Sports betting stocks surge after positive election results

·1 min read

Stocks for sports gambling companies surged across the board Wednesday after several states moved closer to approving various sports betting laws on Election Night.

Penn National Gaming and DraftKings were the biggest risers on Wednesday, each gaining more than eight percent at times during after-hours trading. Flutter Entertainment, owner of FanDuel, was up more than four percent after also trading more than seven percent higher earlier in the day.

Other betting-related stocks on the rise Wednesday included GVC Holdings (up 2.9 percent in after-hours trading) and William Hill (up 1.79 percent). BETZ, an ETF with more than 80 percent of fund assets dedicated to sports betting and iGaming, was up more than two percent.

Louisiana, Maryland, Nebraska and South Dakota each had successful ballot measures that could bring legalized sports betting to those states next year.

Australia-based PointsBet (down 2.47 percent) and Canada's Score Media & Gaming Company (down 1.37 percent) did not fare as well.

TheScore founder and CEO John Levy issued a statement on Tuesday after the reintroduction of legislation in the House of Commons to legalize single-event wagering at the federal level in Canada.

"We strongly support this bill to amend Canada's outdated federal laws and give sports fans the choice to wager on single events," Levy said. "Canadians deserve a modernized, regulated, and competitive sports betting market, and the reintroduction of this bill is another important step in that direction."

--Field Level Media