Is it time to double down on sports betting and iGaming stocks?

The sports betting and iGaming sector has seen a lot of selling pressure with risk-off trading in the market. Many investors are turning away from high growth stocks and moving toward value names. Recently the share price drops have run counter of most positive developments with sports betting and volume numbers.

New York has generated $1.2 billion in handles and $91.4 million in revenue in just 16 days. Elsewhere we saw Louisiana go live with 7 platforms just this past week, and states like Arizona and Michigan have hold rates much higher than analysts anticipated. Along with that Penn National Gaming has stated it is ready to launch its mobile sports betting offering in Ontario when the province officially open the market. Most notably last week Morgan Stanley upgraded DraftKings to Overweight with the stock being more that 70% off its 52-week high.