Sports are often aptly referred to as the “candy store of life.” That said, the lack of our sugar fix was apparent in the initial months of the novel coronavirus pandemic when live sports went dark. And for investors in sports betting stocks, they were missing another kind of fix.

However, the lack of live sports was creating a more pressing issue for many states. Already faced with budget shortfalls due to a lack of economic activity, states that had legalized sports gambling were not getting that revenue. There was nothing to bet on (except stocks, but that’s another article).

The particular irony of this dilemma was even more evident since the majority of sports bets can be placed from a desktop or mobile device. And online betting is the preferred way for customers to place their best. As of November 2020, nearly 94% of the $931.6 million wagered in New Jersey sportsbooks was done online.

Currently, more than a dozen states have legalized sports betting, but that number is going to rise. In fact, a handful of states have recently passed laws but do not have the infrastructure in place to support betting.

Overall, there’s a simple reason for the growing interest: States need the tax revenue.

As a case in point, New York Governor Andrew Cuomo is proposing legislation to authorize mobile betting in the state of New York. If the proposal passes, analysts believe it could make New York home to the largest sports book in the U.S., worth nearly $1 billion in taxable revenue.

With all of that in mind, here are eight sports betting stocks that give you different ways to play the sector:

• DraftKings (NASDAQ:DKNG)
• Flutter Entertainment (OTCMKTS:PDYPY)
• MGM Resorts (NYSE:MGM)
• Penn National Gaming (NASDAQ:PENN)
• Boyd Gaming (NYSE:BYD)
• Caesar’s Entertainment (NASDAQ:CZR)
• ESports Entertainment (NASDAQ:GMBL)
• Scientific Games (NASDAQ:SGMS)

Now, let’s dive in and take a closer look at each one.