When the world of sports came to a screeching halt in March due to the coronavirus pandemic, sports gamblers needed something to do. Many, it turns out, turned to day trading on the stock market. Now, as sports slowly return, two questions remain: Will that trend continue? And how'd the betters fare?
Sports Illustrated gambling expert Frank Taddeo tells TheStreet that it's risky business moving from one sector—sports gambling—into something entirely new like the stock market.
"A lack of pro sports betting and casino availability, as well as more time to watch the markets as well as stimulus checks, they've all added to a rise in day trading during the pandemic," said Taddeo. "But Wall Street is harder to beat than the sportsbooks."
In fact, even CEOs have had a hard time of it, according to an anecdote Taddeo shared.
"Dave Portnoy, founder and CEO of Barstool Sports, says he has dipped into the market to get a sense of the competition and fill the void while pro games were on hold," said Taddeo. "But Portnoy has taken an absolute beating. Back in April, he's on record as stating that his trading account was down to the tune of $647,000."
According to Taddeo, sports better win 55% of the time, whereas day traders see much worse results.
Either way, this issue may be coming to an end as sports begin to see a light at the end of the tunnel. And of course, if gamblers are near Nevada, they can head to the casinos in Las Vegas which reopen on June 4.