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Stocks are going through the roof thanks to the legalization of online betting in the US

by archysport

Guest post, Guest contributions do not necessarily reflect the opinion of the editors.

05.02.2021

Almost all countries in the world suffer from the corona virus, including the USA. Every single state in the country is feeling the consequences of the pandemic. To counteract this, online bets are to be gradually legalized in individual states.

The online betting market is bigger than ever. There is no end in sight to this growth. Even though some states have legalized sports betting, online betting remains prohibited.

What is not taken into account, however, is that many US citizens are unable to visit a bookmaker without problems. You just have to look to New York. This is where the closest bookmaker in New Jersey is located. Of course, this makes it far from easy to quickly bet on a basketball or baseball game.

Where is online betting legal in the US?

A total of seven states in the country have already legalized online betting. One of them is New Jersey. When sport became possible again in June and July of last year after the initial Corona outbreak, income from sports betting in the state also rose massively.

But even though online sports bets are legal in New Jersey, domestic bookmakers have to assert themselves against large international, illegal competition.

The rise of European providers

It is not surprising that Corona has also drastically increased the number of online bettors. In addition, some states, such as New York, Florida or Texas, are considering legalizing online betting.

Of course, European providers would also like to benefit from the trend. Unibet is loud Betting providers abroad, one of the most famous bookmakers in Europe. The betting company itself belongs to the Kindred Group, which grew by 53% in 2020 alone.

Kindred is also one of the few European betting providers that is also represented in the USA by the Unibet brand.

The rise of DraftKings

Of course, DraftKings and Penn National Gaming don’t want to miss this opportunity and profit from online betting. Even Goldman Sachs is positive about the performance of these companies’ stocks.

Furthermore, Goldman Sachs assumes that DraftKings in particular will benefit from the current trend. Thanks to the national contracts and the well-known brand, the provider will be able to grow faster than its competition.

Goldmann has also set a price target of $ 65 for DraftKings. This corresponds to a 19% increase in the current price. For the year 2021, the analyst expects a profit of 880 million US dollars.

The future of New York

The news channel NYBettingNinja.com believes that New York could develop into the largest market for online sports betting itself. A total of 20 billion US dollars per year could flow into various online bets. This would bring in taxes of up to $ 100 million. However, this will only be the case if private bookmakers are also allowed to operate in the market.

In states like Florida and Texas, the legalization of online betting has already started.

Online betting worldwide

But the positive development of online betting is not limited to the USA. This form of betting is also becoming increasingly popular worldwide.

So it is not surprising that European bookmakers are getting bigger and bigger and are trying to enter other international markets.

Photo credit

1.
Chart Kindred Group

Stocks on the radar:Rosenbauer, Lenzing, Immofinanz, Warimpex, Mold, Porn, VIG, ATX, ATX Prime, ATX TR, Wienerberger, Rosgix, OMV, UBM, Rather S, FACC, BKS bank trunk, DO&CO, Frequentis, Palfinger, Wolford, Cleen Energy, Polytec Group, Semperit, Marinomed Biotech, SW environmental technology, Oberbank AG trunk, Linz Textil Holding, Daimler, Covestro, Continental.


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