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Sportsbook operator DraftKings Inc (NASDAQ: DKNG) reported quarterly financial results in August, shortly before the kick-off of the NCAA Football and NFL football seasons.
An analyst sizes up the early reaction to the start of college football and the first weekend of NFL games and what it could mean for DraftKings.
The DraftKings Analyst: Needham analyst Bernie McTernan has a Buy rating and a price target of $44 on DraftKings.
Related Link: Exclusive: DraftKings CEO Sizes Up 2023 NFL Season: 'I'm Expecting Big Things'
The Analyst Takeaways: The 2023 National Football League season kicked off Thursday with a matchup between the Detroit Lions and Kansas City Chiefs. Weekly promotional activity for sportsbook, app rankings and the results of the first week’s matchups are sized up by McTernan.
"In the app store, DKNG starts the year out on the top spot, similar to last year when it held the lead for the first three weeks of the season over FanDuel,” McTernan said.
The analyst notes that PointsBet, which saw its U.S. division acquired by Fanatics, saw a "significant move higher” in the app store rankings. PointsBet is offering a free $150 Fanatics FanCash promotion for a $50 bet on the sports betting platform.
McTernan said promotional offerings from sportsbooks are down to start the 2023 NFL season, compared to past years. Bet365 is the most aggressive with $365 in ...