Since the US lifted its sports betting ban in 2018, over 30 states have legalized sports betting. Gradually, many igaming companies have grown in size and revenue, resulting in investors’ growing attraction.
While some companies have not been as profitable as others, some other companies have seen their stock prices rise by more than 80% in the past 12 months amid a sports betting boom. Some of these best-performing stocks in the igaming market are renowned for their 52-week highs, relative strength, and strong bullish momentum to rake in profitable returns.
Statistical Analysis of Top Performing iGaming Stocks of 2023
DraftKings Inc. (DKNG)
DraftKings is a digital sports entertainment and igaming company that offers online sports betting and daily fantasy sports. It operates presently in 17 states in the United States and is ranked as one of the top casino stocks for the second quarter of 2023. As of 30th June 2023, which accounts for 12 months ending, DraftKings’ revenue was $3 billion with 91.24% growth YoY (year-over-year).
Also, stock analysts experts speculated DraftKings revenue will increase by 35.6% at the end of 3rd quarter of 2023. Moreover, it is worth noting that DraftKings stock price can be volatile and subject to fluctuations based on various factors, including market conditions and company performance.
Invariably, investors and traders should research more about them. As DraftKings has recently become a new entrant to the S&P 500 index, they can consistently keep an eye on DraftKings’ stock performance by checking the S&P 500 futures chart. The S&P 500 futures chart helps track the stock performance of the S&P 500 index, which is based on the market capitalizations of the top 500 companies that have common stock listed on the New York Stock Exchange or NASDAQ. By gaining more insight into what happens in the broader stock market, investors can choose to either minimize potential losses or try to predict future price changes by trading ES futures and selling off at a profit on a specific future date.
Nevertheless, the key takeaway here is that a good knowledge of market trends and changes in stock movements will help you make informed decisions while reducing risks.
Flutter Entertainment Plc (PDYPF)
Flutter Entertainment is a global sports betting and gaming company that operates in the UK, Australia, Ireland, and the US. It is the parent company of FanDuel, one of the largest daily online sports betting providers in the US.
The stock performance of Flutter Entertainment has shown a significant increase of $85.88 in stock prices as of September 2023. The 2023 interim results of the research conducted by Flutter Entertainment plc showed that their revenue grew by 38% from January to June 2023. Flutter Entertainment reported billions of revenue in 2022, with the U.S. being the company’s largest operating division. According to Forbes, Flutter Entertainment’s revenue for the most recent fiscal year was $9.5 billion.
However, Flutter Entertainment has been experiencing low revenue tides, which shows that traders should carefully monitor this company’s trends before deciding to invest.
Penn National Gaming
Penn National Gaming is a leading provider of gaming and racing facilities in North America. The company has a market capitalization of $3.33 billion as of 25 September 2023, as revealed by Stockanalysis. Penn National Gaming has been expanding its online gaming offerings, which is expected to be a key driver of growth in the coming years. Penn National Gaming, Inc. (PENN) operates in 20 states of the US.
The company owns and operates 43 properties in these states under brands including Hollywood Casino, Ameristar, and Boomtown. In the fourth quarter of 2022, Penn National Gaming reported revenues of $1.6 billion, increasing by 0.8% YoY. Although these figures will always appeal to investors and traders, regardless, they must do their due diligence as the stock market is prone to volatility.
Conclusively, the stock performance of the above-mentioned companies doesn’t guarantee a smooth trade for traders. Therefore, it’s vital for traders to carefully study the stock market performance of each of them before trading.
