Marketing And PromotionsThe biggest incremental burden of the new tax system falls on the leaders, DraftKings and FanDuel, potentially leading to less local marketing and fewer promotions.
TaxationThe Illinois Senate approved an increased and progressive tax on online sports betting from a flat 15% to now 20% – 40% tiered rates.
ValuationThe stock currently trades at 16.1x 2025E consensus EBITDA, the second-highest multiple in the gaming space behind DraftKings, including at a premium to Flutter at 12.7x consensus EBITDA, despite lower margins, FCF conversion, and overall scale/liquidity compared to the industry.