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Michigan Enters Online Sports Betting Game, With Barstool And DraftKings Ready To Roll

Michigan Enters Online Sports Betting Game, With Barstool And DraftKings Ready To Roll

Michigan's highly anticipated launch of online sports betting is set to happen on Friday, Jan. 22. Nine companies have been approved to launch online sports betting offerings, according to Roundhill Investments.

Penn National: The Barstool Sportsbook app from Penn National Gaming (NASDAQ: PENN) will launch on Friday, with an iCasino offering from Penn expected to launch shortly after.

Penn is partnering with The Barstool Fund, an organization created by Barstool Sports founder Dave Portnoy to help struggling small businesses during the pandemic. Penn will match first-time deposits of Michigan customers who wager an equal or higher amount than their initial first-time deposit during the first weekend with a donation to the fund.

Barstool led all sportsbooks by revenue in the state of Pennsylvania in December, according to Roundhill Investments. The state took in a record high for sports betting handle during the month.

"I definitely believe Barstool will have success in Michigan for a few reasons," Roundhill’s Matias Dorta told Benzinga. "One, Barstool has a large base in Michigan. Two, Penn National Gaming owns one of the most popular casinos in the state, Greektown."

Portnoy went to the University of Michigan and there's a strong presence of “stoolies” around Ann Arbor, Dorta added. Greektown Casino will be able to host interactive in-person events with fans in the future.

Related Link: 7 Stocks To Watch Ahead of Michigan Online Sports Betting Legislation 

DraftKings: A mobile app from DraftKings Inc (NASDAQ: DKNG) will launch on Friday, an online sports betting and an iGaming offering that will include blackjack, roulette, baccarat and more.

The company is the official sports betting and casino partner for the Detroit Pistons. Customers will be able to play team-specific bets and free to play pools. On Friday, customers can double their money if the Pistons score a three-point shot.

The company will now offer online sports betting in 11 states, more than any competitor in the industry.

Other Stocks to Watch: Other stocks to watch with approved online sports betting offerings in Michigan are FanDuel, Golden Nugget Online (NASDAQ: GNOG), BetMGM, William Hill and Bet Rivers from Rush Street Interactive (NYSE: RSI).

BetMGM is a joint venture partially owned by MGM Resorts International (NYSE: MGM), which Dorta picked as another stock that could be positioned to succeed in Michigan.

“MGM has a large database of Michigan gamblers because they own the biggest casino in the state, the MGM Grand Detroit,” Dorta said.

BetMGM is the official betting partner of the Detroit Lions and Detroit Red Wings.

The Roundhill Sports Betting & iGaming ETF (NYSE: BETZ) is a pure-play investment option to get exposure to several of the companies launching online sports betting in Michigan.


Related Articles (PENN + DKNG)

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Posted-In: Barstool Sports Barstool Sportsbook BetMGMNews Sports Top Stories Trading Ideas General Best of Benzinga

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