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Draftkings Stock Among Other Sports Betting Stocks Increased Following the First NFL Weekend’s High Betting Activity and Parlay-Busting Upsets

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DraftKings (NASDAQ:DKNG)

After the start of the NFL season rekindled some interest in the online gaming company, DraftKings (NASDAQ:DKNG) advanced further on Monday.

Geocomply disclosed that 18.8 million regulated checks and an additional 630,000 checks from non-regulated blocks made up the geolocation volume from mobile betting jurisdictions. This amounts to an increase in geolocation volumes of 72% over the NFL’s first weekend.

It is believed that this increase in activity is a hint that the upcoming football season’s betting volume will be healthy.

According to Roth Capital Partners, the results of the NFL games were also in the sportsbooks’ favor. According to analyst Edward Engel, bettors lost some of the games where there was a heavy concentration of wagers on one team, and upsets occurred in favor of the sportsbook operators. In light of the fact that user parlays were less likely to hit, he added, “We believe these results resulted in above-average hold rates (over 9% vs. 7% adjusted).

Forecast

For investors, Engel emphasized that this year’s bonuses for both new and existing customers have decreased significantly, which, in the firm’s opinion, points to a less illogical promotional climate. “For an industry where NFL is the major driver of both wagering and user sign-ups, we regard a better start to the season as a positive catalyst for iGaming stocks,” the statement reads. While Penn National Gaming (NASDAQ:PENN) is rated at Hold, Rush Street Interactive (NYSE:RSI) and DraftKings (NASDAQ:DKNG) get Buy recommendations from Engel and crew.

In premarket trading on Monday, DKNG stock increased 0.96%, following a Friday rise of 3.77%. While Penn National Gaming (NASDAQ:PENN) gained 0.71% in addition to Friday’s 0.81% gain, Rush Street Interactive (NYSE:RSI) increased by 2.61% to continue its 4.62% advance.

Featured Image-  Megapixl @Rafaelhenriquepress

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