The Super Bowl is a big day for sports betting, but yesterday’s result proved to be a win for sportsbook operators. Indeed, almost 60% of bets were placed on the Philadelphia Eagles taking home the championship. However, Kansas City’s win means that companies can avoid those payouts. Other popular bets that went wrong for bettors included a 37-34 scoreline in favor of the Eagles and Chiefs tight end Travis Kelce winning the MVP award, which was won by quarterback Patrick Mahomes. Stocks that benefited include:
- MGM Resorts (MGM)
- DraftKings (DKNG)
- Caesars Entertainment (CZR)
- Penn National Gaming (PENN)
- Bally’s Corporation (BALY)
All the stocks mentioned above are trading higher today. However, the best performer is BALY, as it also issued a strong guidance update. Indeed, management now expects Q4 2022 and Fiscal Year 2023 revenues to be $576.7 million and $2.5-$2.6 billion, respectively. For reference, analysts were expecting $573.8 million and $2.5 billion.
Nevertheless, analysts are still cautious on BALY stock as it’s the only one with a Hold rating out of the mentioned stocks. It has also seen the largest decline in share price over the past 12 months, shedding almost 46% of its value. As a result, the company is trying to change its fortunes with a new CEO. Indeed, Lee Fenton will step down as CEO to be replaced by Robeson Reeves, who will take control on March 31.
