The market opportunity for online sports betting will be bigger than many investors believe, and DraftKings is well-positioned to remain one of the biggest names in the space, Guggenheim said in a note to clients Friday.
Guggenheim analyst Curry Baker initiated coverage of the stock with a buy rating, saying the overall sports betting and i-gaming business in North America could top $70 billion and DraftKings should be able to carve out a sizable piece of that.