Market ShareFanDuel remains a clear market leader with a 45% market share, and iGaming growth continues to look robust, evidenced by significant increases in states like West Virginia.
Product DifferentiationFanDuel's 'Your Way' feature, which allows users to fully customize their parlay bets, is seen as a key differentiator that should drive market share gains and a higher win rate.
ValuationValuation remains attractive compared to historical and internet comps with the catalyst path skewed more positive, such as consensus upgrades, S&P 500 inclusion, and state expansion.