How Sports Betting Stocks Performed in May
Since the Supreme Court struck down the PASPA in 2018, sports betting firms have benefitted. As of May 2022, 30 states and Washington DC have legal sports wagering. Also, four years after the SC ruling, Americans wagered more than $125 billion on sports. In addition, sports betting stocks have performed well despite the pandemic.
A few sports wagering operators are likewise public corporations. Also, they have non-sports wagering resources in their business portfolios, like casinos or entertainment assets. Here is an update on how sports betting stocks performed in May.
Sports Betting Stocks in May
Shares of DraftKings Inc. dropped 9.61 percent during May, while the S&P 500 SPX was down 0.56% over a similar period.
On May 5, DraftKings acquired Golden Nugget Online Gaming. It was the online sportsbook operator’s most recent move to support income and lower costs. Also, the procurement was an all-stock arrangement calculated at about $450 million, according to an organization representative told PPH sportsbook sources.
According to bookie pay per head sources, the move will permit sports wagering and web-based gaming organization DraftKings to grow its iGaming item contributions and increment the new organization’s showcasing effectiveness, the DraftKings declaration claims.
The shares of Caesars Entertainment Inc. plunged 26.6% in May.
Like DraftKings, Caesars is one of the many endorsed sports wagering operators in New York state, which as of late has turned into the top state as far as total sports wagering handle.
Caesars remained the top sportsbook in New York since the state opened the market to online sports betting earlier this year. They are developing a relationship with players to ensure the success of their sports betting business.
During the organization’s most memorable quarter profit, Caesars revealed an overall deficit of $680 million after a deficiency of $423 million in a similar time of 2021. As a result, Caesars Entertainment’s stock cost target was reduced to $149 from $183.
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