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Voters in three more states agreed to legalize wagering on sporting events, bringing the total to Now that they're competing in earnest for tax and tourism revenue, many of the remaining states could soon follow suit. At stake is a piece of a multi-billion dollar market growing at a double-digit pace. Smart investors should be sizing up prospective plays. Granted, many remain unprofitable, and all are relatively expensive. That's not unusual, however, on the cutting edge of budding trends.
Here's a non-exhaustive list of three sports betting stocks with better-than-even odds of paying off. It's the poster child of the sports betting movement -- and for good reason. Fans can find some "action" on a daily basis as the company facilitates wagering on football, basketball, soccer, golf, and more.
It even offers betting on eSports video game League of Legends. The premise of fantasy sports is a relatively easy one to understand, and a mobile app means users can make bets anytime, anywhere. As such, DraftKings is perfectly positioned to secure a sizable piece of this market. The two companies are integrating their digital platforms and will assist one another in promoting them.
It's difficult to say how much additional business this might produce for DraftKings, but just as ESPN is the undisputed king of sports television, it's also the bully of the digital sports world. Even if only a fraction of them are interested in betting on sports, that's still a lot of growth potential.
For perspective, DraftKings says the number of unique monthly bettors it serves is just now topping one million. It also operates a handful of horse racing tracks and is even the name behind a couple of betting apps.
Shutdowns stemming from the coronavirus contagion took a toll on its business, to be sure. But analysts are expecting a quick recovery. It's seemingly just another sports commentary site but a big one. Barstool Sports reportedly draws a crowd in excess of 65 million unique visitors every month, and perhaps more importantly, it's a potential stepping-off point for sports wagering.
Ergo, Penn helped Barstool establish an online sportsbook in September of last year. While it's only accessible in Pennsylvania right now, Penn is clearly looking to leverage the brand name going forward. Michigan is already lined up as a market for the Barstool Sports betting app, and Indiana and Illinois are on the radar as well.
In the meantime, Penn plans to build Barstool-branded areas within its casinos, widening its prospective reach. You read that right. While fuboTV is a streaming cable media play, it's a sports-minded one. The company describes itself as "the world's only sports-focused live TV streaming service with top leagues and teams" and bolsters its sports content selection with league-specific offerings. The model is working too. FuboTV picked up nearly , paying customers during the quarter ended in December, despite the nationwide cord-cutting movement.
So what's that got to do with sports betting? It's another story being buried by more riveting headlines, but fuboTV is also wading into sports wagering. The merged business, which Reeg runs, owns and operates more than 55 casino properties in 16 states with a loyalty program that's 60 million strong. Eight of these casinos are on the Las Vegas Strip.
Reeg said in the company's Q2 conference call that a decision on its iGaming and sports betting operations could be made before the end of the year. The sign of a resilient stock is one that's able to deliver positive results despite everything going on around it being anything but ordinary.
In , the Belmont went first in June, the Derby was second in early September, and the Preakness will be run on Oct. The Derby's break with tradition didn't end there — it was held without any fans in the stands, so no grand hats, no mint juleps. But longtime owners of Churchill Downs stock have become accustomed to such returns. Over the past decade, CHDN shareholders have enjoyed an annualized total return of One of the reasons for these above-average returns is its diversification of revenue streams to include online wagering for horse racing through TwinSpires.
CHDN is as resilient as sports betting stocks come. Look for Churchill Downs to continue to benefit from the boom in sports wagering. It provides both real money and simulated iGaming and sports betting software and gaming applications to these casinos. The U. GAN's stock currently is on a downswing, however. That's amid speculation that a deal signed to provide simulated gaming content to Penn National's Mychoice loyalty program was overshadowed by the launch of Barstool Sports' sports betting app in Pennsylvania.
On Aug. Despite getting lost in the shuffle of these other sports betting stocks, GAN's business shows significant traction in both simulated and real money iGaming. Any further declines in its stock price would present a buying opportunity that hasn't been seen since its IPO in May. What's the Standard Deduction for vs.
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Esports Entertainment Group is toward the opposite end of the spectrum as far as size is concerned. This Malta-based company, which, as its name implies, facilitates betting on esports, is also given an overall rating of B. Esports is a growing area with secular long-term tailwinds, and GMBL was smart to rebrand with the esports moniker in Prior to the move, the company spent the first nine years of existence under the name VGambling.
This Toronto, Canada-based sports-betting stock was founded in It offers traditional casino games like poker and slots. Caesars Entertainment, like Churchill Downs, is a blue-chip name among the sports-betting stocks. The Las Vegas-based casino and resort company, founded in , has 49 casinos, 40, hotel rooms, 38, slot machines and over 2, table games.
Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system — with returns rivaling even Warren Buffett. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters. Log in.
Log out. About Us Our Analysts. Since the Supreme Court's decision allowing states to set their own rules on sports gaming, 25 states have legalized it in some form. Three more states have pending legislation that could open up gambling in those states too. For an industry that was all but outlawed just a few years ago, this is one of the most exciting growth sectors now as the people have spoken, and companies are racing to meet the demand. This is a fantastic development for casino stocks, but plenty of other companies are getting into the ring, including sports betting apps and e-sports companies.
The future of sports gambling will mean incredible growth rates for sports betting companies and huge potential profits for investors in these companies. The obvious first stock is DraftKings Inc. DraftKings is known for its daily fantasy sports games, where players compete against each other by choosing players they think will have the best performance each game.
But DraftKings is expanding into betting too. It's currently offering sports betting services in seven states, including the massive New York and New Jersey markets. Its daily fantasy sports products are available in eight countries internationally with 15 sports categories. Daily fantasy sports games are available pretty much everywhere in the United States. This gives DraftKings something of a captive audience to market to when states begin to allow online betting within their borders.
The fantasy sports game is risk-free for DraftKings as prize pools are a function of how much players have bet. Draft Kings is merely taking an administrative fee off the top. That's in contrast to traditional sports books, where a major upset could lead to major losses for the casino.
As more states allow sports betting and other forms of gambling, DraftKings will be well-positioned to move fantasy players over to the platform's gambling apps. The long-term outlook is much brighter than the short-term sell-off is accounting for right now. Sports betting and online casinos will continue to spread across the United States. Penn National Gaming Inc. It is a big player in sports betting as it currently operates live sports betting at its properties in Indiana, Iowa, Mississippi, Nevada, Pennsylvania, and West Virginia.
That makes it one of the key players in the industry, but the reason this is one of the best stocks to own in this space is because of Barstool Sports. Barstool started as a sports gambling newsletter and has grown into a massive sports entertainment operation. Barstool Sports caters to young sports fans and gamblers with a legion of podcasts, social media feeds, and even a radio show on SiriusXM. The upstart company's success has knocked industry stalwart ESPN off balance.
Joining Barstool's image and audience with a sports gambling app could do wonders for Penn National. Penn National has a sports betting app that's approved in Pennsylvania and will spread across the country over the next few years. That should continue to drive the stock price higher. Join the conversation. Click here to jump to comments…. Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University.
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