Online sports betting is becoming more and more popular among youth now a days. With its popularity new amended rules has been placed in several states of US and Canada to legalize sports betting. As the market for online gaming and betting industry is growing up multi- fold times with passing days, most of the states has eased out the gambling restrictions. So as an investor if you want to invest today for the future there is no option better then this growing Sports betting Industry. Let’s have a quick look on Top 5 Sports betting stocks for 2023 which can provide you a good return if you invest today.
Penn Entertainment, Inc.
It is a largest American operator of casinos and racetracks based in Wyomissing, Pennsylvania. It operates more than 40 facilities in the USA and Canada. The company also holds 36% stake in Barstool Sports. In Feb 2022, the company also announced a strategic partnership with Sports Betting Exchange. Most of its Casinos are under Hollywood Casino brand. The main revenue of the company comes from five largest U.S. markets: New York, New Jersey, Indiana, Pennsylvania, and Michigan. This company is more profitable as compared to its peers due to its confined business. As per Stocks Analysts the Core growth and Outlook of the company is strong for 2023. BoA has given a “BUY” rating for this stock with a target of $60.
It’s a listed company in NASDAQ with name DKNG. It is an American Sports betting company which also organize daily Fantasy sports contest. This company covers major sporting events across US and Canada like NFL, NHL, MLB, NASCAR auto racing, CFL and UEFA Champions League football also. Individual users can play daily and weekly fantasy sports on any of these ongoing events and can win Real money. In August 2018 DraftKings launched DraftKings Sportsbook in New Jersey and became the first legal mobile sports betting operator in the state. In May 2022, the company also acquired Golden Nugget Online Gaming- A operator dealing in online casino and sports betting. DraftKings is a pure play of Online gaming in US having around 25 % of the market share. The growth of the company remains robust as more states are legalizing the Sports betting. Bank of America has given a “neutral” rating for DKNG stock with a target price of $25.
MGM Resorts International
It’s listed in New York Stock exchange under name MGM. It’s one of the biggest Casino operators in US and Macau. The company operates global hospitality, entertainment, and Casinos through its various subsidiaries. It has Casinos and Resorts on some of the prime location of US like Las Vegas, New Jersey, and Mississippi. BetMGM- the sports betting division of MGM’s says its on right track to acquire 20 % of the US Online game betting market. MGM is also going to open two new hotels in 2022 and 2023 to support the growth. In addition, BetMGM is not yet profitable and BoA has given a target of $55 with a ‘Neutral” rating. The Stock is currently trading at around $33.
It’s an American hotel and casino entertainment company which trades at NASDAQ with name CZR. It operates more than 50 Casinos in US. It also owns the Caesars Sportsbook app which contributed around 12 % of gross gaming revenue from top 5 US Markets. The company is aggressively marketing its online sportsbook to acquire more market share. However, it also caused a significant loss to the company in First fiscal Quarter of 2022-23 which prompted the management to shift its focus from national advertising campaigns to a more tactical approach. Analysts predicts that this stock will turnaround the things rapidly and could be a Jackpot stock. With Current levels around 39$ make this stock very lucrative and BoA has a strong ‘BUY” rating on this stock for potential upside.
Churchill Downs Incorporated
It’s an American Public traded company operating in horse racing, Casino, and Online game wagering. It is listed on the NASDAQ as CHDN. It is one of the most profitable companies in the horse racing industry. It’s earning growth is expanding YoY and company posses a unique and differentiated Portfolio. In February 2022, Churchill Downs acquired Peninsula pacific entertainment for $2. 5bn.This included Churchill Downs to gain assets in Virginia and New York. Analysts says this deal will also boost the organic growth of the company. BoA has a buy rating with target price of $285 on this stock, which closed at around $197 on October 7,2022.
So, Investors don’t wait- Just Invest Today on any of these Future Stocks to get gain for upcoming years.