In the first month of the year, several prominent sports betting companies jumped 20%, erasing some of the losses from a dreadful 2022. FanDuel and DKNG had nearly 75% combined GGR share. OSB GGR share is increasingly concentrating w/in FanDuel and $DKNG as rivals like BetMGM and $CZR continue to trim bonusing spending. Two other operators, BetMGM and PENN Entertainment, have recently forecast that their online sports betting divisions will swing to a profit in the second half.įrom our just-published U.S. The runaway market leader across the country, FanDuel now has its sights set on becoming profitable for the entire year. sportsbook last fall to turn a profit in a single quarter. The companies hope to be next in line to follow FanDuel, after the industry giant became the first U.S. Encumbered by costly promotional wars, sportsbooks smartened up last year by taking a more disciplined approach to marketing - and the cost-cutting measures are finally paying dividends.Īs earnings season heats up, three major operators have already guided toward profitability later this year. Come here early each month for a review of stock moves among the top publicly traded companies in the sports betting space.įrom a business perspective, it is no secret that 2023 will be a critical year for the nation’s top sportsbook operators.Īfter years in the red, leading sports betting companies are feeling the heat from investors. She is not alone, as a wide range of institutional investors are bullish on sports betting.
One prominent investment manager, Cathie Wood of Ark Invest, has taken a large position in DraftKings.
sports betting market is expected to grow to nearly $40 billion in annual revenue by 2033, according to Goldman Sachs. Each month, our “Stock Watch” series examines recent trends in sports betting equities across Wall Street and outside the U.S.
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