Online Sports Betting Is On Fire: Grab These Top Stocks to Buy Now

This post was originally published on this site

Casinos & Hotels

Also the largest casino company in the United States, Caesars Entertainment, recently bought a minority stake in fantasy sports platform, SuperDraft. Caesars has the option to increase its stake to 100% over time at predetermined levels. SuperDraft will join the Caesars online brands, which include World Series of Poker, Caesars Online Casino and William Hill, and it will become part of Caesars’ single wallet solution that allows members more options to play games both live and online.

Roth Capital has a Buy rating and its $134 price target is the highest on Wall Street. The consensus target is $102.83, and Caesars Entertainment stock closed Friday’s trading at $87.53 a share.

DraftKings

This is a sector leader and the stock has backed up nicely, offering a great entry level. DraftKings Inc. (NASDAQ: DKNG) operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting and iGaming opportunities. It also is involved in the design and development of sports betting and casino gaming platform software for online and retail sportsbook and casino gaming products.

The company entered the market in April 2020 at a time when most companies were putting off their initial public offerings. The offering was not an IPO in the truest sense because DraftKings came public through a merger with a special purpose acquisition company called Diamond Eagle, but similar rules applied, a practice that has grown exponentially since then.

On the revenue side, average revenue per monthly unique payer was $65 in the last quarter. The company noted in late February that it had surpassed a million users in its third quarter. DraftKings also raised its revenue outlook for fiscal 2021 from a prior range of $750 million to $850 million to a new one of $900 million to $1 billion.

The Goldman Sachs Buy rating comes with a street-high $87 price target, which is well above the $72.71 consensus estimate. Friday’s last trade for DraftKings stock came in at $63.60.

Flutter Entertainment

While this is perhaps a lesser-known player to most investors, the brands it owns and runs are huge. Flutter Entertainment is the world’s largest bookmaker. It operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, and elsewhere.

Related Posts