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Reproduced from CivicScience; Chart: Axios Visuals

Sports betting stocks have been some of the best performers on the market this year, with DraftKings shares up 466% and Barstool Sports-backed Penn National up 176%.

The state of play: A new survey from CivicScience, provided first to Axios, shows sports betting likely has a great deal of growth potential. But much of that may be baked into already-lofty shares prices.

What's happening: Despite a national advertising strategy by the sector's big names, users are only permitted to bet on sports through the apps in one of the 18 states plus Washington, D.C., that have set up fully operational legal sports betting.

  • The CivicScience survey shows a large number of people in those states are still unaware of the apps.

Yes, but: Penn National and DraftKings' shares have been battered in recent days after a report from Deutsche Bank that threw cold water on the growth potential for the sector, spotlighting Penn National as being afforded “far too much credit” by investors based on “a lot of unfounded expectations.”

  • Penn's stock has fallen 14% since the Oct. 1 note was released and Draft Kings has seen a 12% decline.
  • “There has been little to no incremental legislation that advanced the iCasino or sports betting agendas in the U.S.,” and even less to back expectations for a doubling of the total addressable market (TAM) for sports, Deutsche analysts argued in the report.

With awareness still this low in the states that do offer sports betting, the companies' may not need immediate incremental TAM expansion to continue a torrid pace of growth in the medium term.

  • And as Axios' Kendall Baker reports, four other states have passed bills legalizing sports betting this year but are not yet operational, and nine more states have pending legislation on the matter.

Go deeper

Sep 4, 2019 - Sports

The NFL's slow embrace of sports betting

Photo: Ethan Miller/Getty Images

The NFL is embracing sports betting this season in ways that it never would before the Supreme Court legalized the activity across the nation in 2018.

Why it matters: Last September, the NFL called for Congress to step in and regulate legalized sports betting. This September, the NFL is opening its season with a full-fledged casino partner (Caesars) and an official data distributor (Sportradar) for the first time ever.

Dec 15, 2020 - Economy & Business

Sports podcast company Blue Wire raises $5 million Series A

Photo of Blue Wire CEO Kevin Jones, Photo credit: Olivia May

Blue Wire, a sports podcast company, has raised $5 million in its series A round, founder Kevin Jones tell Axios.

Why it matters: The company, which focuses on long-form sports narrative podcasts and conversational podcasts, now hosts more than 140 podcasts with over 20 million downloads for the year. It has $1.5 million in 2020 revenue via sponsorship partnerships via brands like Chevy and Visa.

Kendall Baker, author of Sports
Jun 26, 2020 - Sports

Universities cut sports teams, as they struggle with coronavirus fallout

Illustration: Aïda Amer/Axios

As universities scramble to survive the financial fallout of the coronavirus, sports teams are being cut, abruptly ending thousands of student-athletes' careers and exposing a collegiate sports model that many believe is broken.

Why it matters: With concern about the fall football season growing by the day, the fear is that the cuts have only just begun.