There’s Still Time to Buy this Sports Gambling Stock

Feb 6, 2024

With the Super Bowl just days away, sports-betting stocks are pushing even higher.

In fact, as we noted on January 16, “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.”

We also noted that DraftKings (DING) could be one of the top winners with the Super Bowl, and perhaps even March Madness. Since then, DKNG rallied from about $33 to a recent high of $41.85, and could potentially push even higher.

Helping, analysts at Northland recently raised their DKNG price target to $45 from $38, with an outperform rating on the stock. Analysts at Susquehanna also raised their price target on DKNG to $49 from $42. Stifel also upgraded DraftKings to a buy, with a price target of $45. Plus, with earnings out on February 15, the stock could push higher.

Even better, DKNG is quickly growing its market share in the U.S. market.

Right now, it controls about 33%, up from 25% a year earlier. It could capture even more, with more sports betting legalization likely.

DKNG last traded at $41.92. From here, we’d like to see it test $50.

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