Sports Betting Popularity Soars In America
According to ZeroHedge, sports betting has never been more widespread in America, with it now being legal in most states.
Betting on Sunday’s Super Bowl is expected to be through the roof as well:
Overall, 31.5 million U.S. residents are expected to place bets on the Super Bowl either officially or via private pools or casual bets between friends and family, an increase of 35 percent compared to 2021.
Perhaps not coincidentally, MGM Resorts International (MGM), the operator of the sports betting app Bet MGM, appeared in our top names on Friday, along with a couple of oil names, Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2x Shares (GUSH) and Laredo Petroleum, Inc. (LPI), and chip stocks Nvidia Corp (NVDA) and Advanced Micro Devices (AMD). Regular readers may recall that our system gauges stock and options market sentiment to estimate potential returns over the next six months for every security with options traded on it in the U.S.
Screen capture via Portfolio Armor on 2/11/2022.
Not Its First Time In Our Top Ten
MGM also appeared in our top ten at the end of last month. Since then, it’s up 6.41%.
Overall, our top names from January 31st were up 5.76% on average, as of Friday’s close, while SPY was down 2.1% over the same time frame. Oil names and MGM aided in that outperformance.