Online sports gambling, once one of the hottest areas of the stock market, has fallen out of favor with investors.
Investors worry about fierce competition and steep losses driven by heavy marketing and advertising spending.
Caesars Entertainment
(ticker: CZR) in New York went so far as to match new customers’ $3,000 deposits after online sports gambling got under way in the state in early January. Industry profits might not come until 2023 or 2024.
The best plays could be regional casino companies with online sports-gambling businesses like
Boyd Gaming
(BYD),
Bally
’s
(BALY), and Caesars. Ireland-based Flutter Entertainment (PDYPY) owns a controlling stake in FanDuel, which is No. 1 in U.S….
