10 Best Sports Betting Stocks to Buy Now

5. Wynn Resorts, Limited (NASDAQ:WYNN)

Number of Hedge Fund Holders: 42

The leading integrated casino provider of digital sports betting and gaming services is Wynn Resorts, Limited (NASDAQ:WYNN). Wynn Interactive Ltd., the majority-owned and managed digital gaming section of Wynn Resorts, Limited, operates WynnBET, the top sports betting app in the United States. The company has considerable experience operating regulated sports betting, including online sports betting in Nevada.

However, in a number of states, the company has closed its online sports betting platform WynnBET because of unclear legal regulations and high marketing expenses.

With a buy rating on the shares, Seaport Research dropped its price target for Wynn Resorts from $116 to $114. The firm’s Q2 2024 results were “mixed,” with Macau missing predictions, Boston meeting expectations, and Las Vegas exceeding them as per the analyst.

Overall, the WYNN is in good financial standing, and throughout the last six quarters, its revenue has increased steadily.

By utilizing its robust brand and gaming know-how to capitalize on the expanding digital entertainment and sports betting market, Wynn Resorts, Limited (NASDAQ:WYNN) has the chance to grow Wynn Interactive. This expansion, especially in areas where it has a strong physical presence, can increase its customer base and diversify its services.

The average 12-month price objective for Wynn Resorts stock, which has a “Strong Buy” rating from 14 analysts, is $118.14, representing an increase of 56.89% from the firm’s current price of $75.30.

Robert M. P. Luciano’s VGI Partners is the largest shareholder in the company, with 724,700 shares worth $64.86 million.