The 10 Largest Gambling Stocks of 2024

4. DraftKings Inc. (NASDAQ:DKNG)

Market Capitalization: $17.41 Billion

No. of Hedge Fund Investors: 56

DraftKings Inc. (NASDAQ:DKNG) is one of the largest gambling companies in the world. The company offers online sports betting, online casino, and daily fantasy sports (DFS) product offerings. In addition to that, the company also has retail sportsbooks, media, and other consumer product offerings. DraftKings also designs and develops sports betting and casino gaming software for online and retail sportsbooks and iGaming operators.

DraftKings Inc. (NASDAQ:DKNG) new OSB and iGaming customers increased by almost 80% year-over-year during the second quarter of 2024. The company expects its acquisition environment to continue through the second half of 2024 and beyond as the market is offering potential growth opportunities. The company also projects potential upside for adjusted EBITDA in 2025 and beyond. During Q2, the management said that they are expecting adjusted EBITDA between $900 million and $1 billion in fiscal year 2025.

The catalyst for the growth of DraftKings is its investment in new features and functionality for Sportsbook and iGaming. In Sportsbook, the company has launched in-house player prop wagers for NFL, NBA, MLB, NHL, college football, college basketball, and tennis. Whereas, DraftKings has expanded its progressive parlays to include spread and total wagers. The company also plans to integrate a bet and watch experience with NFL streaming. DraftKings Inc. (NASDAQ:DKNG) is capitalizing on the opportunity to expand these Sportsbook and iGaming segments and has received a positive response from the customers.