DraftKings has had its price increase from over 60% in the last 3 weeks on the New York Stock Exchange. Reasons for this rapid increase in price include, Michael Jordan joining DraftKings executive board, the allowing of the continuation for all professional sports in the United States, as well as the increase of states legalizing sports betting. As of today, only 18 states legalize sports betting. Experts predict this number to increase drastically in as little as 5 years. I wanted to bring this up because a lot of people say that sports are one of the main drivers of America. You may have never thought about this but I want you to think about it now. Think about all the people in the United States that watch and follow sports often every year. It's something that brings people together and starts discussions. It is a known fact that when a local professional sports team performs well, the city that it is located in does very well economically. This is because people are eager to come and watch the games in person. Local restaurants, hotels, bars and shops all do very well because people are pouring in from all over to watch the game. With this in mind, I believe that with the continuation of the legalization of sports betting across the nation, the country will benefit strongly economically. This is because being able to bet on sports makes the game even more enjoyable and more engaging. This is because the bettor now has something at stake when watching the game. I have also heard of many people that have said that sports aren't interesting to them because they don't have any incentive to watch. With sports betting being legalized, these same people are now able to be engaged in the sport and have a reason to cheer on a team/player. What do you guys think? Do you believe that sports betting will benefit the country like I do?
https://www.barrons.com/articles/draftkings-stock-rises-on-philadelphia-eagles-deal-51601568824
It is no question that sports are a huge part of the American economy. I agree that the increased allowance of sports betting will continue to increase the interest in sports. The games, teams, and shared interest in sports is enough to bring people together but I know many people that do fantasy teams and make other bets over sports. This has caused them to watch games they may not usually have interest in just to see how their players are doing. So I think that sports betting will only increase people's interest in sports and help grow the industry.
ReplyDeleteI agree completley man, like I said before so many people are now watching sports that didnt previously. This is all due to sports betting.
DeleteSports in general not only help drive the economy but improve the overall well-being of the country because it acts as an escape from the daily stressors of life. Sports betting is a competitive and fun way to try and make money and as you said, create a discussion. I believe draftkings and competitors like fan duel and barstool bets have helped grow this emerging market very quickly. Overall, this industry should benefit the economy and country as a whole.
ReplyDeleteAlso, found it really funny as you mentioned that draftkings stock has done so well since Micheal Jordan had such a gambling problem. Not the first person I would want on my executive board, but maybe that is just me and maybe the stock price is reflective of his name and athletic career and not his betting history.
Of course sports are one of the main parts of the United States economy because of their payment, investment, travel, restaurants, etc. With a lot of these things not happening right now, we can expect our economy to take a blow. Maybe the legalization of sports betting will counteract this downfall and help the sports industry a little bit.
ReplyDeleteI definitely agree that thanks to the pandemic a lot more people are finding sports interesting and are using it to fill there free time now and obviously this has lead to an increases in betting outlets like draft kings
ReplyDeleteI think there is little question that legalizing sports betting will benefit the economy. As mentioned, sports benefit local restaurants, bars, hotels, as well as those people working for the sports teams, providing them income. However, I think it is interesting to also consider that the winnings from the bets are considered taxable income. Therefore, the government is additionally being benefited from the legalization of sports betting.
ReplyDeleteI would also agree that legalizing sports betting will become more common in the near future. I think that the recent rises with DraftKings could also be the recent return of sports and the large focus on sports in general as we didnt have any for some time.
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