At some point in the future, gambling operators will start to spend less on advertising and more money from dedicated customers will flow in and strengthen profits. "That's really the main driver in the underperformance in the share price," Adam told CBS MoneyWatch.Īdam remains bullish on their longer term prospects, although he said it could take two or three years for the additional earnings to flow. In 2021, DraftKings and Flutter spent $981 million and $875 million, respectively, on marketing, promotions and advertising, regulatory filings show. Players like DraftKings and FanDuel have spent so aggressively that it has drained their cash, said Daniel Adam, senior analyst at Loop Capital Markets.
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