With March Madness just days away, keep an eye on gambling stocks.
That includes DraftKings (DKNG), which just caught double bottom support around $18 – and could see higher highs. Last year, according to the American Gaming Association, more than 45 million people planned to wager $3.1 billion on the games.
About 20.9 million American adults were expected to bet on the tournament outside of bracket contests—at a retail sportsbook, online, with a bookie or casually with friends. And, 36.5 million Americans will wager via a bracket contest or similar pool.
While gambling predictions from the AGA aren’t out just yet, we expect to see similar numbers. Better, gambling stocks, like DKNG did push higher – temporarily – with 2022 March Madness. In fact, DKNG ran from about $15.50 to just above $21 at the start of the tournament. The stock also ran briefly in 2021 and in 2020, as well.