Penn shares are trading higher amid strength in sports betting stocks. Sports betting stocks gained amid optimism that taxes will not be introduced into New Jersey's 2025 budget which closes on June 30th. Also, the U.S. Supreme Court denied the petition to hear the Florida sports betting case, which may accelerate other state launches.
Portfolio Pulse from Benzinga Newsdesk
Penn shares are trading higher amid strength in sports betting stocks. Optimism is driven by the expectation that New Jersey will not introduce taxes on sports betting in its 2025 budget and the U.S. Supreme Court's decision to deny hearing the Florida sports betting case, potentially accelerating other state launches.
June 17, 2024 | 7:23 pm
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Penn shares are trading higher due to optimism in the sports betting sector. This is driven by the expectation that New Jersey will not introduce taxes on sports betting in its 2025 budget and the U.S. Supreme Court's decision to deny hearing the Florida sports betting case, which may accelerate other state launches.
The news directly impacts Penn shares positively as it boosts investor confidence in the sports betting sector. The lack of new taxes in New Jersey and the potential for accelerated state launches due to the Supreme Court's decision are significant factors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100