Americans love to bet on sports.
Look at the Super Bowl, for example.
According to the American Gaming Association, $7.61 billion was bet on the Super Bowl in 2021. In 2022, the AGA estimated that more than $8 billion would be wagered. In 2023, $16 billion was wagered. Now, as we head into the 2024 Super Bowl, even more is expected. Some estimates have the number as high as $20 billion.
“Every year, the Super Bowl serves to highlight the benefits of legal sports betting: bettors are transitioning to the protections of the regulated market, leagues and sports media are seeing increased engagement, and legal operators are driving needed tax revenue to states across the country,” said AGA President and CEO Bill Miller in a press release.
“As interest in legal sports betting continues to expand, the gaming industry remains committed to responsibly delivering world class entertainment, educating consumers about how to bet responsibly, and combating illegal gambling as we work to build a safe, competitive and sustainable legal market for all,” he added.
Investors are also betting on big wins for gaming-related stocks, too.
DraftKings (DKNG)
On Jan. 23, 2023, we said, “DraftKings stock saw a bump ahead of the Super Bowl over the last couple of years. We expect to see another one heading into the 2023 game.”
At the time, DKNG traded at around $14 a share. By the end of February, it was up to $19. Today, it’s up to $32.95 and could rally even more heading into the 2024 Super Bowl.
Flutter Entertainment (PDYPY)
On Jan. 23, 20234, we also highlighted Flutter Entertainment (PDYPY). At the time, it traded at around $77. It would rally to about $82 by the end of February. By midyear, it was up to $105.33. Now at $81.34, it could push higher heading into the 2024 game.
Roundhill Sports Betting & iGaming ETF (BETZ)
“Or, investors can jump into an ETF that invests in sports betting stocks. With an expense ratio of 0.75%, the $16 ETF offers diversification with Entain PLC, Flutter Entertainment, Penn Entertainment,
DraftKings, Churchill Downs, MGM Resorts, and many more. What’s nice about an ETF is that it offers greater exposure at less cost,” we also note on Jan. 23, 2023.
At the time, it traded at around $16. It would go on to hit a high of $18.80. Now at $16.32, it’s another good idea heading into the 2024 Super Bowl.
