September’s return of the National Football League in America has driven an uptick in sports betting, prompting Jefferies analysts to back the likes of Flutter Entertainment PLC (LSE:FLTR).
Citing betting figures for the three full game weeks in September, Jefferies noted that Flutter’s FanDual had marked a positive start to the season.
“Early signs remain encouraging for the bookmakers, with high engagement and betting activity,” the bank said.
Based on states that report betting figures, Jefferies noted that the amount placed on bets had increased by 65% year on year to US$2.5bn.
A 36% jump in gross wins to US$238 million marked a reduction in margins from 11.3% to 9.5%, though Jefferies pointed out that September 2022’s figures had represented a record.
Entain PLC (LSE:ENT)’s BettingMGM was also highlighted as having a strong start by Jefferies, as betting trends show the amount wagered ahead of last year.
Both Flutter and Entain received backing from Jefferies as a result, with the bank anticipating each could see share price gains of 48% and 56% respectively from Friday’s close.
“Initial state reported numbers for September are strong,” the bank continued, prompting expectation that second-half NFL betting figures will outdo those recorded last year.