Maryland voters approved a measure to legalize sports wagering at licensed facilities. The measure could bring in $7.3 million to $18.2 million in tax revenue in 2022, assuming a 20% tax rate. Revenue also depends on if online sports betting is allowed. The revenue would go to the state’s education fund. – Investors Business Daily
We’re looking for follow-through today as DraftKings (DKNG) eases higher (+1.75 pts) this morning, currently up (4.59%) in early trading. Earnings are next week, so the trade is short-term.
Voters in several states largely approved ballot measures Tuesday that legalize sports betting and other gaming expansion measures as states seek to shore up budgets decimated by Covid-19. Gambling stocks such as DraftKings (DKNG) rose early Wednesday. – Investors Business Daily
PENN is currently trading higher in extended hours (58.24 +2.18 or 3.90%). We’re looking for the stock to break the downtrend today.
Institutions have been steadily adding shares of Penn Gaming since June quarter 2019, while management owns 9%.
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