In this article, we will discuss: 12 Best Gambling Stocks to Buy According to Analysts.
Gambling stocks include companies that own, run, or manage lawful gambling activities and events such as horse and dog racing, online gaming, bingo, and video lottery, as well as companies that provide products or services to gaming operators.
During the COVID-19 pandemic, social isolation and stay-at-home orders spurred a boom in online sports betting and gambling. Even after the COVID-19 outbreak ended, sales continued to rise. As per Vixio Regulatory Intelligence, the US online gambling industry is estimated to generate $26.8 billion in gross revenue in 2025, up from $23.4 billion in 2024, with projections pointing to more than $41 billion by 2028. While iGaming is still restricted to a few strongholds, mobile sports betting is still on the rise, with one state recently surpassing $2 billion in yearly revenue. Under normal conditions, New Jersey’s online gambling revenue surpassed that of land-based casinos in October 2024, whereas states such as Pennsylvania and Michigan have iGaming earnings that exceed $200 million monthly.
However, expansion encounters opposition. Legalization efforts in New York, Maryland, and Louisiana continue, but union opposition and legislative friction persist. If just one of these states legalizes iGaming, it could start a domino effect. Another obstacle is tax increases; in 2024, several jurisdictions raised their sports betting tax rates, raising concerns that such high rates could impede innovation and competitiveness. Payment processing also remains a significant concern. Major financial services networks continue to restrict gambling transactions, intensifying the need for digital wallets and other workarounds, which authorities examine with caution. Meanwhile, sweepstakes platforms are growing in unregulated marketplaces, raising concerns as policymakers consider stronger regulations.
According to CasinoReports.com estimates, the US-regulated online sports betting market is anticipated to reach $150 billion by 2024, driven by 32 states that allow online gambling. The CEO and co-founder of Third Planet Affiliates, Adam Small, who owns and operates the iGaming news media company CasinoReports.com and the sports betting website Props.com, stated that the two large platforms dominate the business, accounting for around 75% of total wagers and revenue. Small believes there is still room for digital gambling to expand in the coming years, as Texas, California, and a more open Florida will deliver “a large jolt” to the digital sports gambling market. Small commented the following:
“Plus, states like Minnesota and Georgia are continually flirting with legalization, and Missouri will soon join the ranks, probably in time for the 2025 football season.”
However, Nick Slade, co-founder and chief content officer at Cipher Sports Technology Group, noted that while digital-only sportsbooks dominate the market, their long-term sustainability is questionable due to hefty user acquisition expenses. Many sportsbooks struggle with profitability and rely heavily on marketing to keep clients. Casino-backed sportsbooks, on the other hand, have a competitive advantage since they may use a variety of revenue streams, such as hotels, resorts, and luxury experiences, to increase client loyalty.
Recently, the New York State Gaming Commission released its findings for mobile sports wagering from April 2024 to March 2025. According to its report, mobile sports betting in New York grew 20% year on year to $23.9 billion in FY2024- 25, producing $2.14 billion in gross gaming revenue (GGR). January dominated with a $2.48 billion handle and $247 million in GGR, closely followed by March with $2.44 billion and $161.8 million. For the first time since legalization in 2022, the monthly volume was over $1 billion. The state raised $1.11 billion for education, with $6 million for gambling treatment and $5 million for youth sports. Fines and adjustments brought in an additional $23.3 million, including a significant $17.5 million penalty.
With that said, here are the 12 Best Gambling Stocks to Buy According to Analysts.
A close-up of a roulette wheel in a luxurious casino.
Methodology
For this article, we screened for companies that are involved in gambling and formed an initial list of 20 gambling stocks. Then, we selected the 12 stocks that had the highest upside potential as of April 11, 2025. We have only included stocks in our list with an upside potential of 40% or higher. The stocks are ranked in ascending order of the upside potential.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
12. Light & Wonder, Inc. (NASDAQ:LNW)
Analysts’ Upside Potential as of April 11: 40.26%
Light & Wonder, Inc. (NASDAQ:LNW) is one of the Best Casino Stocks. It is a gaming firm that operates in three segments: iGaming, SciPlay, and Gaming. The company also provides casino and gambling equipment such as video lottery terminals, card shufflers, chip sorters, deck checkers, and other gaming devices.
One of the reasons investors like Light & Wonder, Inc. (NASDAQ:LNW) is its good management. After going into debt to finance unsuccessful M&A transactions, the firm was unable to predict changing customer preferences in the gambling industry. This all changed with a new management, which not only turned the company’s books around but also focused on crucial categories, including social gaming, gaming equipment, and services.
Light & Wonder, Inc. (NASDAQ:LNW) had growth in 2024, with a 10% rise in consolidated revenue to $3.2 billion and exceptional EBITDA performance across all business segments. The gaming division stood out, with a 4% year-over-year revenue gain in Q4, aided by a 24% increase in systems growth and a 5% increase in EBITDA, retaining its position as the largest ship shareholder in North America and Australia. SciPlay also fared well, exceeding $820 million in sales, expanding 6% year on year, and outperforming the market with a record revenue per daily active user. iGaming’s revenue jumped by 11% in Q4, driven by strong content releases and sustained expansion in North America and Europe, with over 1,000 game launches expected in 2024. The business also wisely acquired Grover Gaming’s charitable gaming operation for $850 million, establishing itself for considerable synergies and future growth.
11. Gambling.com Group Limited (NASDAQ:GAMB)
Analysts’ Upside Potential as of April 11: 41.25%
Gambling.com Group Limited (NASDAQ:GAMB) is among the Best Casino Stocks. It is a multi-award-winning performance marketing business that provides digital marketing services to the online gambling industry. Its primary concentration is on online casinos, sports betting, and the fantasy sports market. The firm makes revenue by introducing online gamblers to online gaming companies.
Gambling.com Group Limited (NASDAQ:GAMB)’s strategic positioning as a “Picks & Shovels” play in the growing U.S. gaming market is the foundation of its bull case, which enables it to profit from industry expansion without having to deal with the license fees and regulatory obstacles that sportsbook operators have to cope with. The company’s gross margins of 90% are much greater than the normal 50% margins of standard gaming platforms, showing extraordinary operational efficiency. The company’s aggressive acquisition strategy, despite depleting cash reserves in the short term, has proven effective as freshly acquired assets swiftly generate revenue, growing the firm without compromising the balance sheet.
The acquisition of OddsJam and OpticOdds broadened the company’s product offering, anticipating a 20% increase in incremental adjusted EBITDA from both businesses. In 2025, the company plans to hike up sales by 35% and an adjusted EBITDA by 40%, owing mostly to expanded product offerings and market share gains.
10. Codere Online Luxembourg, S.A. (NASDAQ:CDRO)
Analysts’ Upside Potential as of April 11: 45.35%
Codere Online Luxembourg, S.A. (NASDAQ:CDRO) is a sports betting and online casino company that uses the Greenplay and Codere names. The business is headquartered in Luxembourg and operates in several European nations, as well as Mexico, Panama, and Argentina. Its stock has gained nearly 12% so far this year, making it one of the Best Casino Stocks.
In Q4 2024, Codere Online Luxembourg, S.A. (NASDAQ:CDRO) produced a great performance, with net gaming revenue up 5% year on year or 15% in constant currency. The firm’s customer acquisition remained strong, with 71,000 first-time depositors (up from 67,000 in the previous quarter) and the lowest cost per acquisition since Q4 2023, €211.
The company also achieved a positive adjusted EBITDA of €1.9 million for the quarter, which contributed to a strong €6.4 million for the year. Codere Online Luxembourg, S.A. (NASDAQ:CDRO)’s Spanish market experienced strong growth, with revenue climbing 10% to €23 million and active consumers growing by 3%. The board adopted a $5 million share buyback plan, showing a strong shareholder value importance.
9. Accel Entertainment Inc. (NYSE:ACEL)
Analysts’ Upside Potential as of April 11: 45.99%
Accel Entertainment, Inc. (NYSE:ACEL) is ranked ninth on our list of the Best Casino Stocks. It is a US-based distributed gaming and local entertainment operator. It installs, maintains, operates, and services gaming terminals and related equipment, redemption devices that disburse winnings and include automated teller machine functionality, and amusement devices in licensed non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores. The company also operates standalone ATMs in both gaming and non-gaming settings. Its revenue sources include net gambling, amusement, manufacturing, ATM fees, and others.
Accel Entertainment, Inc. (NYSE:ACEL)’s bull case revolves around its strategic development beyond Illinois, particularly the $164.2 million acquisition of 900 venues and 8,300 video terminal machines in Montana and Nevada, which significantly broadens its geographic footprint and revenue source. The business is also entering the casino market with its Fairmount Park acquisition, which is expected to generate $25 million in EBITDA annually if Phase 2 is completed by FY 2027, adding a new growth vertical.
The firm’s revenue climbed 5% to $1.231 billion in FY 2024, fueled by robust sales per unit in most areas. These moves show Accel Entertainment, Inc. (NYSE:ACEL)’s capacity to expand both organically and through effective acquisitions, placing it in a strong position for long-term earnings growth and market share gains in a regulated and quickly expanding gambling environment.
8. Boyd Gaming Corporation (NYSE:BYD)
Analysts’ Upside Potential as of April 11: 47.21%
Boyd Gaming Corporation (NYSE:BYD), one of the Best Casino Stocks, is a gaming firm with operations in numerous jurisdictions. The company operates completely owned gambling entertainment locations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania, which include casinos, slot machines, table games, and hotel rooms. Its business categories are geographically organized into four areas: Online, Midwest and South, Downtown Las Vegas, and Las Vegas Locals. The majority of the company’s sales come from entertainment properties in the Midwest and South.
The firm’s outstanding year performance was fueled by its broad business model, continued operational efficiencies, and recent real estate investments. It reported $3.9 billion in revenue for the fiscal year 2024, setting a new record. While maintaining operating margins of more than 40% at the property level, the company’s overall EBITDA was around $1.4 billion. These statistics show Boyd Gaming Corporation’s (NYSE:BYD) continuous potential for outstanding financial performance. Furthermore, its fiscal Q4 2024 revenue surpassed $1 billion for the first time, and its EBITDAR increased to approximately $380 million.
Treasure Chest Casino’s new facility has consistently outperformed forecasts, with revenues significantly higher than pre-expansion levels. Boyd Gaming Corporation (NYSE:BYD) is still working on major expansion projects, including the Cadence Crossing Casino and the construction of a resort near Norfolk, Virginia. These initiatives aim to improve the company’s market presence and capitalize on opportunities in rapidly growing locations.
7. Super Group (SGHC) Limited (NYSE:SGHC)
Analysts’ Upside Potential as of April 11: 48.36%
Super Group (SGHC) Limited (NYSE:SGHC) is a holding company that conducts online sports betting and gambling operations. The company’s reportable segments include Betway, Spin, and Others. The Betway business accounts for the majority of its revenue, as it is a single-brand online sports betting and casino offering licenses throughout Europe, the Americas, and Africa. Spin is the company’s multi-brand online casino offering, with a diversified portfolio of casino brands, including Jackpot City, Spin Casino, Dream Bingo, Mirror Bingo, and others, all meant to be culturally relevant globally while offering a wide choice of casino products. Geographically, the company generates the most revenue in Africa and the Middle East, followed by North America, Europe, Asia-Pacific, and South/Latin America. The stock grew by more than 13% YTD, including it among the Best Casino Stocks.
The firm had strong growth in 2024, with total revenue up 18% year-on-year and adjusted EBITDA rising 53%. Q4 of 2024 alone saw all-time highs, with revenue growing 38% to €487 million and adjusted EBITDA up 152% to €129 million, representing a healthy 26% margin. Super Group (SGHC) Limited (NYSE:SGHC)’s customer involvement peaked at roughly 2.2 million users per day and an average of 5.3 million unique monthly active customers. In the United States, the company boosted its focus on iGaming, which led to a 64% spike in Q4 revenue to €14 million year on year.
The company’s outstanding cash flow generation and shareholder-friendly capital strategy were highlighted when it paid out a $0.15 special cash dividend to shareholders, raising the total 2024 dividend to $0.25 per share. This was done on top of a solid balance sheet with €356 million in unrestricted cash and no debt.
6. Churchill Downs Incorporated (NASDAQ:CHDN)
Analysts’ Upside Potential as of April 11: 50.91%
Churchill Downs Incorporated (NASDAQ:CHDN) provides online betting, racing, and gaming entertainment. It is organized into three business segments: gaming, wagering services, and live and historical racing. The category Live and Historical Racing includes both live and historical pari-mutuel racing. The Wagering Services section includes revenue and expenses from pari-mutuel wagers placed through TwinSpires, the company’s retail and online sports betting operation.
In 2024, Churchill Downs Incorporated (NASDAQ:CHDN)’s net revenues jumped by 11%, and adjusted EBITDA climbed by 13%, marking a new financial record. This accomplishment was mostly attributed to the Kentucky Derby, which achieved record-adjusted EBITDA as a consequence of increased ticket sales, sponsorships, and pari-mutuel betting. The expansion initiatives at Churchill Downs Racetrack aim to further improve the Derby experience. These projects include the renovations to the Conservatory and Sky Terrace. The firm’s nearly $1.2 billion adjusted EBITDA came from HRM venues in Virginia, with plans to expand in Richmond and Henrico County.
Revenue rose by $27.3 million in the fourth quarter of 2024, or 11.07% year on year, driven by a $30.3 million surge from the opening of the Terre Haute Casino Resort, which was partially offset by a $3.0 million decline from the other wholly owned gaming locations due to regional gaming softness and increased competition. Churchill Downs Incorporated (NASDAQ:CHDN)’s strong financial position was bolstered by $688 million in free cash flow ($9.22 per share), a roughly 33% increase per share over the previous year, which makes it one of the Best Casino Stocks.
5. DraftKings Inc. (NASDAQ:DKNG)
Analysts’ Upside Potential as of April 11: 62.01%
DraftKings Inc. (NASDAQ:DKNG) is a major force in the online sports betting industry and one of the Best Casino Stocks. The firm has established a competitive advantage over traditional casino-operated sportsbooks by providing a world-class user interface and a strong brand presence. The company is already legal in 25 states and is growing its reach as new markets emerge. Its solid market positioning, continuous state-by-state legalization, and focus on profitability make it an excellent investment prospect.
During the COVID-19 pandemic, social alienation and directives to stay at home fueled a rise in online sports betting and gambling. Even after the COVID-19 pandemic ended, its sales continued to climb. The company’s business shows strong operating leverage. Its fiscal Q4 2024 earnings climbed 30% to $4.8 billion over the prior year. For the first time, free cash flow was positive, and adjusted EBITDA rose $332 million year on year to $181 million. DraftKings Inc. (NASDAQ:DKNG) also gained 3.5 million new customers at record-low acquisition costs, bringing its total client base to $10.1 million, representing a 42% increase YoY.
On Super Bowl Sunday, the DraftKings Sportsbook app reached its highest ranking in the App Store, ranking third overall and first in the sports category. The online gambling company recorded the highest gross gaming revenue day in its history, with a sportsbook handle of $436 million. DraftKings Inc. (NASDAQ:DKNG) boosted its fiscal year 2025 revenue prediction from $6.3 billion to $6.6 billion, marking a 32% to 38% rise over the previous year due to planned expenditures in live betting.
4. Wynn Resorts, Limited (NASDAQ:WYNN)
Analysts’ Upside Potential as of April 11: 63.01%
Wynn Resorts, Limited (NASDAQ:WYNN) is ranked fourth on our list of the Best Casino Stocks. It is a diverse casino operator that owns 72% of the Wynn Palace and Wynn Macau in Macau. It also wholly owns the Wynn and Encore in Las Vegas, as well as the Encore Boston Harbor, which opened in 2019.
Revenue climbed to $6.5 billion in 2023, with an operating profitability of $840 million. Wynn Resorts, Limited (NASDAQ:WYNN) achieved yet another record for adjusted property EBITDAR in 2024, with an annual record in Las Vegas. The company experienced exceptional operational success in Las Vegas, with table games falling flat against fierce competitors and slot handles growing by 13%, while gaming market share surged dramatically in Q4. The Macau firm generated $293 million in EBITDA in the fourth quarter, up 11% sequentially but down about 1% year on year. Despite the competitive market, it remained focused on increasing EBITDA and maintaining a high margin profile.
Stifel maintained its Buy recommendation on Wynn Resorts, Limited (NASDAQ:WYNN) shares and raised the price target from $123 to $128. Although its Q4 report and projections “probably aren’t as strong” as MGM’s, the company informs investors that “it’s pretty darn close and, more importantly, should allow WYNN shares to move higher.”
Nightview Capital stated the following regarding Wynn Resorts, Limited (NASDAQ:WYNN) in its Q4 2024 investor letter:
“Travel and entertainment are transforming as consumers prioritize experiences over material goods. This isn’t a return to pre pandemic norms—it’s a reinvention of how we connect, explore, and enjoy life. Travelers seek uniqueness and personalization, while entertainment blends digital and physical realms to create new experiences. The companies leading this evolution are redefining tradition through innovation, delivering unforgettable moments to a new generation. These businesses are not just adapting—they’re shaping the future of the experience economy.
Wynn Resorts, Limited (NASDAQ:WYNN): Core Opportunity: Wynn Resorts combines world-class properties with exposure to Macau’s rebounding gaming market and emerging luxury travel trends. Recent development projects, combined with a re-valuation of the legacy portfolio place Wynn in a compelling and overlooked position.
Competitive Advantage: Revenue Growth: Wynn’s revenues have increased 2.5x since 2007, while free cash flow has grown to $1 billion annually, all while equity has remained flat.
Portfolio Expansion: New properties in Macau, Encore Boston Harbor, and upcoming projects in the Middle East and New York enhance its global footprint…” (Click here to read the full text)
3. MGM Resorts International (NYSE:MGM)
Analysts’ Upside Potential as of April 11: 73.97%
MGM Resorts International (NYSE:MGM) has one of the gambling industry’s most impressive property portfolios. Along with holdings in Atlantic City, Detroit, and Mississippi, it owns many of the most well-known casino resorts on the Las Vegas Strip, including the Bellagio, MGM Grand, Luxor, and New York-New York. It also has a 56% stake in two Macau casinos, MGM Macau and MGM Cotai. Compared to many of its competitors, it has more exposure to Las Vegas tourists because nearly two-thirds of its 45,000 guest rooms are located around the Strip.
One of the Best Casino Stocks, MGM Resorts International (NYSE:MGM)’s stock price rose on better-than-expected fourth-quarter earnings, promising remarks about recent performance and prospects, and a forecast that its online gambling joint venture will generate positive EBITDA this year.
In 2024, the company set new records for hotel revenue, food and beverage revenue, domestic slot wins, and consolidated net revenues. The company had a strong start to 2025, as seen by greater domestic operations revenue in January and plans for ADR growth throughout the year. A great fourth quarter was attributed to particularly superb operations in Las Vegas, where December slot handle and win set new records. Furthermore, MGM Resorts International (NYSE:MGM) broke the previous record by 43% in December, with its highest-ever convention reservations. BetMGM maintained its excellent momentum, achieving more than $2 billion in top-line growth in 2025, with net revenues from operations expected to range between $2.4 billion and $2.5 billion.
Longleaf Partners Fund stated the following regarding MGM Resorts International (NYSE:MGM) in its Q4 2024 investor letter:
“MGM Resorts International (NYSE:MGM) – Hospitality and gaming company MGM Resorts was a top detractor for the quarter and the year. Despite relatively strong execution by the company and opportunistic repurchases of discounted shares, the market did not like the company’s quarter-to-quarter volatility, especially in the second half of the year. When making the necessary adjustments, MGM’s core Las Vegas properties continued to grow nicely if boringly in the low-mid-single digit range during the year. MGM remains one of our larger share repurchasers in the portfolio, demonstrating its commitment to shareholder returns. The company’s hidden assets in online gaming and Asia also showed progress as the year went on. We remain confident in the management team, led by CEO Bill Hornbuckle, as they navigate these challenges and focus on long-term value creation.”
2. Las Vegas Sands Corp. (NYSE:LVS)
Analysts’ Upside Potential as of April 11: 85.04%
Las Vegas Sands Corp. (NYSE:LVS) is a casino operator focused primarily on the Macau market. The company’s five casinos in Macau and Marina Bay Sands in Singapore are primarily geared toward the Asian market. Since strict lockdowns in China and other Asian countries caused traffic to drop during the COVID-19 pandemic, the strategy of concentrating on Asia unfortunately backfired. However, the company rebounded in 2023 with operating profits of $2.3 billion and revenue of $10.4 billion, an improvement of more than 150% from 2022, showing that it is back on solid ground.
Las Vegas Sands Corp. (NYSE:LVS)’s Macao betting market expanded significantly, with Q4 2024 gaming revenue up 6% year on year, owing to a 5% increase in mass gaming income. Marina Bay Sands did well in Singapore, with an adjusted property EBITDA of $537 million, up 28% from the previous year. The Londoner Grand Casino, which opened in late September with 315 suites, is planned to have expanded to 1,500 suites and rooms by May 2025. By repurchasing $450 million of stock and increasing the dividend to $1 per share in 2025, the firm proved its commitment to shareholder returns.
Citi maintained its Buy rating for Las Vegas Sands Corp. (NYSE:LVS) and raised its price objective from $64.50 to $67. Marina Bay Sands claims that its Q4 EBITDA of well over $500 million positively shocked the market. Given Londoner Grand’s slow opening, it is confident that its Macau property has excellent EBITDA recovery potential. The company is still the analyst’s “Global Top Pick,” and it ranks among the Best Casino Stocks.
1. Caesars Entertainment, Inc. (NASDAQ:CZR)
Analysts’ Upside Potential as of April 11: 92.62%
In 2020, Eldorado Resorts acquired Caesars Entertainment, Inc. (NASDAQ:CZR), retaining the Caesars name. After the merger, it is now the largest casino operator in the United States, with 54 properties worldwide, including eight on the Las Vegas Strip. The firm runs casinos in sixteen states. Despite developments in online gambling, the majority of the company’s operations remain in Las Vegas and regional casinos. Like other casino operators, it intends to profit from its national network by creating a reward program that encourages visits to multiple venues.
Caesars Entertainment, Inc. (NASDAQ:CZR) recently reported its fourth-quarter and full-year 2024 results, which revealed a range of performance across all segments. In Q4, GAAP net revenues were $2.80 billion, a slight decrease from $2.83 billion in the same quarter of the prior year. However, net profits were $11 million, compared to a loss of $72 million during the same time last year. The business recorded $11.2 billion in net revenues for the entire fiscal year 2024, a decrease from $11.5 billion in 2023, and a $278 million net loss versus $786 million in net profitability. However, the revenues from the Promenade and WSOP sales were used to repurchase $50 million in shares and repay $500 million in debt.
On February 19, David Katz, a Jefferies analyst, assigned a Buy recommendation to Caesars Entertainment, Inc. (NASDAQ:CZR) based on several factors that could influence its future performance. Katz is certain that these markets will recover by 2025, despite short-term challenges, particularly in the online business segment and regional gaming portfolio, which have been affected by recent dismal sporting events. While the regional portfolio may benefit from increased competition and new initiatives in specific areas, the digital segment is expected to expand due to stronger iGaming performance and lower promotional costs. Furthermore, it is anticipated that its operations in Las Vegas will stay consistent due to an active presence on The Strip and a recovering convention industry.
Overall, CZR ranks first among the 12 Best Gambling Stocks to Buy According to Analysts. While we acknowledge the potential of gambling companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than CZR but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks to Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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