Famed short seller Jim Chanos is now bullish on sports wagering stocks. One reason is that US bettors like to place exotic wagers which he considers a deficiency. Chanos announced a short position in DraftKings in December 2021, calling the operator’s business model “flawed”. His firm initiated its DraftKings short in May 2021, and covered it in July 2022. He netted a $10 million profit. That was a smart moved because shares of the sports book operator have nearly double since August 5, 2022. They have also more than tripled on a year to year basis.
Chanos said he “underestimated” the degree to which the US sports bettors are “bad” at sports betting. One reason is that US bettors are placing lots of exotic and long odds wagers looking for a big payday. These bets are obviously hard to hit and have high profit margins for wagering operators. DraftKings and rivals such as MGM and FanDuel have been able to bolster margins and increase profitability through offerings including live bets and same game parlays.
It used to be that almost all bets were placed on money lines, sides, and totals, but in game, live betting has become increasingly popular. These lines change frequently. For example, if a touchdown is scored in a football game the line with change immediately. Or if a home run is hit in a baseball game the line will change. Those fluctuations typically play into the hands of the house, not the bettors. Same game parlay wagers are becoming increasingly popular as well.
If it is sports betting you are looking for, one of our USA online blackjack casinos that we recommend has a great sportsbook. That online casino is BetOnline casino. Their sportsbook is second to none in the online casino industry. BetOnline also has live dealer blackjack. They also have many other live dealer table games including roulette and baccarat.
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