The BETZ ETF’s Will Hershey On Legal Sports Betting: ‘It’s A Gold Rush’ – Benzinga

Roundhill Investments co-founder and CEO Will Hershey joined the Benzinga PreMarket Prep show this week to share his thoughts on the sports betting market and a look at some individual names. Roundhill company runs two ETFs that were discussed on the show: Roundhill Sports Betting & iGaming ETF (NYSE: BETZ) and Roundhill BITKRAFT esports & Digital Entertainment ETF (NYSE: NERD).

The US Sports Betting Market: “Gambling is the largest form of entertainment globally,” Hershey said.

A 2018 Supreme Court ruling overturned the ban on sports betting in the U.S., leaving it to states to legalize and regulate the market. 

“The excitement is all about the U.S. market,” the Roundhill Investments CEO said.

“This is a new phenomenon in the U.S. It’s a gold rush.”

Sports betting, esports and entertainment are “all a play for eyeballs at the end of the day,” he said. 

The U.S. market is still new to pure play sports betting names when compared to international markets. DraftKings Inc (NASDAQ: DKNG) only went public this year.

Penn National Gaming (NASDAQ: PENN) is trying to become a “digital first platform,” Hershey said.

“The story shifted overnight when they invested in Barstool Sports.” 

Sports Betting Catalysts: Additional states legalizing sports betting is a catalyst for the market that could push sports betting names higher, Hershey said.

It’s a way for states with budget deficits to collect substantial tax revenue, the CEO said. 

The market may still be playing catchup after months of uncertainty