The global casino and gambling industry is entering a phase of accelerated growth. According to market analysts, the sector is projected to grow by 35% over the next five years, driven by a mix of digital expansion, emerging markets, and consumer demand for real-time entertainment.
As investors look beyond traditional tech and energy plays, casino stocks—especially those with exposure to online gaming (iGaming)—are gaining attention for their high margins and scalable business models. From Las Vegas Strip operators to Scandinavian iGaming leaders, the field offers a mix of blue-chip consistency and digital disruption.
But while the fundamentals remain strong, there’s a growing external threat that investors would be wise to watch closely.
1. Evolution Gaming Group AB (STO: EVO)
Evolution Gaming, headquartered in Stockholm, has revolutionized the live casino space. Since its IPO in 2016, EVO’s stock has outperformed virtually every major index, fueled by strategic acquisitions such as NetEnt and Red Tiger Gaming. With a footprint in Malta, Georgia, and North America, Evolution remains a strong growth play for investors focused on digital transformation in gambling.
2. Betsson AB (STO: BETS-B)
One of Sweden’s oldest gaming companies, Betsson was founded in 1963 and today operates globally under brands like Betsafe, NordicBet, and TonyBet. With its operations centered in Malta, Betsson benefits from low operational costs and an expanding international user base. Its diversified product offering includes sports betting, poker, and online casino—making it a balanced pick for cautious investors.
3. Kindred Group plc (STO: KIND-SDB)
Known for brands like Unibet and Maria Casino, Kindred has grown rapidly since its founding in 1997. Headquartered in Malta, the company is listed in Stockholm and serves over 30 markets worldwide. Kindred offers investors exposure to multiple revenue streams across both regulated and grey markets, though regulatory challenges in the Nordics should be monitored closely.
4. LeoVegas (Acquired by MGM Resorts)
Before being acquired by MGM, LeoVegas was one of the fastest-growing mobile casinos in Europe. The brand remains influential, and its integration into MGM’s broader strategy strengthens the latter’s push into online gambling. For investors seeking U.S.-based exposure to international digital gaming, MGM’s ownership of LeoVegas is a strategic advantage.
5. Kambi Group plc (STO: KAMBI)
A former subsidiary of Kindred, Kambi now operates independently as a leading sports betting technology provider. With partners such as DraftKings and Penn National Gaming, Kambi provides the backend tech for some of the biggest names in global sports betting. The company’s B2B focus makes it a great pick-and-shovel play in the digital gaming boom.
6. MGM Resorts International (NYSE: MGM)
A major land-based operator with assets in Las Vegas, Macau, and China, MGM Resorts has been aggressive in digital expansion—most notably through BetMGM, its online venture. The company’s exposure to both traditional hospitality and online gaming gives it a strong hybrid profile.
7. Caesars Entertainment Inc. (NASDAQ: CZR)
Operating under iconic brands such as Harrah’s and Eldorado, Caesars has made headlines with its digital pivot and acquisition of UK sportsbook giant William Hill. Despite regulatory pushback in some markets, Caesars remains a titan in both land-based and digital segments.
8. Wynn Resorts Limited (NASDAQ: WYNN)
Wynn focuses on the luxury end of the gaming market, with operations in Macau and Las Vegas. Its slower entry into digital may be a concern, but its strong asset base and brand premium give it long-term upside—especially if tourism rebounds in Asia.
9. Las Vegas Sands Corp. (NYSE: LVS)
Once the world’s top casino operator by revenue, LVS is pivoting toward Asia, with a strong presence in Macau and Singapore. Despite exiting the U.S. market, the company remains a dominant force in the high-end casino resort segment. Revenue potential remains strong, though geopolitical tensions in Asia may impact long-term strategy.
10. Century Casinos Inc. (NASDAQ: CNTY)
A smaller player with operations in the U.S., UK, and aboard luxury cruise ships, Century Casinos brings a unique flavor to any casino-heavy portfolio. With steady revenue and a diversified footprint, it’s a stock worth tracking, especially for those seeking mid-cap opportunities.
A Growing Threat: The Rise of Offshore Casinos
While these casino stocks offer strong growth potential, there’s an emerging risk that investors should not ignore—the increasing popularity of offshore casinos operating without national licenses.
In Sweden, for instance, a growing number of players are opting out of the state-regulated system and turning to foreign-based platforms that offer fewer restrictions and larger bonuses. This is particularly evident in the rise of so-called casinon utan svensk licens (casinos without a Swedish license).
This shift in consumer behavior may reduce market share for licensed operators and impact revenue forecasts—especially in regions with strict regulatory environments.
Final Thoughts
Whether you’re targeting digital-first companies like Evolution Gaming or legacy operators like Caesars, casino stocks provide a compelling entry point into one of the world’s fastest-growing entertainment sectors.
Still, investors should remain cautious. The rapid ascent of offshore platforms, especially those not licensed under local jurisdictions, may erode traditional market shares and profitability.
