Two prominent sports betting stocks are enjoying massive gains on Wall Street despite the sports world coming to a near standstill during the coronavirus pandemic.
Axios pointed out that DraftKings and Penn National, the latter which bought a minority stake in Barstool Sports in January before the pandemic started, are up 82% and 130%, respectively, over the last month.
DraftKings, which has built a business around fantasy sports, went public on April 24. Penn National operates more than three dozen gaming facilities in the U.S. and Canada. It is developing a sports betting app and sportsbook that will carry Barstool Sports branding, according to Play Pennsylvania.
It was reported earlier this month that billionaire investor and Democratic Party donor George Soros has a $66 million stake in DraftKings.
© 2022 Newsmax. All rights reserved.