Q2 Earnings Week For Top Sportsbook Operators

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Each week, our “What’s on Tap” series previews the week ahead in the world of sports betting. Come here for a summary of upcoming financial happenings, legislative and regulatory meetings, industry conferences, top games scheduled for the week, and much more. Also, check out our weekly review, “Get a Grip,” for a look back at last week’s notable news.

Tuesday, August 1

U.S. women close out group stage vs. Portugal

Last week, the U.S. women’s national soccer team salvaged a 1-1 tie against the Netherlands with a header from Lindsey Horan in the 62nd minute. Despite the draw, the U.S. still remains the favorite to win the 2023 FIFA Women’s World Cup later next month. On Tuesday, the U.S. will close out the group stage with a tilt against Portugal. The Americans are -425 favorites at PointsBet over the Portuguese, who have steep odds of +1200 for the upset.

On the futures market, the U.S. has odds of +275 at BetRivers to win the World Cup. Spain is the second choice at +325, followed by England and Germany at +650 and +700, respectively. The U.S. is seeking its third consecutive World Cup title.

Massachusetts expected to resume Raynham Park evaluation

As the football season nears, there are three retail sportsbooks in Massachusetts. Raynham Park south of Boston seeks to become the fourth. Once approved and completed, a Caesars Sportsbook planned at the facility would become one of the largest brick-and-mortar books nationwide.

When the Massachusetts Gaming Commission meets Tuesday, Raynham Park’s Category 2 sports betting license will be on the agenda. In June, the commission indicated the facility had more work to do on meeting the state’s diversity, equity, and inclusion standards. The MGC concluded last month’s hearing without taking a vote.

Cubs may be sellers at MLB trade deadline

While the Angels announced last week that the club will not trade Shohei Ohtani this season, several star players still could be dealt before Tuesday’s deadline. Last week, the Angels made a splash with the acquisition of All-Star pitcher Lucas Giolito from the White Sox. Following the trade, another Chicago star could be on the move.

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Although the Cubs trail the Brewers in the National League Central by fewer than five games, speculation is mounting that pitcher Marcus Stroman might be on the block. The Cubs quelled any speculation Sunday that the team could trade Cody Bellinger when reports surfaced that the All-Star outfielder is off the market. However, if Stroman and several others are dealt, it could signal that Cubs general manager Carter Hawkins is ready to wave the white flag. The Cubs have odds of +450 at Barstool Sportsbook to win the division.

Meanwhile, the Dodgers have been active over the last week with the acquisition of pitcher Lance Lynn, infielder Amed Rosario, and utilityman Kike Hernandez. The Dodgers may look to acquire another starting pitcher by Tuesday’s deadline. The Dodgers (+500) are the second choice to win the World Series at Barstool, behind the Braves.

Thursday, August 3

The NFL preseason kicks off on Thursday when the New York Jets take on the Cleveland Browns in the 2023 Hall of Fame Game. Bolstered by the return from injury of running back Breece Hall, the Jets’ running game could be further augmented by the potential signing of Dalvin Cook. Cook, a Pro Bowl running back, visited the Jets’ training camp over the weekend.

With the addition of Aaron Rodgers, the Jets have odds of -134 at FanDuel to make the playoffs. The Jets’ season-win total at FanDuel is 9.5 victories, with some juice on the over (-122). The Browns, meanwhile, face stiff competition in the AFC North from a pair of 2022 playoff teams in the Bengals and Ravens. Cleveland has odds of +104 to qualify for the postseason, with odds of -130 to miss the playoffs.

Friday, August 4

DraftKings holds second-quarter earnings conference call

Analysts have high expectations for DraftKings later this week when the sportsbook operator reports 2023 second-quarter earnings. For the first time since becoming a public company, DraftKings is expected to have attained profitability in a single quarter. Consensus estimates from a panel of analysts polled by Bloomberg suggest that DraftKings will report adjusted EBITDA of around $5.83 million for the quarter, more than doubling earnings from the same quarter last year.

After DraftKings plunged last year in line with a broad stock market sell-off, the company’s stock price has surged over the first six months of 2023. Analysts are closely watching the EBITDA profile of top sportsbook operators after BetMGM reported a profit for the venture’s second quarter. In a busy week across the industry, Caesars Entertainment and MGM Resorts will report quarterly earnings this week. Three others, Bally’s, Rush Street Interactive, and Red Rock Casino, will also report later this week.

Saturday, August 5

Cody’s Wish looks to stretch out in the Whitney

A winner of six straight races, Cody’s Wish has emerged as the prohibitive favorite for the 2023 U.S. Horse of the Year. On Saturday, the 5-year-old son of Curlin will arguably face the toughest test of his career. Following a victory in the prestigious Met Mile, Cody’s Wish will stretch out to nine furlongs in the Grade I Whitney Stakes. Each year, the Whitney is the top race for older horses at Saratoga Race Course.

Cody’s Wish will likely be challenged by a pair of graded stakes winners in West Will Power and Charge It. Last month, West Will Power defeated a talented field in the Grade I Stephen Foster Stakes at Ellis Park. Cody’s Wish has never won before at 1 1/8 miles, the distance for Saturday’s Whitney.

Have a good week, everyone!



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