DKNG stock was trading at $14.64 As of 12:26 PM EDT on Monday
For the third weekend of the NFL season, sports betting volume is reportedly strong once more, despite an increase in incentives. Analysis by Wells Fargo revealed an increase in promotions on September 25 compared to September 18, when FanDuel (OTCPK:PDYPY) changed its incentives in the majority of states from “Bet $5, get $150 in free bets” to “second chance bet up to $1,000.” According to analyst Daniel Politzer, BetRivers (RSI) also revised their prior $250 deposit match to a second chance wager up to $500.
DraftKings (NASDAQ:DKNG), Caesars Sportsbook (NASDAQ:CZR), and BetMGM (NYSE:MGM) (OTCPK:GMVHF) was the online sports betting companies offering the biggest promotions overall, according to Politzer. Therefore, the actions taken by FanDuel and BetRivers (RSI) may be a precursor to the OSB industry turning toward the market leaders and becoming more promotional overall as the football season progresses. That would go against some of the corporations’ declared objectives to reduce marketing expenses in Q3 while focusing on profitability.
DKNG Stock Analysis
As it gets closer to releasing its next earnings report, DraftKings (NASDAQ:DKNG) will try to show strength. EPS of -$1.07 are anticipated, up 20.74% from the same period last year. According to the most recent average estimate, revenue will total $432.56 million, up 103.25% from the same quarter last year.
The Zacks Consensus Estimates for DKNG’s full year are -$3.07 per share in earnings and $2.14 billion in revenue. These outcomes would signify +18.78% and +65.28% year-over-year changes, respectively.
Recent adjustments to the analyst forecasts for DraftKings should also be noted. Such changes indicate how quickly short-term business trends change. As a result of this, we can view favorable estimate revisions which indicate the company’s business outlook.
Featured Image- Megapixl @ Rafaelhenriquepress
Author Jowi Kwasu