DraftKings, Penn Rally as Analysts Assess N.Y. Gambling Bills

DraftKings and Penn National rallied to session highs as Wall Street analysts weighed in on New York’s push to legalize online sports gambling in what would become the most-populous state yet to allow mobile bets.

• PENN, a minority owner of Barstool Sports, rose as much as 7.7% while DKNG jumped as much as 5.2%
• Joint bills filed by N.Y.’s state house and Senate take a “very different form than the implied single/minimal operator(s) and high tax set out by Cuomo,” Credit Suisse analyst Benjamin Chaiken wrote
  • Says that similar bills have been introduced and failed in the state before ...