DraftKings Leads Bank Sports Betting Survey, ESPN Bet Surprises

A recent survey on consumers’ iGaming and online sports betting habits conducted by Truist Securities indicated users have a preference for DraftKings (NASDAQ: DKNG).

DraftKings and Flutter Entertainment’s (NYSE: FLUT) FanDuel hold carved out an enviable duopoly inwards the US sports wagering market, past some estimates controlling 70% of it. However, DraftKings has constituted a leading inward iGaming. Those polled by Truist short letter they utilization DraftKings (29%) to a greater extent than FanDuel (22%) and 61% of those that utilize both mobile applications favor the former to the latter.

Reasons for that penchant were in the main mixed, leading us to trust the consumer in general views the deuce as mostly equalize today,” observed Truist analyst Barry Jonas.

Both DraftKings and FanDuel are among the most recognisable and valuable gaming brands, but Jonas noted the former is likely to emerge victorious inwards a marketing war, though the duo can bump slipway to coexist inwards the iGaming/sports wagering landscape.

Good News for ESPN Bet

Although it’s noneffervescent less than half dozen months old, William Penn Entertainment’s (NASDAQ: PENN) ESPN Bet scored intimately inwards the Truist survey.

“(That) reinforces our belief in its possible to deliver the goods longer term,” added Jonas. “Consumer-health responses were nigh what we expected, as a more expensive be of living seems to live having a chair impact” on ESPN Bet users’ betting frequency.

That could allay concerns about the power of the app to gather market part against entrenched incumbents such as DraftKings and FanDuel. Some analysts trust that ESPN Bet tin work market place divvy up gains inwards states where it debuts alongside competitors, non followers rivals into markets after they’re established.

Forty-four percent of those surveyed past Truist said ESPN Bet is their preferred terminus for checking scores and 64% said they’d ilk to view the app raise integrating for betting intent beyond currently uncommitted lines. Another 52% told the explore firmly they foresee ESPN Bet comely their roving betting app of prize inward the future.

Parlays Pivotal for Operators

Not surprisingly, parlays are proving pivotal for gaming operators because they’re extremely profitable and accretive to margins. The goodness tidings for gaming companies in the Truist survey is that 75% of those questioned said they primarily betting parlays.

However, 39% said they’re doing so less spell 20% are increasing their utilise of such wagers. The remaining 41% are neither lancinating nor upping their exercise of parlays.

On the iGaming front, DraftKings (27%) was the leader inward the Truist canvas followed by FanDuel (18%) and BetMGM (14). An encouraging sign from Caesars Entertainment (NASDAQ: CZR) was that it pulled 15% customer druthers crossways both its iGaming and sports wagering apps.

“A electropositive cogent evidence power point for the rollout of its dual strategy. … a bulk of players (62%) stated they prefer to romp icasino on the same political program they sports bet, speech production to the grandness of cross-selling and retention,” concluded Jonas.

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