Wall Street debates whether the sports betting market will be big enough to support the stocks

The entrance from the elevators, designed to resemble a tunnel entering a stadium, is pictured at the new DraftKings office in Boston on March 25, 2019.
David L. Ryan | The Boston Globe via Getty Images

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Everyone on Wall Street seems to agree that sports betting is about to become a big business, but how big is a matter of debate.

Estimates of what the total addressable market for sports gaming will be in a decade vary widely among analysts and investors. The midpoint is in the range of $20 billion annually, supported by firms like Cowen and Credit Suisse, but projections can swing by 50% or more in either direction.