In this article we discuss the 5 best sports betting stocks to buy now. If you want to read our detailed analysis of the sports betting industry, go directly to 10 Best Sports Betting Stocks to Buy Now.
5. Boyd Gaming Corporation (NYSE: BYD)
Number of Hedge Fund Holders: 28
Ranking 5th on the list of 10 best sports betting stocks is Boyd Gaming. The company recently signed a partnership with FanDuel (OTCPK:PDYPY) to launch online casinos in New Jersey and Pennsylvania. Last year, the company launched a new version of its B Connected sports betting app.
Mario Gabelli’s GAMCO Investors is one of the 28 hedge funds tracked by Insider Monkey having stakes in BYD at the end of the fourth quarter. The fund owns over 1.3 million shares of the company.
4. 888 Holdings plc (LSE: 888.L)
Number of Hedge Fund Holders: N/A
Listed on the London Stock Exchange, 888 operates several sports betting websites. The company’s revenue in 2020 jumped 50% to reach $849.7 million. In 2019, the company added a whopping one million new users. It operates online casinos, sports betting platforms, B2B gaming operations and poker.
3. MGM Resorts International (NYSE: MGM)
Number of Hedge Fund Holders: 44
Casino giant MGM is one of the best sports betting stocks to buy now. The company offers BetMGM app for sports betting. MGM has a partnership with Yahoo Sports through which it eyes to reach the 60 million users that visit Yahoo’s platform. Recently, Jefferies upped MGM to Buy, citing an increased demand and casino recovery expected in the future following the mass rollout of COVID-19 vaccine. The firm also said that BetMGM is gaining considerable momentum.
As of the end of the fourth quarter, 44 hedge funds in Insider Monkey’s database of 887 funds held stakes in MGM, compared to 41 funds in the third quarter. Corvex Capital is the biggest stakeholder in the company, with 22.5 million shares, worth $710.2 million.
2.Roundhill Sports Betting & iGaming ETF (NYSE: BETZ)
Number of Hedge Fund Holders: N/A
Roundhill Sports Betting is one of the best sports betting and gaming ETFs to buy to gain exposure to the gaming market. The ETF tracks the performance of the sports betting and iGaming industry. Some of the top holdings of the ETF include William Hill, Penn, Flutter, PointsBet and Kambi.
1. Wynn Resorts, Limited (NASDAQ: WYNN)
Number of Hedge Fund Holders: 52
Known for its staggering casinos and entertainment centers, Wynn Resorts is also one of the best sports betting stocks to buy now. The $14 billion market cap company offers mobile sports wagering applications and physical sports betting centers. Earlier in March, the company said it has received a permit from the state of Virginia for its sports betting operations. The company’s WynnBET mobile app will soon be available throughout the state.
With a $197.5 million stake in Wynn Resorts, SoMa Equity Partners owns 1.8 million shares of the company as of the end of the fourth quarter of 2020. Our database shows that 52 hedge funds held stakes in WYNN as of the end of the fourth quarter, versus 43 funds in the third quarter.
You can also take a peek at Billionaire Paul Tudor Jones’ Top 10 Stock Picks and Latest Portfolio and Cathie Wood’s Thoughts on the Future, ARK’s Portfolio and Latest Stock Picks.
