By Weston Blasi
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“In less than half a year, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” New York Gov. Kathy Hochul said in a statement. “I am committed to upholding responsible and effective gaming policies that will move the industry forward and continue to drive our state’s economic growth.”
Caesars was one of the top sports books in New York after the state legalized mobile wagering in January 2022.
Caesars Entertainment’s price target was cut to $128 from $149 at B. Riley on June 28 .
Caesars stock is down 62.78% over the past 12 months.
Shares of Penn National Gaming Inc. /zigman2/quotes/209264611/composite PENN +4.15% dropped 9.68% in June.
Like he did with DraftKings, JMP analyst Jordan Bender touted the future prospects of Penn National in a June research note .
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Bender is a fan of Penn National’s acquired assets like Barstool Sports and theScore, and says he believes they can help lower the company’s customer acquisition costs.
Penn’s stock dropped 60.17% over the past 12 months.
Other sports betting news
Michael Rubin, CEO of apparel giant Fanatics, sold his ownership stake in several professional sports franchises including the Philadelphia 76ers due to conflicts with the other businesses.
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“With the launch of our trading cards and collectibles business earlier this year — which will have individual contracts with thousands of athletes globally — and a soon-to-launch sports betting operation, these new businesses will directly conflict with the ownership rules of sports leagues,” Rubin said in a statement posted on Twitter .
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The Roundhill Sports Betting & iGaming ETF /zigman2/quotes/218797171/composite BETZ +1.75% , a tier-weighted index of global sports betting & iGaming companies, fell 15.68% in June and is down 52.69% over the past 12 months.