Florida Sports Betting Could Help Genius Sports and Sportradar Thrive
Genius Sports (NYSE: GENI) and Sportradar (NASDAQ: SRAD) are considered potential winners in the realm of regulated sports betting due to the recent launch of online sports betting in Florida by the Seminole Tribe.
In a report to clients on Tuesday, Craig-Hallum analyst Ryan Sigdahl mentioned Genius and Sportradar as companies likely to benefit. Unexpectedly, the Seminole Tribe revived the Hard Rock Bet mobile wagering app, but currently only allows existing users to access it. It's also possible for new clients to join a waiting list. This was briefly available last year but was eventually closed due to legal issues.
Florida residents can also place bets at Hard Rock casinos' brick-and-mortar sportsbooks.
Sigdahl ranks Genius and Sportradar as "buy" choices, with target prices of $11 for the first and $18 for the second. This suggests that Genius' stock could soar more than double its current value of $5.40. With a closing price of $9.58, Sportradar is predicted to see an upward movement of 87.6%.
The Potential for Genius Sports and Sportradar in Florida
Although the Seminole Tribe's Hard Rock Bet app is currently limited in its availability, it may eventually control a sports wagering monopoly in a highly coveted state. As a result, it's unlikely that major players such as DraftKings and FanDuel will enter Florida's market anytime soon. Genius and Sportradar, however, could thrive due to an increased demand for their data, services, and technology from Hard Rock as they expand their sports betting offerings.
Genius boasts an enviable clientele that includes the English Premier League, the NFL, the PGA Tour, Major League Baseball (MLB), the NCAA, and Euroleague Basketball, among others.
Both companies offer data to sportsbook operators, which is a vital component of the wagering process, especially given the growth of regulated sports betting in the US. Genius and Sportradar's close ties to the industry allow them to profit from its expansion without being heavily reliant on consumer spending like traditional sportsbook operators are.
Opportunities for Investors in Genius Sports and Sportradar
Given that Florida is likely to maintain a single-operator sports betting model for some time, Genius Sports and Sportradar are the most viable ways for investors to potentially capitalize on the growth of sports betting in this region. Florida is home to 7% of the US's adult population, as well as nine teams representing the major North American sports leagues. These factors make it a highly sought-after market for online sportsbook operators.
The Seminoles have secured an exclusivity agreement with the state, validated by the US Supreme Court, making Genius and Sportradar the only publicly traded companies benefiting from the launch of sports betting in Florida.
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Source: www.casino.org
