DraftKings Inc. (DKNG) Poised to Benefit From Canadian Legislation Likely to Legalize OSB By Kickoff - Oppenheimer
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Oppenheimer analyst Jed Kelly reiterated an Outperform rating and $65.00 price target on DraftKings Inc. (NASDAQ: DKNG) noting that legislation to approve single-game sports betting in Canada is seeing encouraging developments with Bill C-218 passing the House of Commons by the wide margin of 303-15. The timeline for single-game wagers being placed in Canada is unclear, but the analyst believes that the majority support indicates that single-game wagering could be live by the start of NFL. A subtle confirmation of this timeline might be that Ontario’s government already presented its annual budget which included language that modifies the statutory internet gaming framework to allow private operators to offer OSB and iGaming. As a comparison to the US, with 15M citizens, Ontario would be the fifth largest state.
The analyst stated "We believe DraftKings, operating Daily Fantasy (DFS) in Canada for nearly a decade with a large customer database, is well positioned if favorable regulation for private operators occurs. We see Ontario offering the most immediate opportunity, where it recently included legal language in its annual budget to allow private operators to offer Online Sports Betting (OSB) and iGaming products."
Shares of DraftKings Inc. closed at $58.35 yesterday.
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