{"id":41997,"date":"2023-07-29T12:07:41","date_gmt":"2023-07-29T16:07:41","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/draftkings-is-powering-toward-a-big-milestone-but-a-budding-threat-looms\/"},"modified":"2023-07-29T12:07:44","modified_gmt":"2023-07-29T16:07:44","slug":"draftkings-is-powering-toward-a-big-milestone-but-a-budding-threat-looms","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41997","title":{"rendered":"DraftKings is powering toward a big milestone \u2014 but a budding threat looms"},"content":{"rendered":"
\n

DraftKings Inc. is making big strides in its business, so much so that SVB MoffettNathanson now expects the company to hit a big milestone. <\/p>\n

Analyst Robert Fishman predicts the online-gambling company will post its first quarter of profitability on the base of adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) when it posts results next week. The feat would reflect improved market conditions as well as DraftKings\u2019
\n DKNG,
\n +4.59%<\/bg-quote>
\n own inroads \u2014 the company \u201cis even closing the market-share gap with FanDuel in key states,\u201d he wrote. <\/p>\n

\n

The FactSet consensus also calls for positive adjusted Ebitda, with analysts modeling $16 million on the metric on average.<\/p>\n

Fishman, however, also flagged a potential budding threat on the horizon. Fanatics outbid DraftKings for PointsBet U.S. and will look to close the deal in the months to come. He titled his note to clients: \u201cIs It Time To Worry About Fanatics Yet?\u201d<\/p>\n

See also<\/strong>: DraftKings\u2019 stock has been on a tear, but one analyst cautions the rally has gone too far<\/p>\n

On one hand, PointsBet U.S. is a money-bleeding entity with just 3% or so of the market, Fishman notes, but it could prove beneficial as Fanatics, known for selling sportswear and collectables, seeks to expand its empire. <\/p>\n

\u201cWhile Fanatics may still be in beta mode in its four launched states of Ohio, Massachusetts, Maryland, and Tennessee, its planned acquisition of PointsBet will provide a jumpstart in the states in which it is active,\u201d Fishman said in his latest report. <\/p>\n

The company also brings various advantages to the table, such as its relationships with leagues and athletes. \u201cHow aggressively the company plans to use these assets and the appetite for sports fans to be open to another [online sports-betting] app remains to be seen,\u201d Fishman said, but at the very least, incumbent leaders DraftKings and FanDuel will be up against a rival with stronger financial backing than before. <\/p>\n

Investors seem upbeat about DraftKings\u2019 position in the world of online sports betting, sending shares up more than 180% so far this year, when factoring in a 3% rally in Friday trading. Fishman, however, is more measured, with a market-perform rating on the stock and a $25 target price that stands below its roughly $30 intraday level Friday.<\/p>\n

Read<\/strong>: Why DraftKings CEO Jason Robins isn\u2019t celebrating the company\u2019s big year<\/p>\n

Wall Street will find out more about the company\u2019s positioning Thursday afternoon when DraftKings posts second-quarter results. <\/p>\n

Women\u2019s World Cup 2023<\/strong>: What time does the USWNT play? How much do the players make?<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

DraftKings Inc. is making big strides in its business, so much so that SVB MoffettNathanson now expects the company to hit a big milestone. Analyst Robert Fishman predicts the online-gambling company will post its first quarter of profitability on the base of adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) when it posts results […]<\/p>\n","protected":false},"author":1,"featured_media":41998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-41997","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nDraftKings is powering toward a big milestone \u2014 but a budding threat looms | iFintechWorld<\/title>\n<meta name=\"description\" content=\"DraftKings Inc. is making big strides in its business, so much so that SVB MoffettNathanson now expects the company to hit a big milestone. 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