{"id":250656,"date":"2023-01-01T00:24:02","date_gmt":"2023-01-01T06:24:02","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=250656"},"modified":"2023-01-01T14:17:35","modified_gmt":"2023-01-01T20:17:35","slug":"sports-betting-stocks-face-opportunity-tests-in-2023","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/","title":{"rendered":"Ohio, Profitability Among Investors\u2019 2023 Concerns Regarding Sports Betting Stocks"},"content":{"rendered":"

Today\u2019s long-awaited launch of mobile sports wagering in Ohio and operators\u2019 trek to profitability are among the marquee issues investors will be eyeing in 2023 when it comes to sports betting stocks.<\/p>\n

\"Sports
The floor of the New York Stock Exchange. 2023 could be a big year for sports betting stocks. (Image: ABC News<\/em>)<\/figcaption><\/figure>\n

Ohio\u2019s entry into the US sports betting fray is well-timed, because bettors in the state will be able to wager on the Jan. 9 College Football Playoff Championship as well as plenty of NBA, NFL and NHL action.\u00a0 The Ohio Casino Control Commission (OCCC) on Thursday noted<\/a> 16 mobile operators and 13 retail sportsbook locations launch today.<\/p>\n

With the future of sports betting still murky in California, Texas, and Florida<\/a>, the addition of Ohio to the live and legal roster is pivotal for gaming companies. That’s because there are 12 million residents in the Buckeye State. By some estimates, handle there could be $8 billion or more in 2023. Based on 2022 numbers, that\u2019d be good for the second spot, behind only New York<\/strong>.<\/p>\n

At the state level, operators\u2019 ability to capitalize on launches in Maryland and Massachusetts in cost-effective fashion will also be among the marquee 2023 storylines for sports betting stocks.<\/p>\n

Profitability in Focus for Sports Betting Stocks<\/h2>\n

Sports betting stocks, including pure plays DraftKings (NASDAQ:DKNG)<\/a> and Rush Street Interactive (NYSE:RSI), slumped mightily in 2022. But on the upside, gaming companies reined in marketing and promotional spending last year.<\/p>\n

\n

That puts profitability in reach for some online sportsbook companies. FanDuel, the largest operator in the space, was close to being profitable on an annual basis in 2022, and is likely to get there this year. Similar expectations are in place for BetMGM, Caesars Sportsbook, and Rush Street Interactive, among others, in 2023.<\/p>\n<\/div>\n

Regarding DraftKings, the most widely followed pure play sports betting stock, the Boston-based company told investors last November it will be profitable on an earnings before interest, taxes, depreciation, and amortization (EBITDA) basis in the fourth quarter of 2023.<\/strong><\/p>\n

If that objective is missed, the operator risks drawing further ire from investors — something it can ill afford following a 2022 tumble of 58.54%.<\/p>\n

Fanatics Looms Large<\/h2>\n

It\u2019s not a matter of \u201cif,\u201d but \u201cwhen\u201d Fanatics enters the sports wagering space. Currently privately held, the company could force competitors into a new spending battle.<\/p>\n

However, a Fanatics sports betting launch in Q1 could disrupt the profitability narrative around DraftKings and other online sports book operators if the promotional intensity is ratcheted up again,\u201d<\/strong> according to Seeking Alpha.<\/em><\/p><\/blockquote>\n

Fanatics is aiming to have its sports wagering unit up and running by January, hoping to be live in various major states by the start of the 2023 football season.<\/p>\n

What states those turn out to be remains to be seen. But it appears New York won\u2019t be one<\/a>. Likewise, how Fanatics enters Nevada, where neither FanDuel nor DraftKings currently operate, has yet to be decided at this point.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Today\u2019s long-awaited launch of mobile sports wagering in Ohio and operators\u2019 trek to profitability are among the marquee issues investors will be eyeing in 2023 when it comes to sports betting stocks. Ohio\u2019s entry into the US sports betting fray is well-timed, because bettors in the state will be able to wager on the Jan. […]<\/p>\n","protected":false},"author":46,"featured_media":250657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[81903,80968],"acf":[],"yoast_head":"\nSports Betting Stocks Face Opportunity, Tests In 2023<\/title>\n<meta name=\"description\" content=\"Sports betting stocks could face make or break year in 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sports Betting Stocks Face Opportunity, Tests In 2023\" \/>\n<meta property=\"og:description\" content=\"Sports betting stocks could face make or break year in 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-01T06:24:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-01T20:17:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/nyse.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/\",\"url\":\"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/\",\"name\":\"Sports Betting Stocks Face Opportunity, Tests In 2023\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/nyse.jpg\",\"datePublished\":\"2023-01-01T06:24:02+00:00\",\"dateModified\":\"2023-01-01T20:17:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Sports betting stocks could face make or break year in 2023.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/nyse.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/nyse.jpg\",\"width\":1600,\"height\":900,\"caption\":\"The floor of the New York Stock Exchange. Genting is considering listing a US entity in New York. (Image: ABC News)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Ohio, Profitability Among Investors\u2019 2023 Concerns Regarding Sports Betting Stocks\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Sports Betting Stocks Face Opportunity, Tests In 2023","description":"Sports betting stocks could face make or break year in 2023.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/","og_locale":"en_US","og_type":"article","og_title":"Sports Betting Stocks Face Opportunity, Tests In 2023","og_description":"Sports betting stocks could face make or break year in 2023.","og_url":"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-01-01T06:24:02+00:00","article_modified_time":"2023-01-01T20:17:35+00:00","og_image":[{"width":1600,"height":900,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/nyse.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/","url":"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/","name":"Sports Betting Stocks Face Opportunity, Tests In 2023","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/nyse.jpg","datePublished":"2023-01-01T06:24:02+00:00","dateModified":"2023-01-01T20:17:35+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Sports betting stocks could face make or break year in 2023.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/nyse.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/nyse.jpg","width":1600,"height":900,"caption":"The floor of the New York Stock Exchange. Genting is considering listing a US entity in New York. (Image: ABC News)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/sports-betting-stocks-face-opportunity-tests-in-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Ohio, Profitability Among Investors\u2019 2023 Concerns Regarding Sports Betting Stocks"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/250656"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=250656"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/250656\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/250657"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=250656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=250656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=250656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}