- 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.
- Visit Business Insider's homepage for more stories .
Dave Portnoy says the day-trading revolution will slow down once sports return and people go back to work, but gambling analysts aren't so sure
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.
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."
Read more : Aram Green has crushed 99% of his stock-picking peers over the last 5 years. He details his approach for finding hidden gems and shares 6 underappreciated stocks poised to dominate in the future 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." Online platform Robinhood has seen a surge in account openings, with more than 3 million new accounts created this year. Robinhood has more than 13 million users, with an average user age of 31. "With a potential second COVID wave, the election in November, trade wars and global politics, the market never has an offseason. You might see less volume, but the return of sports alone won't distract new traders. People will trade during the day and bet on sports at night," Emeterio added. Emeterio is not alone. Read more : Morgan Stanley handpicks 10 stocks to buy now for the richest profits as travel and outdoor activities transform in the post-pandemic world Denis Ehling, business litigation partner at Blank Rome, said: "I would certainly expect some punters to remain active in the stock markets, if only because the stock markets offer different opportunities for big gains (and big losses) than what is available in the typical sports betting markets." End of brick and mortal model? Experts also pointed out that the risks of a second wave of infections hitting the US is going to lead to fewer people going to casinos and force operators to change their digital models. Emeterio said: "The pandemic and this experience away from conventional sports betting will create real demand for more market-focused sports betting options. " Ehling said: "One thing that has clearly happened as a result of the pandemic is that, in the US, regulators have realized that, even if there are events to bet on, sports betting stagnates if punters need to visit their local bricks-and-mortar casino to sign-up (or, worse yet, to effectively fund their accounts). " He added: "One lasting change I think we will see is efforts to make it easier for punters to do both of those things, couched as well with an understanding that increased access means increased chances for a number of people to experience problem gambling." NOW WATCH: Tax Day is now July 15 this is what it's like to do your own taxes for the very first time See Also: Dave Portnoy, the poster child of the day-trading boom, told us why he thinks Warren Buffett is 'past his prime' and was wrong to ditch airline stocks Top strategists from Morgan Stanley and Schwab lay out how to trade an upside-down market MORGAN STANLEY: The best-performing stocks for the end of recessions are loaded for surprising gains in the second half of the year. Here's what to buy now so your portfolio is ready.
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