{"id":169861,"date":"2021-04-07T09:28:39","date_gmt":"2021-04-07T16:28:39","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=169861"},"modified":"2021-07-06T06:01:15","modified_gmt":"2021-07-06T13:01:15","slug":"draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts\/","title":{"rendered":"DraftKings Primed for Dominant New York Perch, Say Analysts"},"content":{"rendered":"

New York Gov. Andrew Cuomo (D) and state policymakers reached a compromise Tuesday to bring mobile sports wagering to the state. Analysts are now speculating about probable winners under the state’s framework, with some familiar names popping up, including DraftKings (NASDAQ:DKNG).<\/p>\n

\"DraftKings
New York Gov. Andrew Cuomo at a COVID-19 briefing last year. Analysts see DraftKings winning in New York sports betting. (Image: CNBC)<\/em><\/figcaption><\/figure>\n

As part of the accord, the New York State Gaming Commission will release a request-for-proposal (RFP) commencing no later than July 1. The purpose is to choose two platform operators to run mobile sports betting<\/a> in the state. Heavy costs associated with the plan mean financially sturdy companies could have an advantage in the state.<\/p>\n

Operators will be required to pay an upfront licensing fee of $25 million and an annual levy of $5 million<\/a> to a land-based casino to house a server to power mobile wagering.<\/p>\n

We believe, based on the RFP process and the high amount of taxes\/fees, that well-capitalized players with a strong presence in NJ and large customer data-bases, such as DKNG and FanDuel, are well-positioned to be key operators when the state goes live some time in late \u201921 or early \u201922,\u201d writes a team of Oppenheimer analysts led by Jed Kelly.<\/p><\/blockquote>\n

At the end of last year, DraftKings had $1.8 billion in cash on hand and the gaming company recently sold $1.15 billion in convertible debt<\/a>. While some of those proceeds were spent on bolt-on acquisitions, the operator’s balance sheet is strong, indicating the firm can digest the high cost of entering New York’s mobile betting arena.<\/p>\n

DraftKings Has Other New York Advantages<\/h2>\n

DraftKings’ tidy balance sheet isn’t the only arrow in its quiver when it comes to establishing a leading position in New York’s mobile wagering market.<\/p>\n

\n

The operator is one of the gaming companies that already has a partnership with a land-based casino in the state. DraftKings runs the sportsbook at the del Lago Resort & Casino in Waterloo. Oppenheimer believes that will be advantageous in the company’s quest to become one of the primary sports betting providers in the state.<\/p>\n<\/div>\n

Another benefit that may accrue to DraftKings is that policymakers have yet to<\/a> specifically define \u201cplatform\u201d as it pertains to operators. However, analysts believe when that happens, vertically integrated companies — of which DraftKings is one — will be in the catbird’s seat.<\/p>\n

\u201cOur sense is that the meaning of platform is somewhat open-ended at this point, and could include someone like DKNG, which owns SBTech, to be considered a platform provider, or Kambi,\u201d said Credit Suisse analyst Benjamin Chaiken in a note.<\/p>\n

Other Sportsbetting Winners<\/h2>\n

Bank of America and Craig-Hallum are among the other research firms issuing positive commentary on DraftKings’ positioning in New York.<\/p>\n

As for other possible winners in the state, Oppenheimer highlighted FanDuel, Rush Street Interactive, and Bet365 because, like DraftKings, that trio has \u201cfirst-skin agreements tied to upstate casinos.\u201d<\/strong><\/p>\n

Some experts see Flutter Entertainment (OTC:PDYPY) in a good place in New York because it has multiple skins under one roof — one for FanDuel<\/a> and one for FOX Bet. FanDuel and DraftKings are the two largest online sports betting operators in the US.<\/p>\n","protected":false},"excerpt":{"rendered":"

New York Gov. Andrew Cuomo (D) and state policymakers reached a compromise Tuesday to bring mobile sports wagering to the state. Analysts are now speculating about probable winners under the state’s framework, with some familiar names popping up, including DraftKings (NASDAQ:DKNG). As part of the accord, the New York State Gaming Commission will release a […]<\/p>\n","protected":false},"author":46,"featured_media":169864,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,1074],"tags":[],"acf":[],"yoast_head":"\nDraftKings Ready to Lead in New York Online Betting Market, Say Analysts<\/title>\n<meta name=\"description\" content=\"DraftKings is positioned to assert itself in the New York online sports betting market, according to Wall Street analysts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings Ready to Lead in New York Online Betting Market, Say Analysts\" \/>\n<meta property=\"og:description\" content=\"DraftKings is positioned to assert itself in the New York online sports betting market, according to Wall Street analysts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-07T16:28:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-06T13:01:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/AC-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1706\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts\/\",\"name\":\"DraftKings Ready to Lead in New York Online Betting Market, Say Analysts\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/AC-scaled.jpg\",\"datePublished\":\"2021-04-07T16:28:39+00:00\",\"dateModified\":\"2021-07-06T13:01:15+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings is positioned to assert itself in the New York online sports betting market, according to Wall Street analysts.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-ready-to-lead-in-new-york-online-betting-market-say-analysts\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/AC-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/AC-scaled.jpg\",\"width\":2560,\"height\":1706,\"caption\":\"New York Gov. 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