DraftKings Inc Ordinary Shares - Class A

DKNG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$36.00	Vrgm	Kxrwbjj

DraftKings: Leading Share Not Enough to Warrant a Moat Amid Regulatory and Competition Uncertainty

Dan Wasiolek

Aug 14, 2023

We have initiated coverage on DraftKings with a $26.50 fair value estimate (though shares trade 10% above our intrinsic value) and a no-moat rating. DraftKings has taken its prowess in fantasy sports, which it established in 2012, and leveraged it into one of the leading revenue shares in the U.S. sports and iGaming market, with it, FanDuel, and no-moat MGM combined holding 70%-80% of the market.

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