Name: Sports betting stocks are surging despite the lack of live games
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Sports betting stocks are surging despite the lack of live games

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Despite the lack of live games, sports betting stocks have performed particularly well over the past month, highlighted by fantasy sports/betting platform, DraftKings, and gaming operator, Penn National.By the numbers: Since going public on April 24, DraftKings' stock is up 82%, while Penn National Gaming — which in January — is up 130%.Why it matters: This surge signals a wider truth about the sports betting industry — it is uniquely suited to emerge from the pandemic virtually unaltered.Between the lines: As the world remains largely shut down and people are stuck at home with little to do, they're more likely to that satisfy their basest instincts.What to watch:&nbsp;The coronavirus hindered what was supposed to be a&nbsp;&nbsp;for sports betting, but if the NFL and college football seasons are able to take place this fall, it'll go a long way towards softening the blow dealt by losing March Madness.The bottom line: Whether DraftKings and Penn National are uniquely positioned to succeed, or are just the most-popular proxies for an exciting new industry, sports betting appears to be, well, a good bet — even during a pandemic.Go deeper: Facebook CEO Mark Zuckerberg argued on CNBC's "" Thursday that social media platforms should not police political speech, and that "people should be able to see&nbsp;what politicians say.”Why it matters: Zuckerberg was responding to this week to fact-check a pair of President Trump's tweets that claimed that mail-in ballots are "substantially fraudulent." Twitter's label, which directs users to "get the facts" about mail-in voting, does not censor Trump's tweets.House Democrats pulled legislation Thursday that would have renewed expired domestic surveillance laws and strengthened transparency and privacy protections amid broad opposition from President Trump, House GOP leadership and progressive Democrats.Why it matters: The failure to reauthorize the Foreign Intelligence Surveillance Act (FISA) comes as Trump continues to attack the intelligence community, which he claims abused the law to surveil his 2016 campaign and Trump administration officials.The U.S. economy shrunk by an annualized 5% in the first quarter — worse than the 4.8% contraction — according to revised figures on Thursday.Why it matters: It's the worst quarterly decline since 2008 and shows a huge hit as the economy was just beginning to shut down because of the coronavirus. Economists are bracing for the second quarter's figures to be the worst ever —&nbsp;with some projecting an annualized decline of around 40%.

Despite the lack of live games, sports betting stocks have performed particularly well over the past month, highlighted by fantasy sports/betting platform, DraftKings, and gaming operator, Penn National.By the numbers: Since going public on April 24, DraftKings' stock is up 82%, while Penn National Gaming — which in January — is up 130%.Why it matters: This surge signals a wider truth about the sports betting industry — it is uniquely suited to emerge from the pandemic virtually unaltered.Between the lines: As the world remains largely shut down and people are stuck at home with little to...

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Jeff Tracy

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Sports betting stocks are surging despite the lack of live games

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