Dave Portnoy, the poster child of the day-trading revolution, warned that it may come to a rapid halt once people with regular nine-to-five jobs return to work, and sports returns.
In an interview with Business Insider, Portnoy said: “It’s probably a lot harder to be day trading and paying attention to the stock market when you have a normal nine to five job.”
However, industry analysts disagree.
“There is no reason to think there will be some mass exodus once sports come back,” one analyst told Business Insider.
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As casinos begin to open up this month, Dave Portnoy, the founder of Barstool Sports said he is eager to flock back to the sports betting industry, but market players don’t think he will be returning to the same industry that he left before COVID-19 kicked-off.
The sports bettor turned investor turned to day trading and the stock market, in the same way as other bettors have when the novelty coronavirus pandemic brought sporting events to a halt.
Portnoy told Business Insider in an exclusive interview via Zoom last week: “I don’t think COVID-19 will affect sports gambling at all. And I think a lot of people will be in my shoes where they’ll have to go back to work. So, uh, it’s probably a lot harder to be day trading and paying attention to the stock market when you have a normal nine to five job,” he said.
Penn National Gaming, which bought a 36% stake in Barstool Sports earlier this year, is working to open its casino and gaming operations in the same way as several other casinos across the country are.
In recent weeks, Portnoy has become the poster child of a surge in day trading that has helped push markets to record highs, and led some to speculate that the next great bubble may be inflating in the markets.
Portnoy has gained widespread attention for his aggressive style and bombastic videos under the nickname “Davey Day Trader.”
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But industry players think what began as a pastime for many sports fans in the absence of any live action may become a somewhat permanent part of sports bettors’ lives.
Scott San Emeterio, chief executive and founder of of BallStreet Trading, said: “Robinhood started a movement by focusing on the next generation of potential traders. They changed the status quo by focusing on a more gamified experience to attract younger traders. We are seeing a retail revolution within technology that makes it easy, accessible and fun to trade.”
Emeterio pointed out given the number of new accounts and volume across the retail trading space, “there is no reason to think there will be some mass exodus once sports come back.”
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Source:: Business Insider