Cathie Wood's Ark Invest Sees Slim Odds ESPN Bet 'Can Break The DraftKings-FanDuel Duopoly' In Sports Betting
Portfolio Pulse from Chris Katje
Penn Entertainment Inc has entered into a 10-year licensing deal with Walt Disney Co to launch the ESPN Bet platform. However, Ark Invest's research associate Andrew Kim is skeptical about Penn's ability to challenge the dominance of DraftKings and FanDuel in the sports betting market. DraftKings is a key holding in three of the Ark Invest ETFs. Ark Invest also owns shares of Genius Sports Ltd, a data provider for sports betting and sports media companies.
August 15, 2023 | 5:41 pm
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NEGATIVE IMPACT
Penn Entertainment's deal with Disney to launch ESPN Bet platform is unlikely to break DraftKings and FanDuel's dominance in sports betting, according to Ark Invest.
The skepticism expressed by Ark Invest about Penn's ability to challenge the dominance of DraftKings and FanDuel in the sports betting market could negatively impact investor sentiment and Penn's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Disney has entered into a 10-year licensing deal with Penn Entertainment to launch the ESPN Bet platform.
While the deal with Penn Entertainment could potentially increase Disney's revenues in the long term, its short-term impact on Disney's stock price is likely to be neutral given the current dominance of DraftKings and FanDuel in the sports betting market.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
Ark Invest owns shares of Genius Sports Ltd, a data provider for sports betting and sports media companies.
While Ark Invest's ownership of Genius Sports shares could potentially boost investor confidence in the company, its short-term impact on Genius Sports' stock price is likely to be neutral.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The Ark Fintech Innovation ETF holds shares of DraftKings, which is expected to maintain its dominance in the sports betting market.
The inclusion of DraftKings in the Ark Fintech Innovation ETF could boost investor confidence in the ETF and its price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Ark Innovation ETF holds shares of DraftKings, which is expected to maintain its dominance in the sports betting market.
The inclusion of DraftKings in the Ark Innovation ETF could boost investor confidence in the ETF and its price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Ark Next Generation Internet ETF holds shares of DraftKings, which is expected to maintain its dominance in the sports betting market.
The inclusion of DraftKings in the Ark Next Generation Internet ETF could boost investor confidence in the ETF and its price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
DraftKings, a key holding in three of the Ark Invest ETFs, is expected to maintain its dominance in the sports betting market despite Penn Entertainment's deal with Disney.
The positive sentiment expressed by Ark Invest about DraftKings' market position and its inclusion in three of Ark Invest's ETFs could boost investor confidence and DraftKings' stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Flutter Entertainment's unit FanDuel is expected to maintain its dominance in the sports betting market despite Penn Entertainment's deal with Disney.
The positive sentiment expressed by Ark Invest about FanDuel's market position could boost investor confidence and Flutter Entertainment's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100