It is without a doubt that the sports betting industry has witnessed exponential growth in the last few years. Globally, sports betting has prevailed for decades via conventional land-based establishments. But, in this era of digitization, things seem to change in the virtual space.
Reversing PAPSA and Covid-19: Causes of focus on online sports betting
With the historic SCOTUS ruling that repealed the PAPSA, the US has lifted the federal ban that prohibited sports betting. Now, the states can impose their own legislation for online and physical sports betting.
With increasing bettors interested in wagering, the revenue of the sports betting market in the United States is projected to cross more than $8 billion by the year 2025. Apart from Nevada, New Jersey covers the biggest market for sports betting.
Now, with the combination of the disastrous pandemic, people have shifted their focus on online betting more than ever. Now choosing the right betting site can be a tough decision due to promotions and more and more betting companies going public. Luckily, SBS reviews the best US sports betting sites and has put together a definitive list of the very best and trusted online sports betting sites in the business for bettors as well as investors looking to invest in these companies.
List of the best sports betting stocks
If you are looking to invest and expand your investment portfolio, check out the following sports betting, online cricket betting,poker,casino and lottery stocks.
● Churchill Downs
Established in 1875, Churchill Downs owns the renowned Churchill Downs horse racing track. Situated in Louisville, the track hosts the immensely successful event – the Kentucky Derby. With a history of 146 years, Kentucky Derby is one of the highest viewing US sports events with an average spectator of 150,000.
Apart from this, Churchill Downs also owns casinos, racing properties, and online sports wagering platforms. Currently, the company boasts of an $8.76 billion market cap. Though it did get hit the stock crash of 2020, the stock has risen quickly. It has seven sportsbooks and had revenue of $105 billion in 2020, along with 83 cents as EPS.
● DraftKings
One of the most popular sports betting stocks in this pandemic is DraftKings. Since it hit the market in 2018, it has grown exponentially. For 2020, the shares of DraftKings increased by 406%. While previously, the cost of each share was $9.80, it has now soared to $60 for each share of DraftKings. With numerous partnerships with casino companies, the operator now offers retail or physical sports betting too.
The Boston-based virtual gaming and sports entertainment company offers betting on weekly and daily fantasy sports. It extends to five of the most popular sports in the US – NBA, MLB, PGA, NFL, and NHL.
● Caesars Entertainment
If there is anything such as a conventional resort and casino stock that doubles up as sports betting stocks too, Caesars Entertainment fits the bill. The multi-billion company came into existence in 1937 and has raked up huge profits over the years.
The CZR stocks rose up to 400% in the last year, making it tempting. Hover, the risk associated with it is undeniable. The major reason is the profit outlook of the company along with the debt profile. Moreover, the stock has a more than 5.2 debt-equity ratio. If you want to invest in Caesars Entertainment stocks, study them extensively.
● MGM Resorts International
With a market capitalization of $20.68 billion, MGM Resorts International is a major player. The globally renowned entertainment and hospitality company has various destination resorts all over the US. Moreover, it is also integrated into both mobile and in-person betting. It is undoubtedly one of the best sports betting stocks now. To deal with the losses due to the lethal covid-19, the company has launched BetMGM, a sports betting application.
BetMGM has made its way to different US states within a very short period of time. Moreover, they have also brokered a deal with the Philadelphia 76ers as their official sportsbook. It is true that the stock struggled due to the closing of resorts as a result of the lethal pandemic spreading. However, vaccination has led to the opening of venues, leading to the rise of stock prices again.
● Boyd Entertainment
Popular for its casino portfolio, Boyd Entertainment is slowly making a name for itself in the online cricket betting market. With their very own app for sports betting called B Connected Sports in Nevada, the company hopes to attract more bettors in the market. Moreover, the Las Vegas-based company also has shares in FanDuel.
Apart from these, the company displays a massive portfolio of casinos, racetracks, and resorts in different states. With the closing of the venues due to the pandemic, the stock prices plummeted. Now, with the opening of venues and vaccination, the stock prices have started to climb.
● Scientific Games Corporation
Another impressive sports betting stock that you can indulge in 2022 is the Scientific Games Corporation. The company offers different sports betting such as interactive sports, lottery, and more. Moreover, it also provides game content, draw-based free online lottery games, etc. With such a wide range of services, the stock rates are expected to rise even more.
Future of online sports betting
With the addition of more US states legalizing sports betting, the revenue for the online sector rises. This will definitely contribute to the increase in stock value and overall ROI for the betting companies. However, if the online sports betting market grows at this rate, it could pose a great deal of competition to the land establishments.
Apart from providing a massive profitable opportunity to the companies, the legal aspect of sports betting also benefits investors. However, it is vital that you conduct extensive research before deciding to purchase any sports betting stock.
For More Information Visit Here:- Cricket Betting Tips
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