The company operates iGaming through its DraftKings brand in five states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand, in three states. Its Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in 18 states.
DraftKings’s daily fantasy sports product is available in six countries with 15 distinct sports categories. In addition, it offers DraftKings Marketplace, a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions, as well as owns Vegas Sports Information Network, a multiplatform broadcast and content company.
The Truist Financial price target is $44. DraftKings stock has a $36.05 consensus target, and Monday’s closing print was $31.79.
MGM Resorts
This is another old-school gambling play that has jumped into the online and mobile sports gambling arena. MGM Resorts International (NYSE: MGM) owns and operates casino, hotel, and entertainment resorts in the United States and Macau that offer gaming, convention, dining, entertainment, retail and other resort amenities.
The company’s casino operations include slots and table games, as well as online sports betting and iGaming through BetMGM. Its customers include premium gaming customers; leisure and wholesale travel customers; business travelers; and group customers, including conventions, trade associations and small meetings.
The $66.50 Citigroup price objective is a Wall Street high. The consensus target is $57.45, and MGM Resorts stock closed on Monday at $42.70.
Penn Entertainment
This is an analyst favorite for online gaming and gambling, and it announced the aforementioned deal with ESPN last month (which some feel it may have overpaid for). Penn Entertainment Inc. (NASDAQ: PENN) provides integrated entertainment, sports content and casino gaming experiences in North America. It operates online sports betting in various jurisdictions, as well as iCasino under a portfolio of brands, including Hollywood Casino, L’Auberge, Barstool Sportsbook and theScore Bet.
The company’s portfolio also includes MyChoice, a customer loyalty program that offers a set of rewards and experiences for business channels. In addition, it owns various trademarks and service marks, including Ameristar, Argosy, Boomtown, Greektown, Hollywood Casino, Hollywood Gaming, L’Auberge and M Resort.
In the blockbuster deal, ESPN will license its name to casino and sports betting operator Penn Entertainment in a deal worth $1.5 billion over 10 years. Penn Entertainment is trading one sports media brand as a betting partner (Barstool Sports, which was sold back to founder Dave Portnoy for $1) for one with an even bigger name, cable sports giant ESPN.
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