The U.S. sports betting industry has been growing quickly since the worst of the COVID-19 pandemic because the remote lifestyle drove people to engage in online sports betting. More than 30 states in the U.S. have legalized sports betting post the removal of the federal ban on sports wagering in 2018. Last year, the U.S. commercial gaming industry reached a record of $53 billion in revenue, according to American Gaming Association (AGA).
Concerns revolving around the Fed's hawkish monetary stance and Russia’s invasion of Ukraine have triggered selloffs in some sports betting stocks. However, with advanced technological innovation and favorable government policies, the sports betting industry is expected to rebound soon. Thus, Wall Street analysts are bullish on the sports betting companies with solid fundamentals.
