Excerpt from Sports Illustrated quoting DataTrek’s Nick Colas and Jessica Rabe:
…. “It’s been well documented that sports bettors seeking action during the sports hiatus have turned to horse racing and online casino games. A recent DataTrek Research report indicates that a portion is also testing their luck in the stock market. The firm’s co-founder, Nicholas Colas, pointed out that between March 1st and April 29th “data from [the] online broker Robinhood shows a 40% to 120% increase in accounts holding Ford (+99%), Disney (+122%) and other names” (including: GE (+99), GoPro (+51%) or Aurora Cannabis (+43%); the top 5 positions among platform’s users)…
…It’s fair to question if the influx of risk-taking investors on Robinhood’s platform over the last two months is indicative of activity across the U.S. markets at large. As Jessica Rabe noted the company has “a mostly millennial user base.” But DataTrek Research’s other co-founder says the inclusion of Delta Airlines and Carnival Cruise Lines “within the top ten positions among the online broker’s users aligns with Google search volume data for ‘buy stock’ over the last 90 days (the most commonly related queries refer to the airline/cruise sectors)“….
Read the full article here in Sports Illustrated!