Legal residents physically located in any of the 50 states and Washington DC, excluding Arizona, Hawaii, Idaho, Louisiana, Montana, Nevada, and Washington are eligible to open an account and participate in paid contests offered by the Website. Virginia sports betting officially went live in January 2021 after the state legalized betting in 2020. At the start, sports betting in Virginia will take place via mobile and online sportsbook apps, which have become increasingly popular through the legal US sports betting market.

The US sports betting market is still in its early days but has already played host to some spectacular deals since 2018.

• Penn National’s acquisition of Barstool has received praise for the way it transformed the company.
• Flutter has seen the value of FanDuel increase 20-fold since its initial investment (although that first valuation is being disputed in court.)
• DraftKings’ acquisition of SBTech paved the way for aspectacular stock market run.

The deal-making in the sports betting industry shows no sign of slowing down.

“Everyone is talking to everyone” said Simon French, the co-founder of advisory firm BixtethPartners. “There’s a lot of motivation to do deals, from valuation arbitrage to technology plays. There are still a lot of big guns yet to fire bullets.”

So what sort of transactions could we see in 2021?

SPAC attack in US sports betting

For starters, more companies are likely to going public. Jefferies analyst David Katz said demand for sports betting opportunities among institutional investors was “unbelievable.”

“The volume of calls we get, the readership of notes, it’s been amazing,” Katz said. “There is certainly a gold rush feeling here.”

At present that demand is seemingly funneled into two high-profile sports betting stocks: Penn and DraftKings. But the markets have a way of leveling themselves, and more supply is on the way via SPACs.

More opportunities coming?

It helps that SPACs involving DraftKings, Golden Nugget,Rush Street andGenius Sports have all been well received. And there are several more funded SPACs looking for targets within gaming.

Like any gold rush, there’s plenty of money available for those providing the picks and shovels. As one Wall Street source put it:

“If you provide anything to this industry and you’re not trying to take advantage of the multiples available in public markets, you’re not doing your job. If people are willing to hand out money at astronomical valuations, why wouldn’t you take advantage of it?”

SPACs are a simple solution to speed up that passage to the public markets, so expect more of the same in 2021. The impact of that glut of supply on valuations? Well, that is its own question.

Another deal for DraftKings?

Aside from the external interest in the sector, there’s plenty of appetite for deal-making within it. DraftKings is an obvious candidate to be at the heart of any wheeling and dealing. At its recentQ3 results, DK had $1.3 billion on the balance sheet, which CEO Jason Robins said could be earmarked for M&A.

The company has been linked in the past with media outlets likeBleacher Report, but could feasibly have a bigger target in mind.

“DraftKings acquiring a European operator in stock would make sense in theory,” said WillHershey, CEO of RoundHill Investments. “That would be immediately accretive to earnings.”

Such a deal would make the most of DKNG’s lofty valuation, especially if a similar multiple were applied to any European revenues it acquired.

Bolt-on M&A options

Content is also still highly sought after, according to the banker. To that end, operators are looking at names like The Athletic, Bleacher Report, Sports Illustrated and Action Network.

Companies are also looking at daily fantasy sports. We saw two sportsbook investments in fantasy companies in one day this week, and expect more of the same.

Fantasy operators can build customer databases in not-yet legal betting states like California, and take sign-ups three years earlier than sportsbooks with a legal age of 18 years old. (Of course, DraftKings and FanDuel are already doing this as well.)

Why DFS makes sense

For a sportsbook, having a fantasy option in-house helps capture a higher share of a player’s wallet. At present, a William Hill customer (for example) needs to go to FanDuel/DraftKings to play fantasy, from where they might never return.

Or how about a deal focused on in-play betting? In-play is one of the fastest-growing areas of US sports betting, but the product is certainly not perfect yet. In fact, some argue it is “broken” thanks to delays, heavy vig and not enough uptime.

It’s the type of niche technology problem that could be solved by a startup rather than a legacy operator. A company like SimpleBet has made some progress on this front with a free-to-play micro-prediction game gaining tractionover at FanDuel.

Best opportunities outside US sports betting?

In fact, B2B technology as a whole is a hot sector given the success of DraftKings/SBTech and more recentlyBally’s and Bet.Works.

“We’ve been surprised by the number of US betting operators wanting their own tech stack,” French said.

That could make privately-owned software names like FSB and Amelco attractive for US casino chains.

iGaming as well

It’s a similar story in online casino; a relatively unloved market at present, but one with more value still to be unlocked.

French noted Playtech as an option for US operators looking to own their casino technology. Indeed, earlier this year Playtech shareholder Jason Ader argued the company would be an ideal target for DraftKings.

Draftkings Minimum Age Limit

On that note, Ader told LSR he expected to see more US land-based giants acquiring European online operators like the Caesars/William Hill deal.

“If they don’t, they risk going out of business,” Ader said. “If you’re a retailer that didn’t move online, you don’t exist anymore. Who’s thriving against Amazon? Wal-Mart. They built an amazing online business to complement their stores. MGM, Caesars, Wynn. They have a choice to be like Wal-Mart or disappear.”

In short, there’s a palpable sense of an ongoing gold rush for US betting sites, and 2021 looks set be a year of blockbusters.

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Website : DraftKings

Draft Kings: daily and weekly fantasy sports for cash

Draft Kings is a US company with headquarters in Boston, Massachusetts. Draft Kings has been legally operating in the United States since the US federal government passed the Unlawful Internet Gambling Enforcement Act (UIGEA) in 2006. The US Federal Administration considers fantasy sports a skills game and that is why 44 out 50 states are legally offering fantasy sports. Draft Kings is not allowed to offer services for cash to the residents of the following US states: Arizona, Iowa, Louisiana, Montana, Nevada, and Washington; residents of these US states are only allowed to play on free money events. Players must be 18 years of age or older, or 19 years of age or older in the states of Alabama and Nebraska. The company offers daily and weekly fantasy sports challenges for cash prizes. Draft Kings offers events from the five major sports leagues in the United States: MLB, NHL, NFL, NBA and PGA. Draft Kings offers as well some of the most relevant College’s football and basketball leagues.

The site offers all kind of type of events such as GPP contests with Guaranteed Prize Pools; Head to Head, where the champion wins every prize from the contests; Leagues, where we can play against two or more opponents at a time in smaller field contests; 50/50’s, where the players who finish in the top-half of the classification receive cash prizes; Qualifier Contests with tickets that can be used for free entries into a higher stakes events; Multipliers, multiply your entry fee 3 to 10 times; Steps, where players must advance at each step by winning a ticket to the next level; Beginner, where players can join up to 50 contests for each sport; Multi-Match Head-to-Head contest with 20 unique Head-to-Head matchups, under one entry; and Freeroll Contests.
Deposit methods for Draft Kings are easy to handle within this site as the company only works with the major and most reliable e-commerce firms. In order for players to make deposits, they must use one of the major credit/debit card such Visa, MasterCard, Discover and American Express. Deposits can also be made through PayPal, Dwolla and any of the gift cards from Visa, MasterCard and American Express.

Draft Kings offers payouts in 7 business days. Withdrawals follow the company’s policy that will automatically refund the payment method originally used for deposits. Once the withdrawal system has refunded the original method used for deposits (VISA/MasterCard/American Express/Discovery credit, debit and gift card; Dwolla account or PayPal) the system will automatically issue the remaining funds via PayPal or by check.

Draftkings Minimum Age Rules

Some of the events and contests we can find at Draft Kings are NBA Tip Off, PGA $100,000 Monster Drive, NHL $75,000 Light The Lamp, Draft Kings Soccer, NFL $2,200,000 Millionaire Maker, Fantasy Football Millionaire Series, NFL $2,500,000 King Of The Beach, Breeders' Cup Vip Experience, Draft Kings & The World Poker Tour and Steps Tourneys.

States Information from DraftKings

Draftkings Minimum Age Calculator

Draft Kings is not allowed to offer services for cash to the residents of the following US states: Arizona, Iowa, Louisiana, Montana, Nevada, and Washington; residents of these US states are only allowed to play on free money events. Players must be 18 years of age or older, or 19 years of age or older in the states of Alabama and Nebraska.