NJ sports betting up despite no sports, iGaming also strong, says Craig-Hallum DKNG

Craig-Hallum analyst Ryan Sigdahl says New Jersey sports betting revenue was up 27% month-over-month and surprisingly up 30% year-over-year despite no major sports amid postponement, though certain events and less prominent leagues have begun to resume, including golf. Online casino games such as blackjack, roulette and slots revenue in New Jersey remained very strong in June following a record-setting May, he adds. Sigdahl believes this will further encourage prospective states to legalize iGaming as budget deficits increase and traditional casino tax revenue are severely impacted. The analyst has a Buyr rating and a $48 price target on DraftKings (DNKG) and a Buy rating and a $28 price target on Gan Limited (GAN).

DKNG

DraftKings

$29.97 /

+0.465 (+1.58%)

GAN

Gan Limited

$23.40 /

+0.34 (+1.47%)

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