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Record Super Bowl Wagers Fire Up Rally in Gambling Stocks

  • DraftKings, Penn National hit record highs ahead of Sunday
  • More than 23 million Americans are seen betting on the game
Updated on

The shares of companies that offer online sports gambling have been on a tear ahead of Sunday’s Super Bowl, which is expected to book a record amount of legal wagers.

After a meteoric rally last year, DraftKings Inc. and Penn National Gaming Inc. have continued to surge as cooped up Americans look to bet on sports in place of traditional in-person entertainment events. They have each rallied more than 35% this year, while the S&P 500 Index has gained about 3.5%.