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Sports betting giant DraftKings Inc (NASDAQ:DKNG) gets a boost in the app store rankings and benefits from several key wins to kick off the 2024 NFL season.
The DraftKings Analyst: Needham analyst Bernie McTernan reiterated a Buy rating and $60 price target on DraftKings.
The Analyst Takeaways: A win by the New England Patriots over the Cincinnati Bengals in week one of the NFL season may have been a positive for DraftKings and other sportsbooks, McTernan said in a new investor note.
"The standout of the weekend was the win by the Patriots over the Bengals despite being the largest underdog of the weekend. We think this win, along with the four most popular bets against the spread losing during the 1 pm ET and 4 pm ET games, likely means a good weekend for the sportsbooks," McTernan said.
The Patriots, who won 16 to 10, were the biggest underdogs of the wee. Most sportsbooks list the Bengals as 7.5- or 8.5-point favorites. The Bengals were the most bet-on team against the spread, helping sportsbooks start the week with a big win.
Other top bets for week one from bettors:
Along with having positive betting outcomes in the first week, DraftKings also saw its app rise in the sports app rankings. DraftKings app was fifth in the app store rankings for the sports category for the first week of the NFL season.
After ranking ninth in the NFL preseason, the DraftKings app rose several spots. It passed rival FanDuel, the Flutter Entertainment-owned app (NYSE:FLUT), which ranked seventh in both the preseason and the first week of the NFL season. DraftKings was the top-ranking sportsbook for the week in the app rankings.
DraftKings also added BetVision from Genius Sports (NYSE:GENI) for the 2024 NFL season. BetVision, which was already on several sportsbooks like FanDuel, Caesars and Fanatics, allows customers to watch local broadcast and national games on the sportsbook apps.
"For DKNG and FanDuel the stream was only accessible to consumers who placed a wager on the specific match up."
The analyst said DraftKings' recent commentary suggests they are seeking more in-play betting on NFL games, with BetVision potentially helping the cause.
"We will look for DKNG to add additional overlaps on top of the streaming content like bets."
McTernan said DraftKings is a leader in the North American online sports betting sector and its "sustainable customer acquisition strategy" will help the company have first or second-place market share in all states.
DKNG Price Action: DraftKings stock trades at $35.47 versus a 52-week trading range of $25.73 to $49.57. DraftKings stock is up 4.6% year-to-date in 2024.
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