FanDuel was off by three , Martino said. It was a business model focused on US fantasy sports but located in Edinburgh, Scotland, and founded by a husband and wife team. These components were off putting to many investors but for Martino it was the easiest deal he ever made. Each month brings another set of record breaking statistics for sports betting apps. Breakdown of competitors market share in key sports betting states from Bank of America November 18 research note Bank of America.
Legalization will be the growth engine driving the industry, Martino said. He expects 40 states to be legalized over the next decade. It's a new set of regulations. It's a new set of money to be made," Martino said. There are currently 20 operational sports betting states - 19 allow land-based sports betting, 14 allow online sports betting and 6 allow online casinos, according to the Bank of America research report. Bank of America expects another 14 states to be legalized in and The analysts also highlight the growing momentum in Canada.
Table on the waves of sports betting adoption from Bank of America November 18 research note Bank of America. Martino expects Pennsylvania to be the main sports betting state for the next two to four years. Then larger population states like Illinois, California and New York could overtake Pennsylvania after that. In fact, Martino believes so much in the growth of sports betting and in the state of Pennsylvania that he is launching a sports-betting parlour and restaurant in the heart of downtown Philadelphia called Bankroll.
The parlour will route bets to betting operators in the state, capitalizing on the growth of sports betting without taking bets. Ultimately Martino's approach to Bankroll is how he thinks retail investors should approach the growth of sports betting.
He thinks investors should be looking for opportunities on the fringe of the industry , where they can capitalize on sports betting without the high multiples. Instead one opportunity area is within technology. Martino suggests investors consider the "picks and shovel" companies that provide support to the sports betting companies up and down the technology stack.
Investors could see significant price appreciation as tools and technologies get used more and more by incumbents, he said. One example of this type of company is GameAccount Network GAN , a company that provides back-end services to casino and gaming companies. Ticker : LVS. Commentary : "LVS continues to be the best positioned for the longer-term Macau China penetration story given its scale of hotel rooms.
However, Macau market recovery from COVID headwinds could take time, and regulatory developments could alter mkt dynamics. Ticker : MGP. Stable and predictable cash flow generation, with set rent increases. Ticker : PENN. We see PENN as one of the best positioned for US sports betting given its partnership with Barstool, strong market access partners, additional skins, and small current market cap vs. Insider logo The word "Insider".
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