With the Super Bowl just days away, keep an eye on DraftKings (DKNG).
According to the American Gaming Association, $7.61 billion was bet on the Super Bowl in 2021. In 2022, the AGA estimated that more than $8 billion would be wagered. In 2023, $16 billion was wagered. Now, as we head into the 2024 Super Bowl, even more is expected. Some estimates have the number as high as $20 billion.
While the DKNG stock is a bit stretched at the moment, we believe it could push even higher heading into the Super Bowl, and heading into March Madness in just a few weeks. Helping, DKNG is now active in more than half of all U.S. states. Better, according to CEO Jason Robins, the company has a $2 billion EBITDA opportunity in those existing states. If it had access to 100% of all U.S. states, that number would be closer to $6 billion.