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Sports Betting Stocks Continue Steep Decline Despite New York Launch, New Jersey Record Handle

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Sports Betting Stocks Continue Steep Decline Despite New York Launch, New Jersey Record Handle article feature image
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Pavlo Gonchar/SOPA Images/LightRocket via Getty Images. Pictured: DraftKings logo.

New Jersey’s record handle in 2021 couldn’t save sports betting stocks from their precipitous fall.

New Jersey reported Friday that sports gamblers in the state wagered $10.9 billion in 2021, but public companies did not see a bounce.

While nothing specific happened to counter the New Jersey news, market insiders have cautioned that good news doesn’t move the needle as much as it used to. The market has started to fear that the marketing spend it takes to acquire customers is just too high.

DraftKings finished the day down 4.3% to $23.19. It put DraftKings down 56.8% year over year, far off its highs from March when it hit $70 a share.

Penn National, owner of Barstool, finished the day down 2.8% to $44.45. PENN is down 55.1% year over year and well off its March highs when shares were approaching $140.

Rush Street Interactive, which owns the BetRivers brand, saw the biggest drop — down 6.1% on the day. That stock is also down more than 50% on the year and that’s only because rumors of a Fanatics acquisition have softened the blow.

The stocks didn’t see a bump when New York came online this week, particularly because volume is such a big focus for the sportsbooks with 51% of gross revenue being the take for the state.

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3 Moves the Brooklyn Nets Need to Consider to Survive Kevin Durant’s Injury

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With a 114–107 loss to the Cleveland Cavaliers on MLK Day, the Brooklyn Nets are 0–1 since Kevin Durant sprained his left knee. The injury will keep the former MVP sidelined past the Feb. 10 NBA trade deadline. Should Brooklyn general manager Sean Marks consider a move to help the Nets survive Durant’s absence?

The club is already $35.3 million over the luxury tax line. While Brooklyn isn’t paying the repeater penalty in 2021–22, it is already looking at a $110.4 million luxury tax bill. That doesn’t necessarily preclude the Nets from making a deal. However, it does make it a pricey consideration.





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NBA Rumors: James Harden Could Leave The Brooklyn Nets This Summer

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James Harden Breaks Record For Most Three-Pointers Missed In NBA History

James Harden is one of the best point guards in the league, and there is no doubt that he is crucial to the way the Brooklyn Nets offense operates, as he is the floor general for the team. Currently, James Harden is averaging 22.7 PPG, 8.0 RPG, and 10.0 APG for the team.



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Maine Nordiques lose another goalie duel against New Jersey Titans

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The Maine Nordiques and the New Jersey Titans had a goaltending battle for the second straight night.

The Titans came out on top again Saturday with a 3-0 win over the Nordiques in an NAHL East Division contest at Middletown Ice World Arena in Middletown, New Jersey.

Andrew Takacs made 28 saves for the win and Gus Holt stopped 35 shots in the loss.

“(The Titans) weren’t able to score directly on (Holt),” Maine Nordiques coach Matt Pinchevsky said. “They had to get (the puck) to bounce off bodies and skates, things like that. I chose to pull the goaltender and we had a good (chance) at their net, but they were able to counter and sail (the puck) into the empty net.”

Friday night, the Titans defeated the Nordiques 3-1.

Eric Charpentier scored his first goal of the year to give the Titans a 1-0 lead midway through the second period. Former Twin City Thunder player Levente Keresztes had an assist on the goal.

The Titans struck on the power play in the middle of the third period with Chris Carroll finding the back of the net. Brendan Dumas and Tommy Bannister each collected their 26th assists of the season on the goal.

“We have to make sure we have sticks checked out front and try to get in the way of those shots,” Pinchevsky said. “We have the goaltending to stop them, but they found the back of the net with two unlucky bounces.”

David Postma scored an empty-net goal in the final minute of the game.

The Nordiques host the Johnstown Tomahawks on Friday and Saturday at 7 p.m. both nights at The Colisee.

“We know what exactly to work on as we prepare for Johnstown and that’s producing, scoring goals,” Pinchevsky said. “We didn’t have the production down here (in New Jersey), but we saw a lot of great things defensively, as far as a compete level and focus, our drive and determination to be hard to play against at all times.”


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