DraftKings, Caesars and Penn National — here’s how sports-betting stocks performed in October

Many sports-betting operators are also publicly held companies. Some of these companies have non-sports betting aspects of their business, like entertainment and casino operations.

Here is how sports-betting stocks performed in October:

DraftKings

Shares of DraftKings Inc. DKNG, -4.61% dropped 7.85% in the month of October, underperforming a roughly 5% gain from the S&P 500 SPX, +0.42% over the same period.

On Oct. 13, DraftKings and the National Hockey League (NHL) agreed on a deal that would make DraftKings an official sports betting and daily fantasy partner of the league. DraftKings also announced it would be the official betting and daily fantasy partner of Turner Sports’ hockey coverage.

“The NHL has some of the most passionate fans in all of sports and we are delighted to be working with the league once again, while developing a rich and engaging viewership and content experience that matches this fanbases’ enthusiasm through our deal with Turner,” DraftKings Chief Executive Jason Robins said in a statement.

DraftKings also launched mobile betting in Connecticut and is reportedly in talks to purchase the sports media company The Athletic.

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Caesars

Shares of Caesars Entertainment Inc CZR, -6.84%. dropped 8.39% in October ahead of the company’s third quarter earnings report.

“We are encouraged by the early results from our rebranded Caesars Sportsbook launch and we are looking forward to launching additional states by year end and into 2022,” Chief Executive Tom Reeg recently said in a statement.

Penn National Gaming

Shares of Penn National Gaming, Inc. PENN, -21.08% dropped 8.9% in October ahead of the company’s third quarter earnings.

Penn also completed its acquisition of Score Media and Gaming Inc., also known as theScore, for $2 billion in cash and stock. Penn National is aiming to be a “one-stop entertainment destination,” according to the press release — theScore is the third most popular sports media app in Canada, according to the release.

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Wynn

Shares of Wynn Resorts Ltd WYNN, -2.55% went up 2.96% in October,

On Oct. 21, Wynn Resorts’ stock price target was cut by UBS to $101 from $119.

Earlier this year, Wynn’s online gaming organization WynnBet reached an agreement with the NFL to become an approved sports-betting operator for the league.

MGM

Shares of MGM Resorts MGM, -2.67%  increased 5.12% in October as they were upgraded to Outperform from Neutral at Credit Suisse

Analyst Benjamin Chaiken said the market isn’t giving MGM full credit for its “transformation” in 2021.

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The NFL season is one of the busiest times of the year for U.S. sportsbooks, as no sport has more bets placed on it than football. Many states, including Virginia, Colorado and New Jersey, have already set state betting records.

The Roundhill Sports Betting & iGaming ETF BETZ, -2.57%,  a tier-weighted index of global sports-betting & iGaming companies, is up 9% over the past three months, compared with the S&P 500, which is up 5.26% over that same period.