The NBA, MLB and NFL have all worked with betting companies to put restrictions on prop bets — wagers placed on a specific statistic within a game ...

Core Insights - DraftKings Inc. (DKNG) reported a 4% year-over-year revenue increase to $1.14 billion in Q3 2025, despite a $300 million revenue drag from favorable sports outcomes, resulting in an adjusted EBITDA of negative $127 million. Management believes these fluctuations are temporary and will normalize over time [1][2][11] Financial Performance - The underlying business fundamentals remain strong, with improvements in sportsbook net revenue margin driven by a higher parlay mix and efficient promotions, alongside high customer retention. Sportsbook wagering increased by 17% year-over-year in October, indicating potential margin expansion ahead of 2026 [2][3] - The company anticipates generating $450-$550 million in positive adjusted EBITDA in 2025, recovering from a nearly $1 billion EBITDA loss in 2022, suggesting a scalable profitability model [3][4] - DraftKings is currently trading at a forward 12-month price-to-sales ratio of 2.0X, which is a discount compared to industry peers [12] Strategic Initiatives - Management highlighted the upcoming launch of DraftKings Predictions, which will allow entry into states without online sports betting, potentially unlocking significant incremental opportunities and encouraging more states to adopt regulated betting [4][11] - Partnerships with ESPN and NBCUniversal are expected to enhance customer engagement and expand DraftKings' addressable market [3][11] Competitive Landscape - DraftKings faces competition from FanDuel, which leads the U.S. market with a proven parlay-driven margin strategy, and BetMGM, which leverages its omnichannel benefits by integrating land-based casinos with online wagering [6][7] - As the industry shifts from expansion to optimization, DraftKings must focus on product innovation, improving hold rates, and strategic marketing investments to achieve sustainable profitability by 2026 [8] Market Performance - DraftKings shares have declined by 36% over the past three months, compared to a 7.6% decline in the industry [9]

Group 1: DraftKings and Flutter Entertainment - Wells Fargo initiated coverage of DraftKings (DKNG) with an Equal Weight rating and a price target of $31, expressing a bullish outlook on domestic online sports betting growth but indicating a wait for a better entry point due to near-term pressures and competition [1] - Flutter Entertainment (FLUT) was also initiated with an Overweight rating by Wells Fargo [1] Group 2: Carnival and Cruise Line Industry - Carnival (CCL) received an Overweight rating and a price target of $37 from Wells Fargo, which views the cruise sector as the most compelling within its gaming, leisure, and lodging coverage [1] - Norwegian Cruise Line (NCLH) and Royal Caribbean (RCL) were similarly initiated with Overweight ratings by Wells Fargo [1] Group 3: Cybersecurity Companies - Berenberg initiated coverage of Okta (OKTA) with a Buy rating and a price target of $145, considering both Okta and SentinelOne (S) as misunderstood stories with potential for re-rating [1] - CrowdStrike (CRWD) was initiated with a Hold rating and a price target of $600, with Berenberg noting that the market has already priced in its position at the top of the revenue duration curve [1] - Berenberg also started coverage of Rapid7 (RPD) and Qualys (QLYS) with Hold ratings [1] Group 4: Optical Communications - Mizuho initiated coverage of Lumentum (LITE) with an Outperform rating and a price target of $290, highlighting its role as a leading supplier in optical communications and lasers, benefiting from surging demand in artificial intelligence [1]

We recently published 8 Stocks Jim Cramer Discussed & Mentioned An Important Quantum Computing Development. Flutter Entertainment plc (NYSE:FLUT) is one of the stocks Jim Cramer discussed. Flutter Entertainment plc (NYSE:FLUT) is one of the largest sports betting companies in the US. Cramer discussed the firm after Polymarket rang the NYSE’s opening bell. The event saw the online prediction market team up with mixed martial arts (MMA) organization UFC and entertainment firm TKO. In his previous comments a ...

Core Insights - The article evaluates the broader market outlook as it approaches the end of 2025, focusing on macroeconomic trends and investment opportunities in undervalued sectors and thematic ideas such as metals, gold, and cryptocurrency [1]. Market Overview - The author identifies key market indices including DIA, VOO, QQQM, and RSP, indicating a macro-focused investment strategy [1]. - The article highlights specific sectors and non-US investments such as XLE/IXC, VPU/IDU/BUI, and various international ETFs, suggesting a diversified approach to investment [1]. Investment Strategies - The author emphasizes the importance of maintaining an updated portfolio and actively following funds, stocks, and sectors that are personally invested in, which is appreciated by followers [1]. - The article mentions managed income portfolios targeting safe and reliable yields of approximately 8%, utilizing high-yield opportunities in the CEF and ETF fund space [1]. Alternative Investments - The article discusses alternative investments including Bitcoin and gold, specifically mentioning IAU (Gold) and CEF (Gold & Silver), indicating a strategy that includes both traditional and alternative assets [1]. Debt Instruments - The author notes investments in municipal bonds from North Carolina, suggesting a focus on local debt instruments as part of the investment strategy [1].

(Bloomberg) -- Wall Street gambled — and lost — on a $1.64 billion loan for a lottery company backed by a Czech billionaire to fund a majority stake in a fantasy sports operator in Atlanta.The loan to Allwyn fell prey to more discriminating credit markets, and after raising just $1 billion from institutional investors, banks including Goldman Sachs Group Inc. and Deutsche Bank AG had to step in to make up the shortfall — and ended up sharing $500 million of the debt on their own balance sheets, according to ...

Andreas Halvorsen just reminded Wall Street why Viking Global Investors is one of the hedge fund world's most-watched portfolios: he doesn't trim, he swings. Viking's third quarter 13F filing shows a $38.5 billion book that looks like it's been through a full reboot — complete with shock exits, oversized new wagers and a decisive tilt toward financials.Track Viking’s top holding PNC here.The Quarter Halvorsen Broke Up With Big TechThe headline-grabber is impossible to miss: Viking dumped Nvidia Corp (NASDAQ ...

Core Insights - Harvard University has significantly increased its holdings in Bitcoin exchange-traded funds (ETFs), with a nearly 260% increase in its investment [1][3] - The university's investment in BlackRock's iShares Bitcoin Trust (IBIT) is valued at $442.8 million as of the latest filing [2] - Harvard's investment in Bitcoin ETFs surpasses its combined holdings in major tech stocks like Meta, NVIDIA, and Alphabet [3] Investment Details - As of September 30, Harvard owned 6.81 million shares of IBIT, marking its first investment in the second quarter of FY2025 with a position of $116.7 million [3] - IBIT represents Harvard's largest ETF purchase and its most significant single investment in terms of dollar value [4] - In addition to Bitcoin, Harvard has also invested in gold ETFs, acquiring 661,391 shares in SPDR Gold Shares, valued at $235 million [4][5] Market Context - The broader trend shows that pension funds in the U.S. have started to invest in Bitcoin ETFs, although sell-offs have become more frequent [6] - Notably, Wisconsin's Investment Board sold its entire $300 million holdings in the BlackRock Bitcoin ETF earlier this year [7] - Recent data indicates that Bitcoin ETF flows have decreased by approximately $2.3 billion from their peak [7]

Core Insights - The announcement of launching sports betting in December by Flutter and DraftKings indicates a strong commitment to the market, despite previous hesitations from regulators in states like Nevada [1][3]. Industry Overview - The gaming and sports betting industry is facing challenges, with Flutter and DraftKings experiencing a decline of over 30% since their highs in August [2]. - Predictions in the market are viewed as a potential existential threat by traditional land-based companies like Caesars and MGM, leading to withdrawals from states like Nevada [3]. Company Strategies - Flutter aims to secure a top three position in the sports betting market and is looking to influence policymakers to legalize sports betting in states where it is currently not permitted, which accounts for about 40% of the U.S. [5]. - The company is also focusing on engaging with tribal entities to facilitate discussions on sports betting in California, which could have significant implications for the market [5]. Market Dynamics - The current market environment has seen favorable outcomes for fans, with the house losing in NFL betting this fall, but prediction markets are dominating the conversation [6]. - Despite the sell-off, the overall estimates for the next year have only shifted by about 5%, indicating stability in the market [7]. Future Outlook - The hold rate for sportsbooks is expected to improve, and upcoming events like the World Cup could provide additional opportunities for growth [8]. - Wage growth in sports leagues such as the NFL and NBA remains strong, which could positively impact betting activities [8].

Group 1: Market Overview - Major U.S. equities indexes experienced a decline, with technology shares significantly impacting the Nasdaq, which fell nearly 2% [1] - The S&P 500 and Dow Jones Industrial Average also reported lower performance following the end of the longest federal shutdown in U.S. history [1] Group 2: Company Performance - Cisco Systems (CSCO) saw its stock surge over 4% after the company raised its full-year profit outlook [3] - The Walt Disney Co. (DIS) shares dropped 9% due to weaker-than-expected revenue, particularly in its linear TV networks business [2] - Flutter Entertainment (FLUT) stock fell 11% after the company revised its full-year revenue and adjusted EBITDA forecasts downward [2] - WEBTOON Entertainment (WBTN) shares plummeted 25% after projecting a decline in fourth-quarter revenue [2] - Sealed Air (SEE) shares soared 19% following reports of potential talks with private-equity firm Clayton Dubilier & Rice for a private acquisition [3] - Firefly Aerospace (FLY) shares jumped 17% after posting better-than-expected results and a positive full-year revenue projection [3] Group 3: Commodity and Currency Movements - Oil futures rose nearly 1%, trading just above $59 per barrel [3] - Gold futures remained relatively unchanged at around $4,200 per ounce [3] - The yield on the 10-year Treasury note increased to 4.10% [3] - The U.S. dollar weakened against the euro, pound, and yen [3] - Cryptocurrency prices were mixed, with Bitcoin trading under $101,000 [3]