Wall Street Bets is a roundup of recent notes from analysts covering the gambling industry.
Sportradar and Genius Sports
David Bain of Texas Capital Securities on April 17 examined Sportradar and Genius Sports:
“Sportradar (no rating-$18.02) and Genius Sports operate within a rational, official sports data rights duopoly with numerous, visible multi-year growth drivers, in our view. Despite industry and key consensus/guidance metric parallels, Sportradar’s 2026E EV/EBITDA multiple is ~6/~5 turns above Genius on a standalone/proforma basis, we believe showcasing a significant Genius equity buying opportunity. Upcoming Legend KPI and historical growth transparency, along with likely at least reiterated Genius guidance, in our view, should act as near-term Genius stock catalysts. Reiterate buy.
Lodging
Dan Politzer of J.P. Morgan on April 17 looked at worldwide lodging trends:
In March, all regions except Middle East/Asia (Middle East disruption) reported positive revenue per available room growth year-over-year. On a sequential basis, US revenue per available room year-over-year growth improved in March to +5.9%, up from February’s +4.3%. Europe was flat sequentially, with March revenue per available room (in competitive set) +1.4%. Asia-Pacific revenue per available room decelerated to +6.6% in March (in U.S. dollars, vs. February’s +18%), while Americas revenue per available room was +5.5% vs. +4.7% in February. U.S. revenue per available room breakdown: All chain-scales except economy (~flat) were positive. Luxury was the best performing (revenue per available room, +10.7%), while Economy trailed (revenue per available room, -0.3%). Other: Middle East revenue per available room was -35% and Mexico revenue per available room was -9% (both in U.S. dollars).”
East Coast Gaming Conference
Barry Jonas of Truist Securities on April 16 wrote about attending the recent East Coast Gaming Conference:
“Unsurprisingly, prediction markets were the hot topic with most panelists concerned about 1) the lack of guardrails/regulation and 2) the potential evolution of the product. Ultimately, everyone agreed that prediction markets should end up in the Supreme Court, which could provide more clarity. The future of Atlantic City was also discussed with an expected impact from New York downstate casinos, though the larger facilities won’t come online until 2030. Net-net, the industry seems to be well positioned in the near term despite the macro as panelists were bullish on AI capabilities along with solid Q1-to-date GGR trends.”
