Betting stocks in focus ahead of Sunday’s Super Bowl match

February 09, 2022 11:55 AM PST | By Rupam Roy

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Betting stocks in focus ahead of Sunday’s Super Bowl match — Image source: Adam Vilimek,Shutterstock

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Highlights

Around 31 million Americans may place bets on Sunday’s Super Bowl match.

The total betting amount on the final game of the NFL is likely to cross US$7 billion.

DraftKings Inc. (NASDAQ:DKNG) will report its fourth quarter and fiscal 2021 results on February 18.

Betting stocks are gaining attention ahead of Sunday's Super Bowl game between Cincinnati Bengals and Los Angeles Rams.

Nearly half of all the sports bets placed in the US come from NFL and Super Bowl.

The Supreme Court struck down a federal ban on sports betting some three years ago, leaving the decision on state governments. Meanwhile, many states have legalized gambling since then.

According to the American Gaming Association, over 31 million Americans plan to bet on the Super Bowl match. The combined betting amount is expected to be around US$7.6 billion.

Here explore three betting stocks in the limelight.

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DraftKings Inc. (NASDAQ:DKNG)

DraftKings is a sports betting and fantasy sports contest company based in Boston, Massachusetts. It allows users to place their bets on various games.

The stock traded at US$22.52 at 8:25 am ET on February 9, up 1.81% from its previous closing price. The DKNG stock rose 1.51% over the past 5 days. The company’s market cap is US$8.99 billion, and the forward one-year P/E ratio is -6.14. Its EPS is US$-3.67.

The stock saw the highest price of US$74.38 and the lowest price of US$17.41 in the last 52 weeks. Its share volume on February 8 was 15,950,570.

The company will release its fourth quarter and fiscal 2021 results on February 18.

Meanwhile, in the third quarter of fiscal 2021, the company's revenue rose 60% YoY to US$213 million, while its net loss came in at US$545.02 million.

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Caesars Entertainment, Inc. (NASDAQ:CZR)

Caesars Entertainment is a gaming and hospitality company that acquires and operates a wide range of gaming facilities. It is based in Las Vegas, Nevada.

The shares of the company traded at US$83.44 at 8:33 am ET on February 9, up 1.31% from their closing price of February 8. Its stock value increased by 6.27% over the past 5 days.

The firm has a market cap of US$17.60 billion and a forward one-year P/E ratio of -23.87. Its EPS is US$-4.70.

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The 52-week highest and lowest stock prices were US$119.81 and US$68.00, respectively. Its trading volume was 1,960,156 on February 8.

The company will report its fourth quarter and fiscal 2021 financial results on February 22.

In the third quarter of fiscal 2021, the company's revenue rose around 86% YoY to US$2.68 billion, while its net loss came in at US$231 million.

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Penn National Gaming, Inc. (NASDAQ:PENN)

Penn National Gaming is a Wyomissing, Pennsylvania-based casino company that owns and manages gaming and racing properties. In addition, it also engaged in retail and online sports betting operations and video gaming terminal operations.

The stock traded at US$49.80 at 8:43 am ET on February 9, up 3.51% from its previous closing price. The PENN stock rose 5.34% over the past 5 days.

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The market cap of the company is US$8.15 billion, the P/E ratio is 19.24, and the forward one-year P/E ratio is 25.73. Its EPS is US$2.50.

The stock saw the highest price of US$142.00 and the lowest price of US$37.76 in the last 52 weeks. Its share volume on February 8 was 5,293,685.

The company's revenue soared 53% YoY to US$1.57 billion in Q4, FY21, while its net income came in at US$44.8 million, or US$0.26 per diluted share.

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Bottomline

The NFL's title game is among the biggest TV events this year in the US. Some 45 million more people are eligible to place their bets on this year's game compared with previous Super Bowl matches between Tampa Bay and Kansas City as more states legalized betting.

Around 10 states, including Arizona, Louisiana, Washington, Wyoming, etc., legalized sports betting last year, pushing the total number of states where betting is allowed to more than 30.

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