With the 2023 NFL season ready to kick off, gambling stocks are being bid higher.
That includes DraftKings (DKNG) – which ran from about $25 to $30.32 – and Genius Sports (GENI) – which is up slightly after catching support at around $6 a share.
For one, according to DKNG CEO Jason Robins:
“It’s about to be the most important time of year seasonally for us. We have fall coming up with the NFL, the college football calendar, and the NBA. This is when we acquire the most customers when we have the biggest opportunity to gain more market share, and when we generate the most revenue and the most EBITDA,” as quoted by EGR Global.
Two, more than 73 million Americans plan to bet on the 2023 NFL season – a 60% increase year over year, according to the American Gaming Association. Even MGM (MGM) is likely to get in on the action, noting, “We expect this to be the most bet NFL season in BetMGM’s history,” Seamus Magee, trading team lead at BetMGM, told CNBC.
While DKNG and GENI are certainly two ways to bet on others betting, you can also push into an ETF, such as the Roundhill Sports Betting and iGaming ETF (BETZ). With an expense ratio of 0.75%, the ETF tracks gaming stocks, such as Entain PLC, DraftKings, Penn Entertainment, Flutter Entertainment, and MGM Resorts for example.
