PayPal targets online sports betting

Article Excerpt

PAYPAL HOLDINGS INC. $90 (Nasdaq symbol PYPL; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 1.2 billion; Market cap: $108.0 billion; Price-to-sales ratio: 7.3; No dividends paid; TSINetwork Rating: Above Average; www.paypal.com) processes online transactions, including purchases made through eBay’s websites. The company has formed a new alliance with DraftKings, an online sports betting website. As a result, DraftKing clients can now use PayPal to make bets and receive payments. The U.S. Supreme Court recently lifted 26-year-old limits on the U.S. sports betting market. Even so, many banks refuse to process betting transactions made through their credit cards. That gives PayPal an opportunity to take advantage of this rapidly expanding market. PayPal is a buy. buy…

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