Day Trading and Sports Betting
The wait for legal mobile sports betting in Maryland is officially over. Next week, Maryland bettors will be able to legally place wagers on sporting events with several online sportsbooks. So why would day traders care?
At their core, day trading and sports betting are very similar concepts. Both sports betting and day trading rely on an intricate marketplace of buyers and sellers with quickly changing prices. Just like $MGM can go up $.20 in a millisecond, the odds of an NFL game on BetMGM can change prices just as quickly.
Brands like BetMGM($MGM) coming into the industry looking to gain market share quickly by offering bettors a BetMGM Maryland bonus code or additional promos to establish themselves as market leaders. These kinds of moves from publicly-traded sports betting operators are clear “BUY” signals that jump on many day traders’ radars. As of publication, here are some of the stock ticker symbols and their respective brands.
- $MGM (BetMGM)
- $CZR (Caesars Sportsbook)
- $DKNG (DraftKings)
- $PENN (Barstool Sportsbook)
With sports betting becoming officially legalized in Maryland and growing throughout the United States, it is anticipated that day traders will be adding stocks like BetMGM, DraftKings, Caesars, and PENN National to their portfolios. These are a few of the biggest brands in sports betting that are publicly traded.
Also, considering how sports betting is becoming legal in more and more states very quickly, these stocks, like every stock, are subject to big swings in price. Furthermore, depending on certain macroeconomic and microeconomic factors, the price of these stocks is always on the move. For day traders, this becomes another way to try and make some cash.
Since the launch of sportsbooks such as DraftKings, BetMGM, and Caesars is coming just next week, Maryland day traders can try to capitalize on this news by adding some of the biggest brands in the business into their portfolios.
Just like with sports betting, there are no guarantees with day trading. However, considering that sports betting is still in its infancy stage in America, it may be a good bet to believe this is just the beginning. If you are a day trader, you can either “buy-in” expecting a rise in price or you can fade any of these companies – the choice is yours.
This news is very exciting and as time goes on more and more operators will be granted licenses in Maryland and more sportsbooks may elect to go public with their companies. With the news of the launch in Maryland next week, it’s a safe bet that day traders will be adding these big brands to their portfolios.