Wednesday, August 12, 2009

Dover Downs Gaming & Entertainment Inc (DDE)

DDE operates Dover Downs racino, one of three slots casinos in Delaware. Delaware casinos will soon be adding sports betting and table games, which could significantly enhance revenues.

Professional sports leagues and the NCAA are suing to stop the spread of sports wagering to Delaware. But on August 5th a federal judge refused to issue an injunction, and the casinos appear to be in the clear to begin taking wagers before the start of the NFL season.

Update (8/15): AP reports that a federal appeals court will expedite a hearing on the dispute over sports gambling between the state of Delaware, professional sports leagues and the NCAA. Oral arguments will begin on Augut 24th. Story from philly.com. Story from USA Today.

Update (8/24): Judges have apparently ruled against Delaware today and single-game betting will not be allowed. Delaware casinos will still be adding table games, and presumably multi-game bets (parlays and teasers) will be allowed. I have closed out my position. Chart updated 8/24.


DDE Trading History:
July 24th, bought DDE for $5.60.

August 24th sold DDE for $6.75 (+20.3%)

Current position:
None.

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