10 Best Sports Betting Stocks to Buy Now

4. MGM Resorts International (NYSE:MGM)

Number of Hedge Fund Holders: 44                                                    

Among the largest operators of casinos in Macau and the United States is MGM Resorts International (NYSE:MGM). It also owns BetMGM in partnership with Entain of Britain. As of the end of the second quarter of 2024, BetMGM reported having a 13% market share in sports betting and iGaming in the United States and Ontario, Canada, and this could possibly significantly benefit the gaming industry.

In an effort to secure an iGaming and sports betting license in Brazil, MGM recently revealed that it has established a new business venture with Grupo Globo, a Latin American media organization. The new business will debut under the BetMGM brand in early 2025 if it is approved later this year.

The purchase of LeoVegas, a Swedish mobile gaming company and provider of online casino and sports betting services, in 2022 and MGM’s 50% stake in BetMGM demonstrate the company’s dedication to growing its online gaming business. In addition to diversifying MGM’s revenue streams, these digital endeavors put the firm in a position to profit from the expanding online gaming and sports betting industries.

Citing solid Q2 2024 performance across all segments and a bullish outlook for the company’s International Digital division, BTIG analyst Clark Lampen has reaffirmed a “Buy” rating on MGM Resorts with a $52.00 price objective. JMP Securities also maintained a “Buy” rating with a price objective of $57.00.

MGM Resorts International (NYSE:MGM)’s diversification is contributing to the expansion of its revenue stream and its client base, which are increasing the company’s earnings and margins.

It is one of the Best Sports Betting Stocks to Buy Now. Keith Meister’s Corvex Capital is the largest shareholder in the company, with 5,859,478 shares worth $260.40 million.