While the sportsbooks rev up for what is expected to be record-setting betting on the Super Bowl, a couple of sportsbooks are capitalizing on the stock market. DraftKings and FanDuel are now both featured in the U.S. stock market at the same time after Flutter moved to the New York Stock Exchange starting Monday.
The move helps both DraftKings stock and could help all the sportsbooks moving forward though. Meanwhile, Georgia sports betting took a step forward this week, and bet365 added an eighth U.S. state to its lineup thanks to Indiana.
Sports Betting News: DraftKings, FanDuel Now Battling On Wall Street, Georgia Sports Betting Takes Steps Forward
It’s a big week on the stock market. Not only is it earning week for several companies, DraftKings and FanDuel took their battle for sportsbook supremacy to Wall Street.
FanDuel’s parent company, Flutter (FLUT), launched on Monday on the New York Stock Exchange. Since the company moved from the Euronext Dublin, Flutter stock shares opened up around $200 per share. That was the price it closed on the Euronext Dublin.
As the day progressed, it was rumored that Flutter may consider closing its primary holding on the London Stock Exchange and move that to the U.S. as well. The American market is believed to have room for the most growth, and being based Stateside would be of benefit.
The move of Flutter to the American market appeared to give DraftKings stock (DKNG) a jolt. DraftKings closed on Friday at $38.48 per share and opened Tuesday at over $40 per share. So far this year, DraftKings stock is up over 9% and over 150% in the last 12 months.
DraftKings and FanDuel go back and forth on who has the monster’s share of the American sportsbook market. FanDuel had a 43% market share in the fourth quarter based on gross revenue and 51% based on net revenue, according to this CNBC article.
With states like Texas and California still not on board, there is a significant portion of the population available. For now, though, the sportsbooks are going to have to fight over the available population in the 39 legalized markets until more states open for business.
Record-Setting Super Bowl Betting Expected
According to Legal Sports Report, this year’s Super Bowl will set betting records. The publication projects that $1.29 billion will be legally bet on the game across the 39 regulated U.S. markets.
Last year was the previous record with $1.08 billion wagered. LSR adds that Super Bowl betting volume has grown nearly tenfold since wagering was expanded beyond Nevada in 2018.
The article goes on to predict that if the betting goes in favor of the sportsbooks, operators could win more than $100 million on Super Bowl 58.
LSR’s article adds some other great tidbits, touching on what Florida’s first Super Bowl betting means and more. Check it out here.
Georgia Sports Betting Legislation Approved
A Senate committee approved legislation to legalize sports betting in Georgia on Tuesday. The Senate Economic Development and Tourism Committee passed Senate Bill 386 by an 8-2 vote.
Under the bill, 16 licenses will be awarded. One license would go to each of the Braves, Falcons, Hawks, Dream, and Atlanta United. Augusta National Golf Club, the PGA, and Atlanta Motor Speedway would also get a license. Sportsbooks would apply to the state’s lottery commission for other licenses.
The importance of the bill means that the Senate does not have to amend its constitution to legalize sports betting. That issue has been a sticking point among politicians.
It’s estimated that sports betting in Georgia would generate $100 million in tax revenue. If fantasy sports are added, another $35 million is expected to be generated.
The next step is getting approval from the Senate Rules Committee. That committee decides whether to put it before the full Senate.
Bet365 Launches Sports Betting In Indiana
The Indiana sports betting public just got another sportsbook on Tuesday, as bet365 launched in the Hosier state.
In partnership with the French Lick Resort, Indiana is the eighth state bet365 operates in the United States. The sportsbook is already in Kentucky, Louisiana, Virginia, Ohio, New Jersey, Iowa, and Colorado.
“At bet365, we don’t do ordinary, and as the home of the country’s first professional baseball game, ‘The Greatest Spectacle in Racing,’ and a rich basketball history, neither does Indiana,” said a bet365 spokesperson.
“New and eligible sports fans in the Hoosier State, renowned for their passion and loyalty, can enjoy the bet365 experience featuring market-leading offerings like amazing Bet Boosts, the fastest In-Game product, and unique Same Game Parlays.”
Sports bettors in Indiana can register at the new bet365 website at in.bet365.com. There are a couple of promotions on the website that Indiana sports bettors can take advantage of when they register.
French Lick Resort is a $600 million historic restoration and casino development project. It includes the French Lick Springs Hotel, West Baden Springs Hotel, Valley Tower Hotel, and French Lick Casino.
This premier Midwest resort destination features 757 guest rooms and suites; a 51,000-square-foot casino; 45 holes of golf, including the fully restored 1917-designed Donald Ross Course at French Lick and the award-winning Pete Dye Course at French Lick; two world-class spas; meeting and event space totaling 169,000 square feet; and a wide range of dining, activities, and entertainment.