase valuation, target of $ 110.
Petrol Gas Take: Investors should Keep an eye out for major mergers and acquisitions in the online gaming space. In the third quarter alone Penn announced a $ 2 billion acquisition of theScore, DraftKings acquires Golden Nugget Online Games for $ 1.7 billion, MGM bought the Cosmopolitan operations for $ 1.6 billion, DraftKings made a $ 22 billion offer to Etain, and MGM has reportedly expressed an interest in acquiring the remaining 50% stake in BetMGM as part of the Etain deal.
Photo by Jeff Griffith on Unsplash