Big Week for Sports Betting Stocks as Election Results Arrive

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The presidential election has the attention of most US citizens on Tuesday night, but the sports betting industry was also making a move. Several states had ballot referendums on the table regarding the sports betting industry, and all of these measures saw plenty of support.

The election results in relation to the sports betting industry had stock prices rising throughout the industry, including DraftKings. On Wednesday, DraftKings stocks rose 1321 points as investors saw limitless potential in the industry. 

Entering Tuesday, there are 21 states plus Washington DC that have already legalized sports betting. A handful of other states were looking to join that group, and voters were thinking along those same lines.

Maryland was one of the most notable states with a ballot measure, and voters easily passed a referendum. Lawmakers in the state will now have to establish rules and regulations to guide the industry, but they have the green light to get things set up. dkcrowngrey

DraftKings is one of the biggest names in the sports betting industry, andit became a publicly-traded company earlier this year. The stock market prices have bounced around in the last year, but there is great optimism at this time. 

South Dakota Passes Amendment

Voters in South Dakota approved a constitutional amendment that will allow sports betting in the town of Deadwood. Deadwood is home to all of the casinos in the state, and now it will be the exclusive home of sports betting.

The entire state of South Dakota has been hit hard by the COVID-19 pandemic, and casinos in Deadwood were looking for a way to boost revenue. Allowing sports betting should help those casinos recover and will bring in plenty of money for the state.

Lousiana Sees Interesting Results

The state of Louisiana was also looking to legalize sports betting on Tuesday night, but the final decision was left up to each parish. Louisiana took a similar approach when looking to regulate daily fantasy sports, and the entire state has not been able to agree. New Orleans Saints

There are 64 parishes in Louisiana, and all but nine of them voted in favor of legalizing sports betting. This will allow lawmakers to come up with rules and regulations to govern the industry in those areas. 

Lawmakers still have a number of important questions to consider and answer, but it is clear that most citizens in the state favor the industry. 

Western United States Looking to Grow

Colorado and Nebraska also had gambling referendums on the ballot on Tuesday night, and both states saw overwhelming support. Colorado already offers sports betting, but Nevada is looking to help grow the industry in that portion of the United States. 

Voters in Colorado approved Amendment 77, which removes the limits on betting that are currently in place. Casinos can now offer a wide range of betting options, and bettors are not limited in their max wager. 

Nebraska voters approved three separate ballot measures that will help establish a casino industry in the state. 70% of the tax revenue generated from the new industry will provide property tax relief in the state.