Jefferies analyst David Katz views DraftKings (DKNG) and Flutter Entertainment (FLUT) as likely the top beneficiaries, with Churchill Downs (CHDN) “peripheral,” after gambling ballot initiatives in Missouri and Virginia passed. The financially constructive expansion of online sports bettering is positive for the digital gambling names, the analyst tells investors in a research note. The firm says the continued expansion of land-based gaming is more mixed, given the increasingly competitive landscape. While the increasing competition among full casinos across Virginia is a “noteworthy positive” for Boyd Gaming (BYD) and Caesars (CZR), Churchill is positioned to generate strong returns from its historical horse racing portfolio in total across the state, contends Jefferies.