7 Sports Betting Stocks to Buy for Their Long-Term Possibilities - 1 of 7

#1 - DraftKings (NASDAQ:DKNG)

A key reason that DraftKings (NASDAQ:DKNG) is one of the leaders in the sports betting sector is the companies long list of partnerships. As of June 2022, the list includes: ESPN, the National Football League (NFL) and separate contracts with the New York Giants and Denver Broncos, Major League Baseball (MLB), the PGA Tour, and Wrigley Field.

Unfortunately for some retail investors, DKNG stock got tied into the SPAC-fueled mania of early 2021. DraftKings went public in April 2020 as part of a special purpose acquisition company (SPAC). However, as investors realized that sports betting would take time to develop, they took profits on the stock and that trend has continued into 2022. As of August 2022, the stock is down 28% for the year.

But the stock is up 48% in the month ending August 18 and that momentum is likely to continue in the busiest months of the sports betting calendar.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators. Read More 

Current Price

$40.68

Consensus Rating

Moderate Buy

Ratings Breakdown

25 Buy Ratings, 1 Hold Ratings, 2 Sell Ratings.

Consensus Price Target

$47.00 (15.5% Upside)