With the 2024 NFL season now underway, buy gambling stocks.
After all, according to the American Gaming Association, Americans are expected to spend about $35 billion on NFL games this year. That’s up from the $26.7 billion wagered a year ago.
As noted by CBS Sports, “The NFL remains king, and more money is wagered on the NFL than any other league. The NFL also attracts six-figure wages (and sometimes seven-figure wagers) on a regular basis throughout the season.”
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That being said, investors may want to place bets on stocks such as: Analysts at Needham recently reiterated a buy rating on DKNG and said it’s in a strong position to benefit in the online sports betting market. Analysts at Macquarie also named KDNG as a top online stock to own during the NFL season “because it is most exposed to near-term upside from favorable NFL game outcomes, higher structural hold and general online sports betting/iGaming growth momentum,” as noted by Seeking Alpha. Three, in August, the company announced a $1 billion buyback program. And four, in its last earnings report, DKNG boosted its fiscal year 2024 revenue guidance to a range of $5.05 billion to $5.25 billion from a prior range of $4.8 billion to $5 billion. Technically oversold at $38.44, we’d like to see DKNG retest $42 near term. |
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