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Jun 23 2021, 08:45 IST/BST
Ratings and price correct at time of issue
Company | Rating | Date | Previous Rating | Date | Closing Price |
---|---|---|---|---|---|
DraftKings | NEUTRAL | 23/03/21 | N/A | N/A | 5016c |
Entain | NEUTRAL | 13/12/17 | N/A | N/A | 1822p |
Flutter Entertainment | OUTPERFORM | 08/05/19 | Neutral | 29/08/17 | 13955p |
The removal of a federal ban on single-game wagering in Canada paves the way for the addressable North American gambling market (TAM) to expand beyond the northern US border, potentially as early as this year. While legislation and regulation of gambling at the provincial level will ultimately determine the scale of the Canadian opportunity for our coverage universe, we indicatively believe that it represents >10% of our US mature TAM forecast (currently $30bn). It is also a reminder that the global regulated gambling market remains in its infancy, with significant potential to structurally expand going forward. At this early stage, we believe the competitive landscape will look similar to that in the US. Despite the already well-established unregulated landscape in the jurisdiction, Flutter, DraftKings and Entain all look well positioned to compete for, and claim, podium positions.
Jun 23 2021, 08:45 IST/BST