Wall Road’s scorching new wager: Betting on sports activities
In a sign of how the US economy is changing, one of the firms getting booted from the S&P 500 to make room for the casino companies is the once-mighty Xerox (XRX).
Las Vegas — like the rest of the United States — has been hit by a travel slowdown during the past year as a result of Covid-19. But many casino companies have opened up online sportsbooks following a Supreme Court ruling in 2018 that let states legalize sports gambling.
More than two dozen states (plus Washington, DC) have legalized betting on sports. That is one reason why the casino stocks have hit the jackpot during the past year, despite the fact that the roulette, blackjack and craps tables have been relatively empty.
Traders are betting on a major travel rebound as more states and cities start to reopen — and on continued strong demand from sports fans placing bets on their phones through apps like Barstool Sportsbook & Casino.
Shares of Penn National, which in addition to its 36% stake in Bartsool owns…
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