Sportsbook operator DraftKings broke out Monday as betting enthusiasts ante up for Super Bowl LVIII on Feb. 11. Elsewhere, FanDuel parent Flutter Entertainment made its debut on the New York Stock Exchange.
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The Kansas City Chiefs will take on the San Francisco 49ers in Super Bowl 58 after winning their respective Divisional Championships on Sunday. The Feb. 11 match will feature a rematch of Super Bowl LIV from 2020, which saw the Chiefs defeat the 49ers 31-20 with a dramatic fourth-quarter comeback.
A record 50.4 million American adults bet $16 billion on last year’s Super Bowl, according to data from the American Gaming Association (AGA). The number of bettors leapt 61% from 2022 estimates and the wagering total more than doubled the prior year’s projections.
Meanwhile, DraftKings (DKNG) noted that betting participation is larger and growing faster than previously expected in multiple states, according to a Nov. 14 investor presentation. The company expects the online sports betting (OSB) and iGaming total addressable market in states where it operates to spike from $20 billion in 2023 to around $30 billion in 2028. The DraftKings forecast did not include the Jan. 11 launch of its sportsbook in Vermont or the upcoming March 11 launch of mobile sports gambling in North Carolina.
DraftKings, Barstool Sports Deal Rumors
Elsewhere, DraftKings is rumored to be in advanced talks for a betting deal with Barstool Sports, the sports and pop culture media company founded by David Portnoy, Sportico reported last week. The deal would encompass a traditional marketing partnership where Barstool promotes DraftKings odds, according to people with knowledge of the negotiations.
Barstool would benefit from customers referred to the sportsbook, but will not lend its brand to a sportsbook or betting app.
The discussions revolve around a multiyear deal where DraftKings will pay Barstool in the “low eight figures” per year, according to reports. However, Barstool is unable to finalize a betting deal until after the Super Bowl on Feb. 11 due to a lockup as part of its recent separation from Penn Entertainment (PENN).
Flutter Entertainment Launch
Flutter Entertainment, the parent company of FanDuel and other global gambling brands, on Monday began trading on the NYSE under the ticker FLUT. The company originally listed shares on the London Stock Exchange in 2019. American Depositary receipts have traded over the counter under the ticker PDYPY.
FLUT share rose 1.5% Monday morning to 207.45.
Flutter CEO Peter Jackson said the NYSE listing is a “pivotal moment” for the company. “We believe a U.S. primary listing is the natural home for Flutter given Fanduel’s #1 position in the U.S., a market which we expect to contribute to the largest proportion of profits in the near future,” Jackson said in Flutter’s announcement.
DraftKings Stock Breaks Out
DraftKings stock surged 3.7% Monday to clear a 38.97 buy point for an awkward double-bottom base.
DKNG stock rallied more than 13% so far this year.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
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