Online Gambling Stock Drop: Cause For Concern Or Normal Correction?

Online Gambling Stock Drop: Cause For Concern Or Normal Correction?

Penn National Gaming, which owns 36% of Dave Portnoy's Barstool Sports brand, has seen a steep percentage decline since late March. DraftKings, GAN, Rush Street, and Golden Nugget have also seen declines.

Adam Mesh is a day trader who holds options in DraftKings.

"What's going down least, that's what you keep"

Penn National's stock dropped 10% last Thursday, then it dropped again on Friday and again Monday. DraftKings' stock lost $11 a share between May 5 and May 10.

DraftKings is off more than 17.8% since the beginning of March. Golden Nugget is down more that 29%, Penn is 35.5%, Rush Street is 39.9%, and GAN dropped about 40.25%.

Frank Fantini, the leader of Fantinis Gaming Review, says the market correction is normal. He believes investors are taking a more sober look at gaming stock prices and looking for alternatives.

Fantini believes the market is overheated and running for the doors is a psychological response. Fantini likens gaming stocks weighted toward online to the dot.com darlings that crashed in 1999. He believes it is impossible to value online gambling stocks accurately now as there is not enough experience and data in that sector.

Fantini likes the Barstool component of Penn. He thinks the buy created a major vehicle for building an omni-channel approach to its gaming product. BarStool sports betting app is third in Pennsylvania behind FanDuel and DraftKings.

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