DraftKings Inc. (DKNG) Management Meeting Thoughts - Macquarie
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Macquarie analyst Chad Beynon reiterated an Outperform rating on DraftKings Inc. (NASDAQ: DKNG) after hosting CFO, Jason Park, for a series of management meetings on Sept 14th.
The analyst stated "Underlying trends remain strong and DKNG is well positioned for the long-term given the SBTech migration and GNOG acquisition." He went on to state "With the SBTech migration now fully complete (and slightly ahead of schedule), DKNG believes the playing field is now levelled with respect to competing with other market leaders who own their tech. This opens the door to begin layering on innovations such as Same Game Parleys, Simplebet products, etc. Financially, the migration will enhance margins by eliminating 3rd party bet engine fees (~10% of NGR and the biggest COGS outside of taxes). As a reminder, these savings only apply to the OSB segment and will take effect in 4Q as the company has committed to paying its 3rd party supplier (Kambi) through 3Q."
Shares of DraftKings Inc. closed at $59.97 yesterday.
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