Foreign sportsbooks in Europe and other markets may also offer betting on the 2024 election. Thirty states now offer legalized online sports betting. Sportsbooks such as DraftKings Inc DKNG are live in Ontario and offer betting for residents of Canada.

New Yorkers alone placed $1.6 billion worth of online sports bets during the opening month of wagering, while Arkansas and Louisiana also had lucrative rollouts. He predicts DraftKings stock price will grow to $35 a share in the next 12 months while Caesars may grow to $109 a share.Ĭertainly, the explosion of online sports gambling stands to drive industry growth, with Arkansas, Louisiana and New York all legalizing it this year. At some point in the future, gambling operators will start to spend less on advertising and more money from dedicated customers will flow in and strengthen profits. 'That's really the main driver in the underperformance in the share price,' Adam told CBS MoneyWatch.Īdam remains bullish on their longer term prospects, although he said it could take two or three years for the additional earnings to flow. In 2021, DraftKings and Flutter spent $981 million and $875 million, respectively, on marketing, promotions and advertising, regulatory filings show. Players like DraftKings and FanDuel have spent so aggressively that it has drained their cash, said Daniel Adam, senior analyst at Loop Capital Markets.

Draftkings election bets