CALL INVITE -> DKNG & FLUT Bullish 2H and Beyond

The Online Gaming (Sports Betting & iCasino) has been on a strong run the last 12-18 months, but the YTD has been a lot bumpier for the space.  The stakes (expectations) and valuations are higher, and therefore, every counter-trend data point is over-scrutinized and analyzed.  It’s the nature of the beast, we suppose.  A nascent growth industry with a holder base that is still evolving.  Following the bad news out of IL (tax change) and good news out NJ (no tax change), the Online Gaming industry story seemed to be back on track, or so the stocks would have suggested for a week or two… Then came what we’d deem to be “inconsistent messaging” across the Street regarding customer acquisition trends, near term cost pressures, and hold % impacts in Q2.  The Street has taken down numbers aggressively, but in our view, have failed to consider and articulate several items related to the Q2 and what it could portend for 2H and beyond.