I don’t gamble.
In an era of Draft Kings being a public company that has actually cost me.
If I was a sports bettor I likely would be long Draft Kings. I have friends that work there and I have followed the company for years as it went through the highs and lows of being a startup.
Here is the chart since it went public though a reverse merger at $10
When Draft Kings first appeared trading after completing a reverse merger (SPAC) I wrote that ‘Draft Kings is to gambling, what Virgin Galactic ($SPCE) was to Space. Virgin Galactic came public at $10 and quickly went to $40.
The marijuana stocks have also been perking since COVID-19 began. Here is a chart of the Marijuana index ($MJ).
Post Covid – weed and wagering will likely be front and center for states that need revenue from you know…taxes
Marc Andreessen was correct when he said software would eat the world but it might just be in the coming years that weed and wagering feed the world.