online gambling stocks

Do You Have These Top Online Gaming Stocks On Your Watchlist?

The online gambling industry has been around for decades globally. No doubt, the gambling industry is massive. And huge amounts of money have been spent on sports like football or basketball, just to pick a few. Behind the massive money spent on endorsements and games prizes, there are behind the scenes gambling industry. When the novel coronavirus strikes the U.S. and most of Europe, international games are being canceled, leaving investors nowhere to satisfy their thirst. As a result, many of them turn to the stock market as their new gaming avenue. 

Many of these turn to epicenter stocks such as airline stocks and cruise-line stocks to buy low and sell high. For those that entered at the right time, kudos to you. Some more risk-averse players would even gamble their money into blue-chip stocks like Tesla (TSLA Stock Report) or Amazon (AMZN Stock Report). After all, these two are the industry leaders in their respective fields and have produced gigantic returns for their shareholders. And if you are regular customers of a casino, you would know the house always wins, right? Same goes to “online casino”, if they were not profitable, none of them would still be operating now. That said, as online gambling companies positioned for the legalization of sports betting and other sinful wagers on American soil, offer similar potential. With this in mind, do you have these online gaming stocks in your portfolio?

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Online Gaming Stocks To Buy Right Now [Or Avoid]: DraftKings

Shares of DraftKings (DKNG Stock Report) were up over 9% as of Tuesday’s closing. This comes after analysts maintained a “Buy” rating on the stock. DraftKings has a partnership with the NFL and maintains a huge base of customers playing in Daily Fantasy Sports leagues across 43 states in the U.S. With such a massive customer base, DKNG stock is poised for a breakout when sports betting is legalized in more states in the months or years ahead.

best online gambling stocks to buy now (DKNG stock)

The company’s share price has more than doubled since its $17 initial public offering on April 24, 2020, through a merger with a special purpose acquisition company (SPAC).

DraftKings CEO Jason Robbins believes growth opportunity will come from in-game betting, noting that “in-game is about 75% of the revenues at sportsbooks” in the U.K. The ability for online registration should come in handy and would potentially result in a boost to user growth. 

Online Gaming Stocks To Buy Right Now [Or Avoid]: Penn National Gaming Inc

Penn National Gaming (PENN Stock Report) is one of the best online gaming stocks to watch this year. If you have been an investor in PENN stock before the pandemic, you would understand what I meant. PENN stock has subjected investors holding the stocks from the start of the year 2020 to a wild ride. Like other gaming stocks, PENN rallied during January and February. Then came the pandemic, which sent the shares from $40 to $4 per share. Since then, the shares sharply rebounded to $56 per share as of Tuesday’s closing.

best online gambling stocks (PENN stock)

So, what is the excitement all about this online gaming stock? Unlike DraftKings, PENN stock has been around for decades. This year’s rally could in large part be explained by the company’s investment in online sports betting business Barstool Sports. Barstool is big with younger millennial gamblers.

And the investment could be lucrative. Barstool’s brand appeal could bring traffic to Penn’s casinos, at least after the pandemic. With all that in mind, we couldn’t blame investors for being so optimistic about the outlook of PENN stock.

[Read More] Can These Top Airline Stocks Continue To Fly This Week?

Online Gaming Stocks To Buy Right Now [Or Avoid]: Game Account Network

Last, on the list, Game Account Network (GAN Stock Report) is the smallest online gaming stock on this list. It is also very new. It went public just four months ago. GAN is a London-based software as a service solutions provider for the online gaming industry. The company is analogous to Shopify (SHOP Stock Report). It allows physical gaming businesses to take their operations online easily.

online gambling stocks (GAN stock)

No matter how you look at it, GAN stock is definitely a growth stock. It has seen a recent run-up in its share price. And that is likely the result of positive online gambling results in some states and positive comments from analysts.

Furthermore, there is also the anticipation of the resumption of professional sports when the pandemic cools down, which will draw more customers to gamble online. 

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