Robinhood app displays sports betting odds on a smartphone, highlighting its 2025 push to challenge DraftKings and FanDuel. Key Points Robinhood has announced that it is expanding its prediction markets feature to include NFL prop bets and parlays.  The stock is up nearly 205% this year, but that momentum could carry into 2026 as more users are drawn to the app and away from competitors like DraftKings and FanDuel. Despite those gains, analysts still see more than 14% potential upside for HOOD over the ...

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As online sports betting has ballooned the NCAA, the governing body of American college sport, has had to build a sprawling enforcement operation to police the integrity of games and stem harassment of students by gamblers https://t.co/lOBeTXi0pn ...

Core Viewpoint - PENN Entertainment has officially opened the second hotel tower at M Resort Spa Casino in Las Vegas, marking a significant expansion of its capacity and enhancing its offerings for guests and group business [1][4]. Group 1: Project Details - The new hotel tower nearly doubles the capacity of M Resort, increasing the total to 765 rooms and suites [2]. - The development includes a 15,000 square foot Montese Ballroom, which will enhance the total indoor and outdoor conference and event space to over 100,000 square feet [2]. - The expansion is expected to create 120 new jobs at M Resort [2]. Group 2: Financial Aspects - On November 3, 2025, PENN received $150 million in funding from Gaming and Leisure Properties, Inc. at a 7.79% capitalization rate for the project [4]. - The new hotel tower is the second of PENN's growth projects to open, following the completion of the Hollywood Casino Joliet in August 2025 [5]. Group 3: Future Developments - Additional projects are on schedule and on budget, including the new land-based Hollywood Casino Aurora in Illinois and a hotel tower at Hollywood Casino Columbus, both expected to open in late Q2 2026 [5]. - The relocation of Hollywood Casino Council Bluffs is anticipated in Q4 2027 or early 2028 [5]. Group 4: Company Overview - PENN Entertainment operates in 28 jurisdictions across North America, with a diversified portfolio of casinos, racetracks, and online sports betting and iCasino offerings [8]. - The company focuses on organic cross-sell opportunities, supported by its market-leading retail casinos and technology [8]. - PENN's customer loyalty program, PENN Play™, has over 33 million members [9].

Core Insights - Flutter Entertainment is the world leader in online sports betting and igaming, with 13.9 million average monthly players globally in 2024 [1] - The company has a market cap of $33.8 billion and reported $15.43 billion in revenue over the past four quarters [2] - The online sports betting market is projected to grow from $53.78 billion in 2023 to $93.31 billion by 2030, reflecting a five-year CAGR of 11.65% [4] Company Performance - Flutter's stock has seen a significant decline, dropping 37% since late August and 25% year-to-date, attributed to increased investment spending, regulatory changes, and unfavorable sporting event outcomes [7] - In Q3 2025, Flutter reported revenue of $3.79 billion, a 17% year-over-year increase, and adjusted EPS of $1.64, exceeding analyst expectations [8] - As of September 30, Flutter had $1.73 billion in cash and liquid assets [8] Analyst Recommendations - Analyst Trey Bowers from Wells Fargo maintains an optimistic long-term outlook for Flutter, citing its strong market position and cash generation capabilities [9] - Bowers rates Flutter shares as Overweight (Buy) with a price target of $272, indicating a potential upside of 41% [9] - Flutter has a Strong Buy consensus rating based on 24 recent analyst reviews, with an average target price of $311.43, suggesting a one-year gain of 61% [10] Industry Trends - The online sports betting sector is experiencing rapid growth, leading to a shift in investor sentiment away from traditional casino companies [4] - Sportradar, a key player in the sports tech industry, provides essential data services for the online betting market, enhancing engagement and betting activities [12] - Sportradar's revenue for Q3 2025 was €292 million, up 14.5% year-over-year, with a profit of €22 million [14]

Mike Ybarra, PrizePicks CEO, joins 'Squawk Box' to discuss the company's partnership with Polymarket, the distinction between online sports betting vs. prediction markets, impact of sports betting scandals, future of prediction markets, and more. ...

Financial Data and Key Metrics Changes - The Retail segment generated revenues of $1.4 billion with adjusted EBITDAR of $465.8 million, resulting in segment adjusted EBITDAR margins of 32.8% [16] - The Interactive segment reported revenues of $297.7 million, including a tax gross-up of $139.5 million, and an adjusted EBITDA loss of $76.6 million [18] - Total liquidity at the end of 2025 was $1.1 billion, including $660 million in cash and cash equivalents [20] Business Line Data and Key Metrics Changes - The North America iCasino business achieved its highest quarterly gaming revenue to date, improving nearly 40% year over year, driven by record cross-sell from OSB of 62% [8] - The introduction of a standalone app and improved cross-sell from online sports betting led to a 79% increase in iCasino monthly active users (MAUs) during the third quarter [9] - The company expects fourth quarter 2025 revenues for the Retail segment to range from $1.41 billion to $1.43 billion, with adjusted EBITDAR ranging from $455 million to $475 million [18] Market Data and Key Metrics Changes - The company noted stable demand across gaming and non-gaming amenities, particularly in markets not impacted by new supply and increased competitor promotional activity [11] - The new Hollywood Casino in Joliet has seen a 42% increase in its active database since opening, with over 50% of that growth coming from previously inactive customers [12] Company Strategy and Development Direction - The company is shifting its interactive focus to prioritize digital assets in Canada and Hollywood iCasino products, emphasizing cross-sell opportunities across its ecosystem [5] - The transition to the Score Bet brand is expected to optimize the digital business and operate more efficiently, including replacing fixed media spends with performance-based marketing [7] - The company plans to continue investing in growth capital while also focusing on share repurchases and deleveraging [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to compete effectively in the evolving industry landscape, highlighting the importance of an omnichannel strategy [28] - The company aims to achieve breakeven or better in its interactive segment by 2026, with a focus on profitability and operational efficiency [10][96] - Management acknowledged the challenges posed by increased competition and promotional activity but remains optimistic about the company's ability to maintain its market position [41][44] Other Important Information - The company announced an early termination of its exclusive online sports betting marketing agreement with ESPN, ceasing cash payments at the end of 2025 [15] - A total of $38.1 million will be paid to ESPN for marketing services incurred through December 1, with an additional $5 million for traditional media support [15] - The company has repurchased $354 million of shares as of November 5, with a new three-year $750 million share repurchase authorization commencing on January 1, 2026 [21] Q&A Session Summary Question: Can you talk about the near-term and long-term profitability for interactive following the ESPN exit? - Management highlighted that the digital investments aimed to attract younger customers and cross-sell to retail businesses, with a focus on profitability moving forward [32][34][38] Question: How has increased competition and promotional activity impacted operations? - Management noted that while new competition has led to increased marketing costs, properties not impacted by new supply are performing well [41][44] Question: Can you clarify the expected marketing costs post-ESPN? - Management indicated that marketing costs will be significantly lower than those previously paid to ESPN, allowing for more targeted spending in high-return markets [48][49] Question: What are the strategies for customer retention during the rebranding to Score Bet? - Management expressed confidence in retaining customers due to improved user experience and a comprehensive marketing plan, emphasizing that the app experience will remain unchanged [84][90] Question: What is the company's leverage target moving forward? - Management stated that the optimal lease-adjusted leverage level is below five times, with a focus on deleveraging while remaining opportunistic in capital allocation [76][78]

Core Insights - The article discusses the competitive landscape for DraftKings, highlighting its potential for growth despite emerging threats from prediction markets [1][2]. Company Overview - DraftKings and FanDuel have established a strong presence in the online sports betting market, leveraging their early entry from daily fantasy sports [3]. - DraftKings has a current market capitalization of $15 billion, with a stock price of $30.59, reflecting a 1.49% increase [6][7]. Competitive Threats - The rise of prediction markets, such as Kalshi, poses a challenge to DraftKings and FanDuel, as these platforms can operate across the U.S. regardless of state laws on sports betting [4]. - Kalshi's introduction of "combo" contracts allows users to create same-game parlays, which could impact DraftKings' profitability since parlays yield higher margins [4][7]. Strategic Responses - DraftKings is countering the threat by acquiring Railbird, a licensed prediction contracts exchange, to operate in markets where online sports betting is illegal [8]. - FanDuel is also planning to establish a prediction contract exchange, indicating a strategic response to the competitive landscape [8]. Analyst Outlook - Needham analyst Bernie McTernan has set a price target of $65 for DraftKings, suggesting a potential upside of 105% from its current price [10]. - The median price target of $51 per share also indicates significant upside potential for investors [10]. Market Growth Potential - The North American online sports betting market is projected to grow at a rate of 11.5% annually through the end of the decade [12]. - DraftKings has historically increased its market share, positioning itself well for future growth [12]. Competitive Advantages - DraftKings maintains a strong brand and technological edge, allowing it to optimize bet pricing and maximize user engagement [13]. - The regulatory environment may favor DraftKings, as prediction markets operate in a gray area, potentially benefiting established sportsbooks if regulations tighten [14]. Financial Metrics - DraftKings is considered undervalued with an enterprise value-to-EBITDA ratio of less than 22, especially given management's expectations for 150% EBITDA growth this year [15].

Core Viewpoint - DraftKings has experienced a significant decline in stock value, dropping nearly 28% from its peak in September, attributed to increased competition from online prediction markets and unfavorable betting trends during the football season [2][21]. Company Performance - DraftKings reported a strong quarter in August but did not raise its full-year forecast, leading to initial stock stability [1]. - The stock peaked at approximately $48 in early September but has since fallen to $35.37, marking a nearly 5% decline for the year [2][3]. - The company faces challenges as NFL favorites have been winning at a higher rate than the previous year, leading to increased losses for sportsbooks [4][5]. Competitive Landscape - DraftKings is facing heightened competition from online prediction markets like Poly Market and Kshi, which allow betting on a wider range of events and operate with different odds structures [6][7]. - These prediction markets are less regulated than traditional sportsbooks, allowing them to operate in states where sports betting is illegal, which poses a competitive threat to DraftKings [8][10]. - Analysts suggest that while prediction markets may attract new users, they might not significantly impact DraftKings' core business, as many users prefer regulated platforms [15][16]. Market Dynamics - The prediction markets have seen substantial trading volumes, with Kshi reporting $260 million in trading volume on a recent Sunday, surpassing previous records [11]. - New features introduced by competitors, such as customizable betting options, are drawing users away from traditional sportsbooks [12][13]. - Despite the competition, some analysts believe that the fears surrounding prediction markets are overblown and that DraftKings remains a viable investment opportunity [21][29].

Core Insights - DraftKings Inc. has entered into a multi-year advertising agreement with NBCUniversal, enhancing its presence in sports broadcasting through exclusive integrations and digital sponsorships across NBCUniversal's sports properties [1][2] - The deal includes major sports events such as the Super Bowl LX, NBA All-Star Weekend, and the 2026 FIFA Men's World Cup, providing DraftKings with access to a vast audience of sports fans [2][3] - This partnership aims to enhance the customer experience by integrating DraftKings' live betting capabilities with NBCUniversal's extensive sports content, thereby transforming viewer engagement [2][3] Company Overview - DraftKings is a digital sports entertainment and gaming company that offers products in daily fantasy, regulated gaming, and digital media, headquartered in Boston and launched in 2012 [4] - The company operates sports betting in 28 states and Ontario, Canada, and has a presence in iGaming and daily fantasy sports across multiple jurisdictions [4] - DraftKings is recognized as an official partner of major sports leagues, including the NFL, NHL, and NBA, and operates the DraftKings Network, a multi-platform content ecosystem [4]