DKNG
DraftKings, Penn on watch as sports betting push in Canada gains momentum
- DraftKings (NASDAQ:DKNG) trades higher with legislation to approve
single-game sports betting in Canada heating up after Bill C-218 passed
the
House of Commons by a margin of 303 to 15.
- Analyst Jed Kelly: "We believe DraftKings, operating Daily Fantasy in
Canada for nearly a decade with a large customer database, is well
positioned if favorable regulation for private operators occurs. We see
Ontario offering the most immediate opportunity, where it recently
included
legal language in its annual budget to allow private operators to offer
Online Sports Betting and iGaming products."
- Oppenheimer notes that it is uncertain when single-game sports betting
will be legal in Canada, but sees a path for it to be in place in time
for
the NFL season next September.
- Looking at the Canadian landscape, DKNG and the NFL reached an
agreement to expand their current DFS and content partnership to Canada,
per Oppy. Other competitors include Bet365, Fanduel, Barstool (NASDAQ:
PENN), Caesars Entertainment (NASDAQ:CZR) via William Hill (OTCPK:WIMHY),
BetMGM (NYSE:MGM), and TheScore.
- DraftKings is up 2.65% in premarket action to $58.28. Penn is 0.95%
higher.
- Turning stateside again, sports betting blazed to a strong start in
Michigan.
|Today, 8:11 AM|17 Comments
DraftKings, Penn on watch as sports betting push in Canada gains momentum
- DraftKings (NASDAQ:DKNG) trades higher with legislation to approve
single-game sports betting in Canada heating up after Bill C-218 passed
the
House of Commons by a margin of 303 to 15.
- Analyst Jed Kelly: "We believe DraftKings, operating Daily Fantasy in
Canada for nearly a decade with a large customer database, is well
positioned if favorable regulation for private operators occurs. We see
Ontario offering the most immediate opportunity, where it recently
included
legal language in its annual budget to allow private operators to offer
Online Sports Betting and iGaming products."
- Oppenheimer notes that it is uncertain when single-game sports betting
will be legal in Canada, but sees a path for it to be in place in time
for
the NFL season next September.
- Looking at the Canadian landscape, DKNG and the NFL reached an
agreement to expand their current DFS and content partnership to Canada,
per Oppy. Other competitors include Bet365, Fanduel, Barstool (NASDAQ:
PENN), Caesars Entertainment (NASDAQ:CZR) via William Hill (OTCPK:WIMHY),
BetMGM (NYSE:MGM), and TheScore.
- DraftKings is up 2.65% in premarket action to $58.28. Penn is 0.95%
higher.
- Turning stateside again, sports betting blazed to a strong start in
Michigan.
|Today, 8:11 AM|17 Comments
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