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Sportsbook

Record Super Bowl bets up the ante for online gambling stocks

Monday 12 de February 2024 / 12:00

2 minutos de lectura

(Las Vegas).- A record number of wagers on if the San Francisco 49ers or the Kansas City Chiefs will take home the Super Bowl trophy has Wall Street betting gaming stocks will be the victors of football’s biggest night.

Record Super Bowl bets up the ante for online gambling stocks

Roughly 68 million Americans are expected to gamble a record $23.1 billion, setting up the championship showdown in Las Vegas to be the most bet-upon sporting event in US history. Nearly 30 million people are expected to make those bets online and legally using a US sportsbook, according to an American Gaming Association survey.

Casino operators that expanded into mobile betting, including MGM Resorts International and Caesars Entertainment Inc., are poised to get a boon from the bets as well as a surge in visitors to Las Vegas. The growing popularity of online wagers led DraftKings Inc.’s stock to triple last year, while FanDuel-owner Flutter Entertainment PLC rose more than 23%, outperforming local benchmarks.

“The strip operators are the real winners,” said Chad Beynon, a Macquarie analyst. He’s most excited about the menu of options for sports betting. “Bets will be available on everything from the number of times the cameras show Taylor Swift, to the color of Usher’s shoes.”

With tickets to attend the Super Bowl the most expensive they’ve ever been as consumers continue to splurge on experiences, that should support record pricing at high-end stays like Wynn Resorts Ltd, Beynon added.

The Las Vegas Convention and Visitors Authority projects 330,000 patrons will descend upon Sin City for the big game, generating more than $600 million for the surrounding economy. MGM Resorts International and Caesars Entertainment Inc. also stand out out as prominent beneficiaries of the added foot traffic as they operate about two dozen properties along the Las Vegas Strip, collectively.

Earnings show that casino operators were already seeing strong momentum in Las Vegas. Wynn reported a sizable fourth-quarter beat earlier this week, with the Feb. 11 matchup and Lunar New Year igniting more optimism. Red Rock Resorts Inc. also gave a quarterly update, buoyed by the successful opening of its off-Strip Durango property. Investors will hear from MGM, Penn Entertainment Inc. and DraftKings next week.

Those looking for returns outside of tech would be wise to consider the travel sector, according to Sylvia Jablonski, chief executive officer at Defiance ETFs and overseer of the firm’s Hotel Airline and Cruise exchange-traded fund.

“It’s like the travel trade is hiding under a rock,” said Jablonski, whose $36 million fund is up roughly 10% in the past year, but hasn’t taken in any meaningful flows since last July. “Most people are still trying to diversify and particularly get away from the Mag Seven and the semiconductors.”

Clearly, casinos haven’t hit the jackpot just yet. An S&P benchmark of gaming firms — which counts MGM, Caesars and Wynn among its top holdings — is down about 7% from July’s 52-week closing high, and costs stemming from new labor contracts are expected to eat into margins.

The last major sporting event to come to town ended up falling well short of investors’ high expectations. Formula One, the prestigious international racing competition, was thought to help position Las Vegas as a global sports hub but was instead met with low ratings and soft ticket sales.

Unlike F1, the Super Bowl is already fueling demand across the income spectrum. Bank of America Corp. calculates rooms at Caesars and MGM are each up more than 70% from F1 levels, while Wynn has been sold out since December.

And despite the casinos lagging the market for the past year, analysts expect a further rebound with a return potential of 18% over the next 12 months, according to data compiled by Bloomberg. Leading up to this weekend’s event, the 10-member gauge is trading at its highest level since September, extending its streak of gains to the longest since October.

-With assistance from Angel Adegbesan.

(Updates with commentary from BofA and adds casinos trading in final two paragraphs.)

Most Read from Bloomberg Businessweek

Categoría:Sportsbook

Tags: Sin tags

País: United States

Región: North America

Event

ICE London 2024

06 de February 2024

“At ICE London, in addition to the V- Line, we showcased a range of other exciting products designed to revolutionize the gaming experience”, Tjasa Luin, Alfastreet

(London, SoloAzar Exclusive).- Tjasa Luin, CEO at Alfastreet, granted an interview to SoloAzar to talk about the company's recent participation at ICE in London, where they showcased their new V-Line, launching the new V10 alongside with the V-8. She also told us about the firm's work strategy for this year and for ICE Barcelona 2025: to continue innovating in technology in their product line to keep providing the best user experience.

Thursday 29 Feb 2024 / 12:00

GLI presented its full compliance services at one of the world's largest gaming events: ICE London 2024

(London, SoloAzar Exclusive).- ICE London recently concluded its last edition in London Excel. James Illingworth, Vice President of Sales EMEA at GLI Europe, took the opportunity to talk with SoloAzar about the firm’s aim, the future of technology, AI, and the full regulatory compliance services to help attendes, customers, and potential customers from all over the world.

Wednesday 28 Feb 2024 / 12:00

Alfastreet celebrates a successful showcase at ICE London 2024

(Sezana).- Alfastreet, a global leader in producing high-quality gaming terminals, is thrilled to announce its success at the recent ICE 2024 in London. The event was a major showcase, bringing together industry leaders for detailed discussions on the latest legal and development trends. It provided the perfect platform for Alfastreet to introduce its newest innovations and reinforce its presence in the global market.

Wednesday 28 Feb 2024 / 12:00

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