The gambling stocks that will be the future winners.
The gambling industry after a fearful 2020 is expected to get back this year. But this time, it will be digital—with gambling moving to online mode. In 2020, a major step was taken to legalize online gambling. This is a big move because we will see more industries going to a digital network—in the future.
The pandemic has fired businesses to turn their operations online. Speaking of gambling, it’s been front and center on many trader’s radars. Especially, the sports betting stocks will be at the forefront this year.
Moreover, the gambling resorts are expected to resume at an accelerated pace by the end of 2021. People would want to spend more time away from home once things normalize. And, the gambling resorts attract thousands of visitors.
So, we have some notable stocks with high upside potential as we head forward in this year. Let’s have a look at the three best gambling stocks for investment in 2021.
The online sports betting platform, DraftKings (DKNG) is good to go with Google’s latest policy. According to Reuters, the internet giant’s policy changes will allow companies to place gambling apps—including the sports betting apps—on the Google Play store.
DraftKings has highlighted that it will immediately launch its app on Google Play as soon as Google implements the new rule. This will be a big achievement for the company as the online ecosystem through Google’s policy change will bring more audience.
Furthermore, a financial analysis firm Bernstein has given DKNG stock a price target of $71, which is almost 34% higher compared to the stock’s closing price on Thursday. Bernstein’s research highlights the future of DraftKings and the online sports betting market in the US—in general. The digital sports betting industry is expected to reach $25 billion by 2025 and $30 million in the next decade.
So, DraftKings (DKNG) is one of the prominent stocks from this industry to bet on.
Bally’s Corp. (BALY)
Bally’s Corp. (BALY) shares have steadily powered up since the massive drop in March 2020. Especially, the stock made a big move in mid-Nov after which it has sustained the bullish trend.
Bally is one of those firms that is poised to grow with the full resuming of gambling activities. The company was quick to act and acquired several properties at reasonable prices—during the pandemic time. This was a big win for the company as it got hands on the Bally’s casino brand.
The company is taking this period to expand its portfolio. In an announcement on Jan. 25, the company reported that it is signing a merger agreement to acquire Monkey Knife Fight (MKF). Monkey Knife is a fast-growing gaming platform and also the third-biggest daily fantasy sports in North America.
So, Bally’s Corp. (BALY) is ready to pull all strings in its favor and attract more visitors to its platform through new channels.
Golden Nugget (GNOG)
Golden Nugget (GNOG) is an online gaming company that has seen growth in the past few months. GNOG is the second online gaming casino that has gone public after DraftKings.
Analysts see Golden shares in the high bullish territory in the near future. They believe that the GNOG shares are at a reasonable price compared to other online gambling giants—the likes of DraftKings. Moreover, considering the growing marketplace for the online gambling industry, Golden Nugget is a potential bet that would be worth investing in.
The company has yet to make an impact in the evolving online gambling industry. Recently, the company received authorization to begin offering its Online Casino and Sportsbook. The approval came from the Michigan Gaming Control Board (MGCB). Golden Nugget’s online casino and sportsbook will be able to users at GoldenNuggetCasino.com and through its iOS and Android apps.
So, Golden Nugget (GNOG) is another gambling stock with massive potential in the market.