PlayAGS Announces Internet Slot Deal with DraftKings Casino
Gaming gimmick producer PlayAGS (NYSE:AGS) announced today it reached an understanding with DraftKings (NASDAQ:DKNG) to supply the gaming fellowship with cognitive content for its net expansion slot offerings.
Financial terms of the concord weren’t disclosed, but the pact calls for PlayAGS to ply DraftKings with over 20 of its proprietary slot titles for expend on the latter’s net cassino platform, which is unity of the largest inward Second Earl of Guilford America. In New island of Jersey — the largest iGaming market place inward the US — 10 PlayAGS titles are currently unrecorded on the DraftKings online casino.
Additional young titles are scheduled to depart unrecorded inward the months ahead, including the planned release of the highly acclaimed Golden Wins Deluxe game theme, which is nominative in the 5th Annual Eilers & Krejik Gaming (EKG) Slot Awards inward the iGaming category for top-performing unexampled online game,” according to a statement.
Las Vegas-based AGS is well-known for providing slot machines to land-based casinos throughout the US, including tribal venues.
For PlayAGS, ‘Considerable Accomplishment’
Not surprisingly, PlayAGS is bullish on the accord with DraftKings.
“The launch of AGS’ real-money gaming (“RMG”) cognitive content on DraftKings Casino represents a considerable achievement for the Company,” said AGS Vice President Gary Thomas Hardy inwards the statement.
There’s virtue to that positiveness because iGaming is unity of the fastest-growing corners of the broader gaming industry. It requires to a lesser extent overhead than land-based casinos, and its margins are superordinate to those of online sports betting. Additionally, with just a fistful of states currently allowing online casinos, net gaming’s legislative maturation runway is to a greater extent attractive than that of sports betting.
New Jersey is one of sestet states that allow regulated online cassino games. The others are Connecticut, Delaware, Michigan, Pennsylvania, and Cicily Isabel Fairfield Virginia.
While half dozen is far fewer than the number allowing sports betting, the identification number of iGaming states is expected to growth inwards the years out front as to a greater extent states encompass new revenue-generating sources. There’s already conjecture that Illinois, and perhaps Indiana, could be among the next states to allow regulated online casinos.
Analysts Bullish on PlayAGS
News of the arrangement with DraftKings arrives as PlayAGS gillyflower is in rallying mode. Following a jolting 2022, the shares are upwardly 34.60% since the embark on of 2023, and some sell-side analysts are bullish on the one-armed bandit simple machine shaper this year.
“We ascertain CY23E/CY24E market place portion gains and upside to consensus estimates due to its Spectra 43 cabinet launch, the spinning top performing Portrait Upright, according to Eilers & Krejcik surveys, and incoming into new categories/segments of the floor, including mechanical reels, VLTs, WAPs and high-denomination games,” wrote B. James Whitcomb Riley psychoanalyst David Bain in a recent report.
The psychoanalyst also highlighted AGS gaining licenses inwards several unexampled states and the possible for gaming elaboration inwards Texas as among the possible catalysts for the stock. He rates the gaming figure “buy” with a $14 toll target, implying it tin can more than threefold from current levels.
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