The firm says that DraftKings is "well positioned" to take significant market share in North American markets, according to analyst Curry Baker.
"Beyond the momentum towards legalization and the inherent tailwinds new states/markets offer, we see several other competitive advantages underpinning our positive outlook for DraftKings," Baker said.
The firm estimates that the online sports betting and iGaming opportunity in North America will be between $7.6 billion and $10.6 billion when fully mature, with EBITDA margins of 30% or more.
Shares of DraftKings were down 0.5% to $57.18 in morning trading Friday. They are up 22.8% year to date, versus a rise of 11.6% for the S&P 500.
The Boston sports gambling company will make money on the deal by selling advertising, as well as sub-licensing the podcast to radio stations and other audio providers, The Wall Street Journal reported.
Earlier this month, DraftKings and the PGA Tour said they had expanded their commercial partnership after sports-betting legislation moved close to passage in Arizona.
The Arizona legislature passed House Bill 2772, which would authorize fantasy sports and sports betting in the state. The bill is still pending approval from Gov. Doug Ducey (R.), as well as regulatory clearance.
DraftKings and PGA Tour are moving forward with plans to market access to retail and mobile sports betting in Arizona, the companies said in a statement.