1337 ET - The Super Bowl seemed to be a good day for online sports betting companies, with Flutter Entertainment's Fanduel reporting a 19% increase in bets to 16.6 million, and BetMGM calling it "one of the best single game results in company history," BofA Securities analysts say in a research note. The ability to grow double-digits during the biggest event of the year could help ease concerns of slowing handle, or the amount of money wagered by bettors, the analysts say. DraftKings led active user share on Sunday at 23%, followed by FanDuel at 17%, while Bet365, PrizePicks and ESPN Bet each had 10% share, BofA says. Still, the analysts don't expect DraftKings to raise guidance, as it might face $100 million of annualized headwinds from higher taxes in Maryland and Ohio, together with launch costs in Missouri. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
February 12, 2025 13:37 ET (18:37 GMT)
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