penn national gaming online sports betting

In 2021, more than 20 state legislatures have introduced legislation to legalize online sports betting.” The company’s Co-Founder, CEO, and Chairman, Jason Robins said on the earnings call, “We believe the outlook for further legalization is very promising. states in which online sports betting is currently live.ĭraftKings’ online sports betting is live in 12 U.S. The fiscal outlook also assumes that all professional and college sports events take place as scheduled, and DKNG continues to operate in the U.S. The upgraded guidance is a result of DKNG’s strong activation of its user base due to effective marketing, the launch of mobile sports betting in Michigan and Virginia, and iGaming in Michigan. This indicates year-on-year growth of between 63% and 79%. The company has raised its financial outlook for FY21 and expects revenues to land between $1.05 billion and $1.15 billion versus earlier forecasts of between $900 million and $1 billion. We are raising our revenue outlook for 2021 due to the outperformance of our core business in the first quarter and our expectation for continued healthy growth.” However, the company’s losses widened to $346.3 million in Q1 versus a loss of $68.7 million in the same quarter last year.ĭraftKings’ Chief Financial Officer, Jason Park said, “Our $312 million in first quarter revenue, 114% increase in MUPs and 48% growth in ARPMUP reflect solid customer acquisition and retention as well as successful launches of mobile sports betting and iGaming in new states. Revenue was up 175% year-on-year after giving pro-forma effect to the company’s acquisition of Diamond Eagle Acquisition Corp and SBTech Global Ltd that was completed on April 23 last year. Last week, DKNG reported first-quarter revenues of $312 million, a jump of 253% year-on-year. Using the TipRanks Stock Comparison tool, we will compare two online betting companies, DraftKings and Penn National Gaming, and see how Wall Street analysts feel about these stocks.ĭraftKings is an online sports gaming and entertainment company that provides its users with a sports betting Sportsbook, daily fantasy sports, and online casino gaming opportunities.

states are expected to decide on the legalization of sports betting which could significantly benefit online sports betting companies. This year, according to a FinancialBuzz report, 19 U.S.

Supreme Court struck down the Professional and Amateur Sports Protection Act 2 (PASPA) three years back. Online betting is increasingly being legalized in the United States after the U.S.

Penn national gaming online sports betting