A record of nearly $16 billion U.S. was bet on this year’s Super Bowl as more jurisdictions in the U.S. and Canada legalize sports gambling.
The American Gaming Association says that preliminary data shows about 100 million bets totaling more than $15 billion U.S. were placed on the National Football League’s (NFL) championship game between the Kansas City Chiefs and Philadelphia Eagles.
Online gaming companies such as DraftKings (DKNG), FanDuel, and BetMGM (MGM) all stood to benefit from betting on the big game.
Those gaming companies spent heavily to market themselves in the lead-up to this year’s Super Bowl, with advertisements featuring actor Jamie Foxx for BetMGM and comedian Kevin Hart pitching DraftKings to consumers.
The gaming companies also advertised themselves during this year’s game, with DraftKings unveiling a new ad featuring Kevin Hart and FanDuel recruiting former NFL tight end Rob Gronkowski to kick a field goal on live TV during the Super Bowl.
The gaming companies and their stocks could use a boost. DraftKings’ stock has risen 45% this year in the lead-up to the Super Bowl but remains down 28% over the last 12 months.
Two other gaming stocks, Caesars (CZR) and Penn Entertainment (PENN), which has a stake in Barstool Sports, have each seen their stocks plunge more than 30% in the past year.
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