Shares of online gambling stocks were all the rage in 2020 and 2021 as sports betting spread across the U.S. and growth seemed to be unstoppable. DraftKings (NASDAQ: DKNG) and Rush Street Interactive (NYSE: RSI) went public with much fanfare, and companies like Penn National (NASDAQ: PENN) surged on online gambling speculation as well. 

But online sports betting and iGaming have been much harder to make money at than investors thought. Looking back, this wasn't a very good business to invest in and there are some things we can learn from these poor-performing stocks. 

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Source Fool.com