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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.
Infographic via Statista
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 (NYSE: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 (NYSE:GUSH) and Laredo Petroleum, Inc. (NYSE:LPI), and chip stocks Nvidia Corp (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ: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.
Betting On MGM In Super Bowl 56
BetMGM is offering a special deal for Super Bowl 56: bet $56 and get a $10 free bet each week for four weeks. I wanted to bet on the Rams to win, but I also wanted a line of +100 or greater (so I could at least double my money if I win). The Rams are currently -110 favorites, so I used the same-game parlay in the tweet below to get a line of +135. There's a referral link in the tweet that's good for a free $50 in bets on BetMGM if it's available where you are.
Good luck.
