Sports betting stocks have been on the rise in recent years as more and more states have legalized sports gambling. And it’s no wonder why: Sports betting is a multi-billion-dollar industry, and it looks like it’s only getting bigger. But with so many different sports betting stocks to choose from in the stock market today, it can be difficult to know where to invest your money. That’s why it’s important to do your research before you buy any stock.

Fortunately, there are a few things you can look for to help you find the best sports betting stocks. First, look for stocks that are traded on major exchanges such as the Nasdaq or the New York Stock Exchange. These stocks are typically more stable. For example, some of the more notable sports betting companies among stock market investors today are companies like: DraftKings Inc. (NASDAQ: DKNG), PENN Entertainment Inc. (NASDAQ: PENN), and Boyd Gaming Corporation (NYSE: BYD) to rally off a few.

Second, look for companies with a strong track record of success in the sports betting industry. These companies are more likely to weather any storms that may come their way. This will give you exposure to a variety of different companies and help reduce your risk. With that being said, here are two top sports betting stocks for your October 2022 watchlist.

Sports Betting Stocks To Watch Now

1. Light & Wonder Inc. (LNW Stock)

Kicking off the list, Light & Wonder Inc (LNW) formerly Scientific Games Corp is a provider of gaming products, systems, and services to the lottery and pari-mutuel industries. The firm operates in the below segments. The Gaming business segment that derives the majority of revenue sells gaming machines, VGTs, VLTs, and conversion kits and parts, leases, or provides gaming machines and server-based systems.

LNW Recent Stock News

Separate from that, Light & Wonder reported a second-quarter 2022 loss of $0.07 per share and revenue of $610.0 million. For context, Wall Street’s consensus earnings estimate was $0.01 per share on revenue of $594.4 million for Q2 2022. In addition, LNW reported that it returned $203 million of capital to shareholders through share buybacks.

What’s more, Barry Cottle, President, and CEO of Light & Wonder commented on the second quarter performance, “We made great strides in the second quarter as we continued to execute on our vision and the transformation of our Company. We closed on the sale of our Lottery business for $5.7 billion in gross cash proceeds, which we used to significantly de-lever our balance sheet as we continue to deliver on our promises. With the Lottery business sale and anticipated closing on the sale of our Sports Betting business by the end of the third quarter, we have achieved a significant milestone in the transformation of our organization.

LNW Stock Chart

Year-to-date LNW stock has fallen 35.33% as of Thursday’s afternoon trading session to $43.34 a share. With that, do you think LNW stock is a good sport betting stock to add to your list today?

LNW stock
Source: TD Ameritrade TOS

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2. MGM Resorts International (MGM Stock)

Next, MGM Resorts International (MGM) is the largest resort operator on the Las Vegas Strip. For a sense of scale, the company operates with 35,000 guest rooms and suites, reflecting approximately 1/4 of all units in the market. Most notably, the company’s Vegas properties include MGM Grand, Mandalay Bay, Cosmopolitan, Luxor, New York-New York, and CityCenter.

MGM Recent Stock News

At the beginning of last month, MGM Resorts International announced its second quarter financial and operating results. Diving in, the company posted second-quarter 2022 earnings of $0.03 per share with revenue of $3.3 billion. Additionally, MGM reported revenue growth of 44% during the same period, in 2021. Moreover, the company said that it repurchased $1.1 billion of shares of common stock during Q2, representing approximately 8% of outstanding shares.

Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International said this in the company’s letter to shareholders, “We announced several important portfolio changes during the quarter, with the acquisition of the operations of The Cosmopolitan of Las Vegas and the announcement of the sale of Gold Strike Tunica. We look to the future with optimism, as our convention and event calendar for the next year remain notably strong and BetMGM continues to be a market leader with a roadmap for growth. We remain focused on achieving our vision to be the world’s premier gaming entertainment company.

MGM Stock Chart

During Thursday’s lunchtime trading action, MGM stock is down 3.10% on the day at $29.66 per share. With sports betting still being an emerging growth industry, could now be the time to invest in MGM stock to capitalize on the potential long-term growth of sports betting?

MGM stock
Source: TD Ameritrade TOS

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