5 Sports Betting Stocks to Keep On Your Watch List

The narrative has been quite evident in recent years; the US is moving towards fully legalizing sports betting in all shapes and forms. Currently, 30 states are open to it, while another 10 are showing favorable signs of moving things forward in the near future. If you’re a savvy investor, you’ll know how to recognize an opportunity when you see it.

The brands we’re going to give a brief overview of today have the best online sports betting apps and show strong market potential. So without any further ado, here are 5 stocks to keep on your radar:

Caesars Entertainment

Without the Caesars Palace casino, Las Vegas wouldn’t be the same – it’s a well-known building. As of right now, Caesars Entertainment is in direct control over 50 casinos across the States. Having acquired William Hill, the company has also stuck its flag in the online sports betting market under the moniker of Caesars Sportsbook.

To further cement its success, the online sportsbook launched several online advertising campaigns, targeting sports betting enthusiasts on a nationwide level. Granted, advertising campaigns of such magnitude have already put quite a dent in their budget, so further optimization concerning targeting may be needed. In the meantime, Caesars is focusing on acquiring more land-based casinos.

Fubo

Fubo offers live sports TV streaming and sports betting services under one umbrella. When 2021 was nearing its final days, FuboTV streaming services had roughly 1 million subscribers.

Having obtained a license in several states, Fubo’s strategy is to turn its viewers into casual bettors, a move that doesn’t require a significant marketing budget.

MGM

MGM is one of the leading iGaming brands in the US. When 2021 reached its end, it had a roughly 30% market share. Although its brick & mortar premises suffered the hit of social distancing measures while the pandemic was still in its early days, it looks like the casino scene is slowly but surely waking up again.

Judging from its pre-pandemic successes and how many visitors the new NFL team is drawing in, it’s possible that MGM could surpass the glory of the old days. As for its plans, MGM is planning to open two new hotels in the near future. At some point before 2030, we are likely to see it enter the Japanese market.

DraftKings

DraftKings is the second biggest online sportsbook in the US, with an estimated 25% of the market share. Its sportsbook platform is accessible in 17 US states, while its casino counterpart is only accessible in 5. One thing to remember is that DraftKings doesn’t have a traditional brick & mortar presence – its offerings are exclusive to the digital space.

Entering Illinois and New Jersey likely means an expected return on investment in three years. As an increasing amount of states keep moving in the pro-betting direction, DraftKings could capitalize on the trend and have it drive its growth.

Flutter Entertainment

Flutter Entertainment has a strong presence in Australia, Ireland, the UK, and the US. You’ve likely heard about FanDuel, a sports betting platform under their umbrella, and it’s pretty popular in the US. Reportedly, FanDuel had a 40% share of the online sports betting market when we finally said our last goodbyes to 2021.

You can also access the sportsbook platform in 14 US states. On the other hand, its casino section is only accessible in 5. At the beginning of 2022, when New York gave the green light to online sports betting, the company was propelled to massive success. It’s also the market leader in the UK and Ireland

Conclusion

The stock market is always full of surprises. What stock has caught your attention?