DraftKings rallies as Morgan Stanley upgrades on potential boom in U.S. sports betting
26/01/2022 15:53
(Updates, adds moves of peers)
** Sports betting co DraftKing's DKNG.O shares jump 12.1%
to $21.66 on Weds
** DKNG on course for biggest one-day pct gain since Sept
2020 amid overall market bounce back .N
** Morgan Stanley upgrades DKNG to 'overweight' from
'equal-weight'
** MS sees legal U.S. sports betting & iGaming market to
increase from $1.5 bln in 2019 to $20.6 bln in 2025
** Expects DKNG to be among a handful of market share
winners
** Brokerage forecasts DKNG to maintain top tier share, 24%
in OSB and 21% in iGaming in 2025
** Other gambling stocks also rise on Weds: Penn National
Gaming PENN.O 3.0%, Golden Nugget Online Gaming GNOG.O 11.9%
and Genius Sports GENI.N 10.3%
** Even with move on the session, DKNG down ~20% YTD
(Reporting by Pavithra S; Additional reporting by Aditi
Sebastian and Lance Tupper)
((aditi.sebastian@thomsonreuters.com ;; within U.S. +1 646 223
8780, outside U.S. +91 806 182 2780;
lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))