Top 10 Gambling Stocks to Watch Now
There’s no doubt that the one thing that saved casinos, during the COVID-19 pandemic, was and is online gambling and/or online casinos. The lockdowns seriously crippled much of the American industry and casinos were a big part of that.
Fortunately—now that casinos have reopened and are gathering steam again—inline gambling didn’t go away. In fact, it seems to be doing quite well, which can be a boon for those looking to capitalize on gambling stocks.
Top ten gambling stocks to pursue
International Game Technology (IGT)
IGT currently has a “buy” rating from Barry Jonas and just finished signing a new contract with Western Canada Lottery Corporation. IGT had a revenue of $1.02 billion in 2020 and looks to continue those gains.
They currently have a 29% growth rate year-to-date and 28% over the most recent three-month period. They also performed nearly $200 million above projected estimates.
Penn National Gaming, Inc (PENN)
Penn is a huge, gambling and casino operator with 44 business locations within the U.S. and Canada. Currently, hedge funds hold roughly $907 million in PENN stock and PENN remains a “buy” with many analysts.
PENN is continuing to grow as well, recently purchasing Hollywood Casino Perryville in Maryland. They’re showing strong share gains in online sports betting and online gambling so the future is definitely looking up for stocks in PENN.
Flutter Entertainment PLC (PDYPY)
Flutter currently ranks high in the “gambling stocks to watch now” category, raking in $2.5 billion in revenue in the first quarter of 2021. Flutter Entertainment was formerly known as Paddy Power and Betfair prior to the two company’s merger in 2020.
So the Flutter name is relatively new, however, their stock is currently bullish with a 32% increase in revenue over a year-to-year period. Of course, 59% of their revenue has come from Australia, whose lockdown measures have been a lot more stringent recently.
Everi Holdings Inc. (EVRY)
Everi Holdings is a global holdings firm that is primarily involved in the manufacturing and distribution of gambling machines for casinos. Their target price has gone from $30 to $25 and has a strong “buy” rating from some analysts.
There are currently $217 million in stakes held by a number of hedge funds and, according to BTIG analyst, Mark Palmer, the upward trend is likely to remain. Everi’s revenue was $139 million and beat most predicted estimates. Their gains are 60% year-to-date and 66% over three months.
DraftKings Inc. (DKNG)
This is a rebounded stock that suffered monumental losses during the COVID-19 lockdowns. According to Citigroup, DKNG has a “buy” rating and a price target of $66. In the second quarter of 2021, DKNG brought in an estimated $298 million, which was a 320% increase over the year prior.
As DKNG continues to invest in new areas, they are enduring some financial losses, which is reasonable considering their purchases. However, some analysts predict improved metrics.
Boyd Gaming Corporation (BYD)
Boyd is a casino entertainment company that has been around since 1975. They own and operate businesses in ten, different states. They beat their third-quarter predictions and raked in $846 million, which was a nearly $200 million increase over the same period last year.
Morgan Stanley has recently lifted its price target on Boyd Gaming to $90 and many analysts have Boyd gaming comfortably in their “buy” bracket.
Melco Resorts and Entertainment Limited (MLCO)
29 Hedge funds currently rate Melco resorts as bullish with a “buy” rating. Melco currently holds casinos and businesses in Asia and Europe. September, the last reported month for Melco Resorts and Entertainment Limited showed a 32% growth rate.
The current value in stakes has risen from $728.3 million in quarter 1 to $755 million currently.
Red Rock Resorts, Inc (RRR)
RRR is a US-based casino owner and operator of 21 casino properties throughout the United States. The price target for RRR was recently lifted to $26 and it is currently rated as a strong “buy.”
Their stock gained at a rate of 191.1% last year while they delivered over a 108% return to investors. Out of all of the stocks on this list, RRR is listed as a notable possible buy to some people right now.
Churchill Downs Inc (CHDN)
Hedge fund stakes invested in CHDN increased from 19 to 35 in a single quarter, with stakes estimated at $694 million. Their current price target was lifted to $294 with the vast majority of confidence reflecting on their digital gaming side.
They beat their Q2 estimates, showed a 178.3% year-over-year growth, and will look to continue that trend.
GAN focuses on the software side of the online casino business and recently acquired Coolbet for $175.9 million. This acquisition brought online sports gambling into GAN’s portfolio and will broaden its reach across the online gambling realm.
Stakes held in GAN are approximately $64 million and their revenue is up 263% from last year, at the same time.
There you have it, the ten gambling stocks to watch right now. Considering the times we currently live in, stock in online gambling casinos could continue on its uptrend, since many jumped onto the platforms during the height of the pandemic and it seems like some liked it enough to stay loyal.
Online casinos and gambling stocks, as well as the companies that are behind them, both in logistics and software, are possible bets for some people in the foreseeable future. For more news and current events in the world of online gambling, check out KiwiGambler and stay informed!
About Boyd Gaming
Retrieved from: https://www.boydgaming.com/about-boyd-gaming
Jaiswal, N. (November 22, 2021). International Game Technology vs. Scientific Games: Which Gambling Stock is a Better Buy?
Retrieved from: https://stocknews.com/news/igt-sgms-international-game-technology-vs-scientific-games-which-gambling-stock-is/
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