MVB Financial, a West Virginia-based financial institution, is shifting its focus towards becoming a premier option for the online gaming industry, shedding its image as a small-town bank. With a market value of nearly $325 million, MVB Financial is a leader in the internet wagering industry and is increasingly catching the attention of Wall Street analysts. JPMorgan analyst Steven Alexopoulos recently initiated coverage of the financial services stock with an “overweight” rating and a $35 price target, implying an upside of 40% from the February 24 close. Currently, MVB has about $900 million of deposits on its book from customers of sportsbook operators such as DraftKings and FanDuel. Additionally, CEO Larry Mazza’s ties to ProFootballTalk could be one reason why MVB already commands 85% of […]

With a potential GGR at maturity of between $250m-$300m, Kentucky is expected to be the 15th largest out of the current slate of 28 OSB states. The legislation appears to allow for a launch in January 2024, adding 1.4% of the US population to the potential sports-betting TAM. The comparatively low tax rates of 9.75% for retail and 14.25% for mobile are expected to draw considerable interest from digital operators. FanDuel and DraftKings are predicted to be in prime position to pick up early market share leadership due to the existing fantasy sports market in Kentucky, while Churchill Downs is likely to benefit from the retail betting opportunity and the potential of selling the three skins it will receive as part of the legislation. JMP […]