FanDuel, DraftKings Lead March Sports Betting App Downloads, Says Bank of America
Buoyed by the return of the NCAA Tournament and a normalized sports calendar, FanDuel and DraftKings (NASDAQ:DKNG) led downloads of sports wagering wandering apps shoemaker's last month in the iOS App Store.
In March, sports bettors placed related apps on their iPhones at a charge per unit that was 559 percent beforehand of the twelvemonth earlier period. But Bank of America cautions that March 2020 was a “soft comp,” because the US sports slating was essentially non-existent, owing to the coronavirus pandemic. That forced gamblers to wager on overcloud fare, such as South Korean baseball game and tabular array tennis.
Analysts calculate the paying back of the NCAA Tournament, also known as Mar Madness, could be a catalyst for sports wagering equities and download information suggest that thesis has merit. Further verification will make it in the coming weeks as states present palm and revenue information for the 3rd month of the year.
Flutter Entertainment’s (OTC:PDYPY) FanDuel and DraftKings — the ii largest US online sports betting operators — combined for 64 percent of sports wagering app downloads on the iOS weapons platform utmost month, according to Bank of America.
The bank building says monthly participating users (MAUs) at both FanDuel and DraftKings jumped 12 percent on a month-over-month basis.
BetMGM: Solid Third Place
BetMGM — the online sports wagering and iGaming partnership of MGM Resorts International (NYSE:MGM) and Entain Plc (OTC:GMVHY) — continues solidifying itself as a credible challenger to the aforementioned rivals.
The operator captured 12 percent of iOS sports betting app downloads utmost month, cementing its position as the fastest-growing download inwards the manufacture inward the US. Analysts are bullish on BetMGM’s prospects.
BetMGM has continued to ensure robust momentum, at a cost. In February, the companion saw Newmarket online sports betting market share increased to 24 percent from 20 percent inwards January,” said Jefferies analyst Saint David Katz inwards a note. “Meanwhile, iGaming GGR market share declined more or less to 34 percent from 38 percent, despite increased competition. As BetMGM ramps marketing pass and goes unrecorded in 20 states past year-end, MGM’s part of operating losses is expected to follow higher than the FY20 $62 gazillion loss.”
Katz estimates BetMGM will turn a loss $155.8 jillion this year, upwards from a prior calculate of a loss of $97.2 million. The operator provides a byplay update on April 21, when costs and marketing expenses will potential follow addressed.
“We also await the direction to live on technology, shape up towards bingle wallet, marketing expend levels, and the rationale inwards the lately proclaimed strategical partnership with Audacy,” said the Jefferies analyst.
Don’t Forget Barstool
Penn National Gaming’s (NASDAQ:PENN) Barstool Sportsbook was 4th for sports betting app downloads inwards the iOS App Store last-place month, dominating “high single-digit iOS download share,” says Bank of America.
That’s an telling feat considering that Barstool Sportsbook is unrecorded inwards just now leash states — Illinois, Michigan, and Pennsylvania.
Additionally, Penn’s unloose drama and marketing disbursal isn’t anywhere close to that of its rivals mentioned here, indicating the operator is gaining portion in the sports betting scene of action on a cost-effective basis.
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