Your next guest says stay long. David Katz, managing director at Jeffre, actually at a gaming conference in Las Vegas. How perfect and Sirat Steady is still with us.David, when you I know you like Flutter and others, when you look at some of these predictions or outcomebased markets like a poly market, whatever, are they starting to eat into any real market share. >> Uh, I I think the impact that they're they're having by based on the data that we're looking at is really very minimal. And Brian, I think we ...

DraftKings and FanDuel-parent Flutter have seen their stocks fall more than 20% over the last month, as prediction markets threaten to win their gambling customers. ...

Betting stocks getting slammed this week as the gambling space gets more crowded with the likes of Kelshi trying to grab market share. DraftKings down nearly 15% on pace for its worst week since February. While Flutter, the parent company of FanDuel is lower by 9% and now negative for the year.But both slightly higher today after a Nevada official or Nevada federal judge rather ruled that sports predictions markets do not qualify as swaps, which could mean less regulation for online betting moving forward. ...

Core Viewpoint - The gambling industry is facing increased competition, particularly with the emergence of companies like Kalshi, which is impacting the stock performance of major players like DraftKings and Flutter [1][3]. Company Performance - DraftKings has seen a nearly 15% decline in stock value, marking its worst week since February [1]. - Flutter, the parent company of FanDuel, has dropped by 9% and is now negative for the year [1]. Regulatory Environment - A recent ruling by a Nevada federal judge stated that sports prediction markets do not qualify as swaps, potentially leading to less regulation for online betting in the future [2]. - State gaming regulators have warned DraftKings and FanDuel against participating in prediction markets, treating them as illegal gaming [5]. Market Dynamics - There is a belief that the narrative surrounding Kalshi taking market share from DraftKings is not substantial [3]. - The prediction markets offered by Kalshi are considered limited and primitive compared to the offerings in legal and regulated sports betting markets [7]. - DraftKings and FanDuel are preparing for a future where state gaming regulators may legalize and regulate prediction markets, which could create a more competitive environment [8]. Analyst Insights - Analysts have noted that the early NFL season has seen fluctuations in luck or hold percentage for legalized operators, leading to downward adjustments in analyst projections [9].

Casino Industry - Casino stocks are experiencing a decline, with Melco down by 6%, MGM Resorts down by 2%, and Las Vegas Sands and Wynn down more than 5% [1] - A significant typhoon is approaching the Philippines, prompting concerns in Macau, which recently faced another storm that negatively impacted growth and gross gaming revenue [2][3] - Analysts had estimated a 12% to 13% increase in gaming revenue for September compared to last year, but actual growth was only 6% [2][3] - The upcoming Golden Week is critical for casinos, and there are worries that the typhoon may disrupt visitor numbers during this important period [3] Online Betting Industry - Online betting stocks are seeing mixed performance, with Flutter up nearly 3% and DraftKings up 2.5% [5] - The week has been challenging for sports betting stocks due to competition from Koshi, which has launched parlay products traditionally dominated by licensed sportsbooks [5] - A federal judge in Nevada ruled that Crypto.com cannot continue offering sports trades under its prediction market platform, which may impact competition dynamics in the online betting space [6]

Core Viewpoint - The stock-price sell-off in FanDuel's parent company and DraftKings is considered overly severe by an analyst [1] Company Analysis - FanDuel's parent company and DraftKings have experienced significant stock price declines [1] - The analyst suggests that the current market reaction does not accurately reflect the companies' fundamentals [1] Industry Context - The sell-off in the sports betting industry, particularly affecting major players like FanDuel and DraftKings, raises questions about market sentiment [1] - The analyst's perspective indicates potential for recovery in stock prices within the sports betting sector [1]

Core Insights - Amazon and Flutter-owned FanDuel have expanded their partnership to enhance the betting experience for basketball fans on Prime Video, allowing users to track their wagers in real time [1][2][3] Group 1: Partnership Details - Bettors can link their FanDuel accounts to their Prime Video profiles to monitor their wagers, including tracking progress on parlays and checking wins and losses [2] - The new feature, named OddsView, will provide real-time updates on odds, lines, probabilities, moneylines, spreads, and game props for all NBA games on Amazon Prime Video [3] Group 2: Strategic Goals - This initiative is part of Amazon's strategy to enhance its sports offerings and attract more viewers through innovative features [4] - Jay Marine, head of Prime Video U.S. and global sports and advertising, emphasized the goal of creating a customized and storytelling-rich live sports experience [5] Group 3: Marketing and Promotion - Former LA Clipper Blake Griffin will serve as an analyst for NBA on Prime and will also act as an ambassador for FanDuel's NBA offerings, participating in various promotional campaigns [3]

Summary of Fox (NasdaqGS:FOX) 2025 Conference Company Overview - **Company**: Fox Corporation - **Event**: Fireside Chat at the Goldman Sachs Communicopia Technology Conference - **Date**: September 10, 2025 Key Points Industry and Business Strategy - **Overall Performance**: Fox's businesses are performing well, with strong momentum in advertising and distribution revenue [5][6] - **Strategic Shift**: The strategy initiated in 2019, following the sale of entertainment assets to The Walt Disney Company, has been successful, resulting in nearly $5 billion increase in revenue since then [7] - **Revenue Breakdown**: Approximately $2 billion of the revenue increase is attributed to advertising, and another $2 billion from distribution [7] - **EBITDA Growth**: EBITDA has increased by nearly $1 billion, with $8.5 billion returned to investors [7] Tubi and Direct-to-Consumer Strategy - **Tubi's Audience**: Tubi targets 60 million cord-cutters in the U.S., which is a significant market opportunity [5] - **Path to Profitability**: Tubi is on track to profitability, with reinvestment of capital into Fox One, the company's direct-to-consumer business [6] - **Fox One Launch**: Launched on August 21, 2025, at $19.99 per month, Fox One has exceeded initial expectations in terms of consumer demand [14] - **Bundling Strategy**: Plans to bundle Fox One with other providers, including an ESPN bundle launching on October 2 at $39.99 per month [15] Advertising Market Insights - **Strong Upfronts**: Fox experienced double-digit volume increases in advertising during the upfronts, indicating strong demand across sports and news [16] - **Sports Rights**: The premium portfolio of sports rights, including NFL and college football, drives advertising demand [17] - **Tubi's Position**: Tubi's free service model allows it to reach over two-thirds of its audience in the cord-cutting market, making it attractive to advertisers [18] Strategic Priorities - **Focus on Traditional Brands**: Fox News remains the number one channel in cable, and the company aims to continue growing its traditional brands [19] - **Digital Growth Investments**: Investments in digital platforms, including Fox One and Tubi, are prioritized for future growth [20] FanDuel Investment - **FanDuel Option**: Fox has an option to acquire 18.6% of FanDuel, valued at $3.1 billion based on current market valuations [11] - **Licensing Process**: Engaging with 26 states for licensing, the resolution of control related to the Murdoch Family Trust simplifies this process [12] Additional Insights - **Market Position**: Fox's CPMs for advertising are significantly lower than broadcast networks, attracting more advertisers [19] - **Audience Engagement**: The combination of news and sports content on Fox One has been effective in driving audience engagement [14]

Market Overview & Growth - US sports books anticipate an 85% increase in handle [1] - Americans are expected to wager $30 billion this NFL season [2] - The overall market is projected to reach a $25 billion GGR (Gross Gaming Revenue) market beyond 2027 [7] - The casino side could be a $15 billion+ market, representing 18-20% growth over the next 3 years [8] Key Players & Competition - FanDuel (owned by Flutter) and DraftKings dominate the US sports betting space and have seen double-digit gains in their stock price this year [2] - Bet MGM, jointly owned by MGM and Antain, has reversed course and is showing profits, holding third place in market share [3] - Caesars' digital business is also posting profits, but its shares are down almost 20% year-to-date [3][4] - Companies face competition from smaller competitors like Penn, Rush Street Interactive, predictions markets, sweeps casinos, and offshore books [4] Strategic Opportunities & Challenges - Predictions markets present a longer-term opportunity for companies like FanDuel, which has partnered with CME Group to launch non-sports exchanges [9][10] - The lack of legalized sports betting in populous states like California and Texas represents "money left on the table" and potential tax revenue [11][12]

Industry Overview - The college football season has started, and the NFL's regular season is set to begin next week, presenting a significant opportunity for sportsbooks to attract new customers and increase betting volumes [1] - Americans are projected to wager a record $30 billion during this NFL season, marking an 8.5% increase compared to the previous year, according to the American Gaming Association [1] Competitive Landscape - Major players in the sports betting industry include Flutter-owned FanDuel and DraftKings, which are experiencing heightened competition from BetMGM and Caesars [2] - New entrants are emerging in the market, such as online broker Robinhood, which has partnered with Kalshi to provide football prediction markets [2] Threats to the Industry - The primary challenge for these companies comes from offshore, unlicensed sportsbooks like Bovada, MyBookie, and BetOnline, which pose a significant threat to the regulated market [2]