Editor's Note: Below is a complimentary excerpt from a recent institutional research note written on by our Gaming, Lodging, and Leisure (GLL) analyst Todd Jordan. If you are an institutional investor interested in accessing our research email firstname.lastname@example.org
Sports betting companies might take it on the chin today as the announcement of positive Covid tests around the NFL will likely impact sentiment across the space.
Looking past the shorter term noise, the charts below depict consumer awareness and adoption around the top sports betting apps in the US. Civic Science recently conducted a survey across the US and in sports betting specific markets to gauge awareness and adoption trends.
The DraftKings (DKNG) app is the most well known sports betting app across the US, with FanDuel a close second, followed by Barstool.
However, when looking at adoption and usage of the apps, FanDuel has the slight edge over DraftKings, which is also confirmed in market share data for the states that offer sports betting.
It’s still early days for Barstool and they’re only functional in PA, so we’re not surprised to see the adoption lagging their peers, but we think this survey is more confirmation that BYD teamed up with the right provider for sports betting and made a smart investment, too.
For Boyd Gaming (BYD), we think their 5% stake in FanDuel USA could be worth upwards of $10 / per share. Interestingly, BetMGM is nowhere to be found on the survey…