WynnBet App (WYNN) Is For Sale, CEO Cites Unsustainable Sports Betting Market – DKNG, PDYPY, MGM, CZR mentioned by James R. Wigen of Independent Financial Management

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Market Expectations in 2024?
My expectations for this year will be markets full of volatility, however, by the end of 2024, the markets will be higher from where they ended in 2023.

This growth will continue as long as the Technology Sector leads the way, and all signs are showing it will.

Part of the reason I think the markets will be higher, is due to 2024 being a Presidential Election year, which historically shows positive returns for the markets.

The sitting President will do everything they can to not allow a recession to form in 2024 ahead of his re-Election.

How can they do that you ask, one way could be to put a little pressure on the Federal Reserve to Add Liquidity to the markets, Aggressively cut Federal Funds Rate, which will keep investors excited for the future, and markets in rally mode.

In 2024, the volatility will come from Mediocre Economic Data causing markets to rise with anticipation Fed Funds Rate will be cut, followed by Mediocre Earnings Announcements with Lowered Forward Guidance by companies, causing the markets to decline.

Lowered Future Expectations by companies will worry investors that current stock prices can't justify Lowered Future Expectations, causing a market sell-off.

So, WHAT DO I DO YOU ASK, keep investing in Pre-Tax accounts, especially if you are in a 30%-40% Tax Bracket, like 401Ks, Solo 401Ks, SEP & Simple IRAs, sit in Cash / Money Market Funds & collect your 4.75%+ yield, and Very Slowly Buy Stocks Fitting Within Your Risk Profile on market declines.

Negative Markets create Opportunity, although at the time, it seems very uncomfortable to Buy!

If you are looking to Earn Additional Income from your portfolio this year, look into a strategy called "Selling Covered Call Options".

This strategy can be a great source used to create Income from Stocks you already own.

For Stock ideas, Contact Me and I Will Evaluate Your Risk Profile.
401K & Solo 401K / IRA / Roth IRA Contribution Limits for 2024
If you are under the age of 50, max contribution is $7,000 & if over 50 it's $8,000 for your IRA & Roth IRA.

Your 401K limit is $23,000 if under 50, $30,500 if over 50 years old.

For individual business owners, Solo 401K contributions in 2024 increased to $69,000 or $76,500 if age 50 or over.

Solo 401K contributions are based net- income from Self-Employment (i.e. you can't contribute more than you make).
How Much Should I Pay my Financial Advisor or Portfolio Manager?
The fees you will pay a Financial Advisor generally depend on how much money you are asking the Advisor to manage & whether part of those investment dollars include your 401K.

Try to avoid dealing with Financial Sales People who only want to charge you Commissions or try and Sell you A-share Mutual Funds.

Only a few months after launching an advertising campaign that featured the gigantic presence and personality of former NBA star Shaquille O’Neal, online sportsbook WynnBet is for sale. The move signals what may be a thinning out of the online sports betting industry, which currently has a crowded field of apps vying for market share, as reported by Dan Holmes.

My view, there is no doubt the online gambling companies will consolidate over the coming months, as many of the smaller companies will not be able to spend for new customers and compete with the bigger companies. I think this bolds very well for DraftKings, DKNG, Fanduel (PDYPY), BetMGM (MGM) & Caesar’s (CZR).

The online gambling business can’t support 10+ companies competing, however, with the expected revenue sports betting and igaming (which is playing casino games online) are projected to generate in the coming years, which could exceed 30+ billion. If this number is even close, a 25% market share for each of the four companies I listed above can provide for a very nice business.

For any company which does not offer brick and mortar locations, advertising will always be a large cost for the company, however, if sports betters and igaming customers would rather not travel to Casinos, use their mobile devices or television to place bets, not having brick and mortar costs of operations could be a tremendous advantage.

Many older people may not want to use mobile devices to place wagers, however, moving forward apps are now being loaded on your television, so it is not necessary to place bets on a little hand held device, it will be on your 60+” television screen.

Most people watch sports on large television screens now, and on those large screens you will be able to make bets, and purchase goods like sneakers while watching an NBA game or your favorite golfer’s shirt. The technology is all there right now to make it happen, and it will be available very soon.

It is all coming together right now, and in the end, there will only be a few winners when it comes to streaming, content creators, gaming, online sports betting and igaming. It makes sense to me the WynnBet app is for sale, they don’t want to move away from their brick and mortar business concept, however, we shall see in the coming years how many people find it more enjoyable and bet more often sitting at home instead of traveling to places like Las Vegas.

My guess is they will stay home, still go to places like Vegas to get out of the house occasionally, however, they will play more often at home than they did traveling to Casinos. Covid / Flu will never end, how people handle it moving forward will play an important part in at home gaming, sports betting and igaming.

All opinions expressed by James Wigen on this website are solely his opinions and do not reflect the opinions of IFP Advisors, LLC, dba Independent Financial Partners, (IFP). Investment Advice offered through IFP Advisors, LLC, dba Independent Financial Partners (IFP), a Registered Investment Adviser. IFP and Independent Financial Management are separate entities.

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WynnBet App (WYNN) Is For Sale, CEO Cites Unsustainable Sports Betting Market – DKNG, PDYPY, MGM, CZR mentioned by James R. Wigen of Independent Financial Management

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