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7 Gambling-Related Stocks You Can Bet On in 2024

The gambling industry has never been more lucrative than it is now. In 2023, the NFL’s opening weekend marked the start of the biggest sports betting season to date. We also saw revenue records for three consecutive years between 2020 and 2023, according to the American Gaming Association. 

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Photo by Alexander Mils on Unsplash

These statistics are the smoking gun that shows just how hot every part of the gambling industry is right now – and there’s tons of real financial power behind it. Investors can take advantage of the golden opportunity, which is gambling-related stocks, considering the flourishing and sustained growth that doesn’t seem to be declining anytime soon. Whether you’re interested in online betting platforms reviewed on or sportsbook operators, there’s serious potential here.

If you’re ready to capitalize on gambling stocks this year, here are seven picks worth adding to your portfolio.

DraftKings (DKNG)

If you consider yourself an avid sports bettor, you’ve probably heard of DraftKings. They’re an American sports betting company that has both a casino product and a sportsbook product, which holds the title of being the second largest in the U.S. 

DraftKings already accounts for around 25% of the market, with shares dramatically increasing from $11 to a high of $34 in 2023. Because they’re highly focused on sports betting solely in the U.S., we can expect to see continuous growth for a couple of reasons. First, they’ve already secured a strong position in the market with their unique fantasy sports component. Second, the U.S. market is anticipated to expand as sports betting becomes legalized in more states. As a result, investing in DraftKings is a pretty safe bet (pun fully intended).

Flutter Entertainment (FLTR)

Competing closely with DraftKings in the American market is Flutter Entertainment, the company behind the online gambling platform FanDuel. They expanded to Canada in 2022, further becoming entrenched in the North American market. If you thought 25% was extensive, FanDuel has about a 40% share in the online sports betting market, making it a valuable investment opportunity.

In February of 2024, stock prices rose from $193.45 per share to $252.88 thanks to its growing reputation as a powerful online gambling operator with the potential to scale. Even outside the U.S., Flutter has its hooks in an even more mature UK and Ireland market as the top operator, as well as in Australia, where it holds a 50% market share with Sportsbet.

Wynn Resorts (WYNN)

The Wynn is more closely associated with traditional brick-and-mortar gambling, with ownership of the famed Wynn and Encore in Las Vegas, 72% ownership of the Wynn Macau and the Wynn Palace, and ownership of the Encore Boston Harbor. In keeping with the times, they eventually came out with Wynn Interactive in the latter half of 2020. Although they aren’t as dynamic in the online casino market as some of their competitors, their established presence means they remain a compelling investment option.

Wynn Resorts is known for its consistent expansion plans and new projects that go above and beyond expectations. Recently, they announced ambitions to build a third hotel tower on the Vegas Strip and the UAE’s first gaming resort, which is scheduled for completion in 2027.

Caesars Entertainment (CZR)

If there’s one statistic that would convince anyone to buy stocks with Caesars, it’s that they’re the largest casino operator in the U.S. It owes its new status in part to being acquired by Eldorado Resorts in 2020. Before the merger, Caesars yielded around 1,700% in returns since its IPO in 2014, while Eldorado was already one of the top casino stocks in the market.

On the Las Vegas Strip alone, Caesars owns eight properties, including the opulent Caesars Palace and the retro Flamingo Las Vegas. Adding to that, they own casinos in 16 states and 54 properties worldwide. Like Wynn Resorts, their Las Vegas and regional casinos are what pump out the most revenue for them, but they’re gradually growing in the online gaming realm.

MGM Resorts (MGM)

Unlike Caesars, MGM Resorts is a giant in both the global online gaming and brick-and-mortar markets. MGM has many casino locations in the U.S., Macau, and Japan, and owns BetMGM as a joint venture with Entain – a UK-based sports betting and gambling company. They’re a well-established name in the casino market and consistently perform well in the stock market. In their fiscal year in 2023, they achieved the upper end of their revenue target range of 1.8 billion to 2.0 billion and rewarded their shareholders with substantial share buybacks.

In the past year alone, their shares have increased by 6.8%, and their longstanding positive reputation naturally gives them a solid foundation on which to stand. With a track record of consistent returns, they’re certainly an attractive option on the stock market.

PENN Entertainment (PENN)

If you needed to check out the score of a basketball, football, soccer, hockey, or baseball game – or even another more niche sport – where would you look? Many would mention theScore app, the most effective sports app for breaking news, sports stats, and social content. Their parent company, PENN Entertainment, also operates 44 casinos across 20 states and has a 36% stake in Barstool (better known as Barstool Sports). 

While other online sportsbooks invest excessively in marketing tactics, PENN capitalizes on targeted ads and organic advertising through media segments, resulting in higher profitability. Its diversified business model and vast audience of fans throughout its gambling-related ventures allow the company to continue to capture market share and drive growth.

Fubo TV (FUBO)

Fubo TV has a distinctive offering in the gambling landscape, as they’re not a sportsbook or casino app but a TV streaming service focused primarily on sports. In the last quarter of 2023, they amassed more than 2 million paying subscribers worldwide. With licenses for 12 states, plans to integrate an online sportsbook onto its platform, and a vast fanbase to make the most of, Fubo has a lot of leverage and plenty of plans that will propel them further in the industry.

The company already has a reduced need for marketing and the ability to collect ad revenue from a variety of media rights for sporting events. Add in the sportsbook, and they’ve crafted an opportunity to monetize its user base to the fullest and continue enhancing its revenue streams. 

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