The Odds Are Looking Good for This Cathie Wood Favorite Stock in 2024

For years, gambling was widely considered to be a vice industry akin to alcohol or tobacco. But over the last few years, a specific form of gambling -- sports betting -- has started to become more mainstream. This shift largely has to do with the rise of mobile sports betting apps.

If you watch sporting events on television, it's nearly impossible not be bombarded with advertisements for apps such as FanDuel, PointsBet, (NASDAQ: DKNG), and many others. Sports betting companies are leveraging former athletes, celebrities, and social media influences to promote their apps and normalize the once-negative stigma around gambling. This strategy appears to be working, and DraftKings has been a major beneficiary.

Last year the stock surged over 200%, handily beating the S 500. Wall Street is taking note, and one major investor in particular likes DraftKings' long-term odds.

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Source Fool.com