10 Best Sports Betting Stocks to Buy Now

6. Boyd Gaming Corporation (NYSE:BYD)

Number of Hedge Fund Holders: 33

Boyd Gaming Corporation is a gaming corporation that operates 28 land-based casinos in the United States, including establishments in the Midwest, the South, and Las Vegas. The business is divided into four divisions: Midwest & South, Downtown Las Vegas, Las Vegas Locals, and Online. Boyd Gaming participates in the sports betting market through its online division, which offers digital wagering services through Boyd Interactive and Online Sports Betting platforms.

After the COVID-19 pandemic, Boyd was able to successfully boost the company’s margins, which has resulted in the stock trading higher. Recently, in the second quarter of 2024, Boyd Gaming Corp. produced a strong performance, with 5.51% revenue growth YoY and nationwide operations meeting forecasts. The online segment saw solid revenue growth by 52% YoY and EBITDA growth, with higher expectations for the full year mainly because of the solid partnership with FanDuel.

The American gaming and hospitality company owns a 5% strategic stake in FanDuel, a well-known sportsbook brand that Boyd partners with on its casino facilities and has a strong online presence.

CEO Keith Smith states in the Q2 2024 earnings call:

“Our 5% equity interest in FanDuel remains a valuable strategic asset for our company that continues to grow in value as we participate in the ongoing growth of sports betting nationwide.”

Consequently, the company has raised its full-year EBITDAR projections for the online segment from $65 million to $70 million.

Hence, analysts are bullish on the stock and have given it a “Buy” rating. The average 12-month price objective set by the 12 analysts for Boyd Gaming stock is $91, which is a 53.15% increase from the stock’s current price of $59.42.

Parag Vora’s HG Vora Capital Management is the largest shareholder in the company, with 4,000,000 shares worth $220.40 million.