Betting News 
Stephen Grambling, an analyst at Morgan Stanley, has revised his targets for several US sports betting companies, citing concerns about the broader gaming industry and consumer spending. In a Wednesday note, Grambling upgraded Boyd Gaming to overweight while adjusting the target prices for Caesars, MGM, and Penn Entertainment downwards.
Boyd Upgraded with Strong FanDuel Stake
Boyd Gaming, which owns 5% of FanDuel through its sports betting market access agreement, was the only company upgraded in Grambling’s report. The regional casino operator saw its target price rise to $74, based on what Grambling described as an “attractive risk-reward.” Boyd’s regional casino business is stabilizing, and the company owns approximately 90% of its real estate, contributing to its perceived value.
Boyd trades at an enterprise value to EBITDA ratio of 2.5 times, which Grambling notes is a significant discount compared to Penn Entertainment and MGM, both of which trade at about 4.5 times. The value drops even further to 0.5 times EBITDA when factoring out the digital stake in FanDuel.
Despite Penn’s heavy spending on its digital operations, Boyd has performed similarly due to its 5% stake in FanDuel, according to the report.
Sports Betting Estimates Raised for Sportradar and Caesars
Grambling also raised his expectations for Sportradar, which delivered a strong Q2 performance. He now forecasts €210 million in EBITDA for this year, up from previous estimates of €202 million, and €237 million for next year, up from €228 million.
Caesars saw a jump in its digital EBITDAR projections, rising to $213 million this year and $277 million next year, largely driven by reduced operating costs.
Penn CEO and Director Increase Shares
As the NFL season approaches, Penn Entertainment CEO Jay Snowden demonstrated his confidence in the company by purchasing 54,200 shares at an average price of $18.44, totaling $1 million. This brings Snowden’s total holdings to 853,045 shares.
Director Anuj Dhanda also made a significant move, buying 15,000 shares at $18.40, adding $276,000 to his stake and doubling his holdings to 31,523 shares.
Penn’s stock performance for the rest of the year will likely hinge on the success of ESPN Bet and its integration into ESPN’s platforms, which could help the brand increase its market share.
Caesars and Hard Rock Bet Announce NFL Partnerships
Despite cautioning about declining sponsorship costs, Caesars recently announced a new partnership with the Detroit Lions, making Caesars the official sports betting and iGaming partner of the team. This comes ahead of the launch of its second iGaming brand, Horseshoe, in Michigan later this year.
Hard Rock Bet also made headlines by becoming the official sportsbook of the Jacksonville Jaguars. This deal further cements Hard Rock’s position in Florida, where it operates the only legal sportsbook.
Fanatics Expands Sports Betting Presence
Fanatics took a step forward in its sports betting journey with the opening of an in-person sportsbook at Ocean Casino in Atlantic City. The sportsbook offers a premium experience with a 100-foot bar, lounge, slot machines, and extensive LED walls for an immersive betting environment.
PrizePicks Partners with EPIC for Responsible Gaming
In a move to bolster responsible gaming, PrizePicks has partnered with EPIC to provide educational training for its employees. EPIC will also assess PrizePicks’ organizational practices to identify areas for improvement in responsible gaming efforts.
