New York’s legal sports betting Up once Again

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In early August, New York’s legal sports betting showed signs of improvement after a summer slowdown. July saw a 20% rise in wagers year-over-year, leading to a 43% revenue increase. The monthly handle decreased to $962.1 million from June’s $1.16 billion.

Operators collected $105.1 million in revenue, up almost 2%. FanDuel and DraftKings were close in revenue, with FanDuel at $41.09 million and DraftKings at $41.08 million. DraftKings saw a standout performance in August, generating over 50% of weekly handle and revenue. Its $161.4 million handle was its highest in New York, contributing to a 79.3% increase in the state’s revenue.

Investing in an ETF focused on sports betting exposure can be a good idea for several reasons, though it’s essential to understand the risks and potential rewards. Here are some reasons why such an ETF might be appealing:

  1. Growth Potential: The sports betting industry has been experiencing significant growth, especially in regions where it has recently been legalized or regulations have been relaxed. This growth is expected to continue as more states and countries legalize sports betting.
  2. Diversification: An ETF provides exposure to a basket of stocks, which means investors can gain access to multiple companies within the sports betting industry without having to pick individual winners. This diversification can help mitigate the risks associated with individual company performance.
  3. Regulatory Tailwinds: As mentioned, many jurisdictions are moving towards legalizing or liberalizing sports betting. This regulatory momentum can provide a boost to companies in the sector.
  4. Technological Advancements: The rise of mobile betting apps and online platforms has made sports betting more accessible to a broader audience. As technology continues to advance, it’s likely that the user experience will improve, potentially attracting even more users.
  5. Integration with Media: There’s a growing trend of integrating sports betting with media consumption. For instance, some sports broadcasts now include live betting odds, and media companies are partnering with betting platforms. This integration can drive engagement and revenue.
  6. Global Market: Sports betting is a global phenomenon, and an ETF can provide exposure to companies operating in different regions, allowing investors to benefit from growth in various markets.
  7. Recession-Resistant Nature: Entertainment and gaming industries, including sports betting, have historically shown resilience during economic downturns. People often turn to entertainment during tough times, which can provide a buffer for these industries.

ETF Newz Says:

There are three prominent ETFs in the space. The (IBET) iBET Sports Betting & Gaming ETF leads in performance over the last month with gains of 6%. The fund is up nearly 20% on the year and gives you exposure to DraftKings, Penn Entertainment, and several Macau Casino Stocks.

[eod_fundamental target=”IBET.US” id=”20163″ preset=”ETF Data (etf)”]

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