March Madness officially kicks off today…

For many, this is the very best time to be a sports gambler.

Frat guys flock to Las Vegas to drink Coors Lights tallboys and fight over leather chairs at casino sportsbooks, jockeying for the best spot to scream at multiple TVs at the same time.

Elsewhere, people all over the country scramble to pick that magical Cinderella team that’ll make an unexpected tournament run.

And now that sports betting can be done from the palm of your hand, millennials are all trying to hit that 15-team parlay from their parents’ basements – which would give them the payday of a lifetime.

Sure, it’s all very exciting.

The anticipation of a life-changing payday is enough to intoxicate even the most recreational of sports gamblers.

But here’s the painful truth…

If you filled out an NCAA bracket, the odds of it turning out to be absolutely perfect are 1 in 9 quintillion. So enjoy your clean sheet while you can – because the red X’s will start popping up this afternoon.

As a trader, there’s a better way to play March Madness – and it comes in the form of Penn National Gaming (Nasdaq: PENN).

This stock has been undervalued for quite some time. It was trading for $75 last November but has now fallen down to $40.

Could this be the bottom? I think the answer is yes.

As you can see below, Penn has tested – and bounced off of – its $40 support line three times since February.

I’d rather expect a winning trade by playing a confirmed 3X support bottom than try to pick a clean NCAA bracket.

Action Plan: The tipoff of the NCAA tournament should be a positive catalyst for Penn – and the jolt could last for the remainder of this month. Throw in the fact that the Major League Baseball season has been saved and is set to resume, and that just makes the case for Penn even stronger. Target a move to more than $50 by the end of spring.

P.S. This Is Your Absolute Last Chance: $500 Friday Is Tomorrow!

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