This Sports Betting ETF Has Doubled in Less Than a Year and Could Still Rise Higher

One of the best markets to invest in right now is sports betting. As more states permit betting on sports, it is one of the most promising growth areas to invest in both in the U.S. and around the world.

Analysts from Technavio project that the global sports betting market will be worth more than $134 billion by 2024, growing at a compounded annual growth rate of close to 10% during that period.

And if you're not sure which betting stock to invest in to tap take advantage of that potential, Roundhill Sports Betting & iGaming ETF (NYSEArca:BETZ) may be the best solution for you. The fund has doubled since its inception in June of last year. And with many growth opportunities still out there in the industry, it may not be too late to invest in this ETF.

The fund holds some of the more notable betting stocks, including Penn National Gaming (NASDAQ:PENN) and DraftKings (NASDAQ:DKNG). Penn shares are up 707%, and DraftKing ahead 322% over the past year. They each account for more than 4% of the fund's holdings.

With a net expense ratio of 0.75%, this ETF won't eat up much of your overall returns. It is currently trading around its 52-week high and that's with the pandemic limiting sporting activity and fan interaction in the past year.

If the sports world goes back to normal in 2022, there could be a lot of room for the ETF to rise in value as sports betting companies could benefit greatly from what's likely to be a surge in activity levels.