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2 Sports Betting Stocks For Your October 2022 Watchlist

Is now a good time to add these sports betting companies to your watchlist today?

sports betting stocks

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?

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?

Source: TD Ameritrade TOS

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By Joe Samuel

Joe Samuel is a dedicated stock market researcher and financial contributor. His love for the stock market started at a young age learning from his grandfather. Joe earned a bachelor of science degree in corporate finance and business management. After finishing college, he went the route of an entrepreneur starting numerous businesses and eventually became a financial contributor to a number of outlets including Seeking Alpha, Invesitng.com, and actively contributes to FactSet. At StockMarket.com, Joe looks for emerging stories. One of his traits is identifying new trends before they become mainstream. Whether it’s a biopharmaceutical company debuting a novel treatment or the next technology start-up developing a new platform, Joe looks to be on the cutting edge of that trend.

After years of living in New York, he made the move to Miami, Florida where he’s become an active member of the finance community. Joe has worked with early-stage companies in marketing and consulting capacities, which has given him an opportunity to see what makes companies tick. His viewpoint is that while corporate news is vital to any investment, it’s what isn’t “right in front of you” that can make a good investment great. His approach to the markets is one that aims to deliver information that might not be well-known. But through deep research and diligence, Joe has written about and been able to uncover time-sensitive information when seconds matter in the stock market today.

Joe enjoys covering several stock market sectors. These include commodities, finance, biotechnology, and technology; specifically AI & machine learning. His no-nonsense approach to the market gives readers a cut and dry view of the news that matters most and topics beginning to emerge as new trends in the stock market. He was early to the table with calls on things like the last gold rush in 2019 and has been able to identify influential events and how they could impact certain industries.

During his free time, he enjoys spending time with his family and polishing up one new stock market trends. He’s also an avid car enthusiast with a passion for classic and muscle cars.

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