Sports Betting Stocks Rally After States Back Legalization
- Maryland, South Dakota, Louisiana voted in favor of measures
- DraftKings, Penn National Gaming among stocks surging
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Companies that offer online sports gambling rallied Wednesday morning after a trio of states voted in favor of ballot measures aimed at legalizing sports betting and other gaming expansion.
DraftKings Inc. rallied as much as 6.2%, the most in three weeks. The gains were spread across the industry, with Penn National Gaming Inc. rising 6.1%. Flutter Entertainment Plc the owner of FanDuel, is on track for a record close in London after rising as much as 2.5%. The Roundhill Sports Betting & iGaming ETF, commonly-known by its ticker BETZ, rose 1.8% after posting its best day in more than a month on Tuesday.