Even with the lack of live sports, sports betting stocks are performing particularly well over these last couple of months. Sports betting stocks have proven to lead to massive returns for investors, many of whom are looking to continue making a killing once live sports are back on rotation.

Sports gambling has taken off in a remarkable way this year

More and more states are increasingly striving for the legalization of sports betting and it is easy to see why. Case in point, Pennsylvania legalized sports gambling legal in 2017 and New Jersey followed a year later in June 2018. More recently, Michigan’s state government signed into law a series of bills, which will effectively allow residents to start wagering on sports come next year.

Other states including West Virginia, Montana, North Carolina and are also a few of the 20 states that have legalized sports betting. This rapid legalization of sports betting that’s sweeping the country has the potential to boost state revenues significantly, at a time when the pandemic has all but left a big unfillable hole.

As sports betting boosts state revenue, it will also help to make gaming stocks a more lucrative investment as time progresses. Currently, the sports gambling revenues in the country are predicted to surpass the $800 million mark this year up from the $249 million recorded in 2017.

Reopening sports will lead to even more returns

Shares of many sports betting companies are already enjoying the gains as discussed here. However, once live sports resume fully, these companies are going to realize even more profits. Already, baseball, hockey, and basketball as well as women’s basketball are underway with football also scheduled to air soon.

For good reason, fans are now outlawed from attending for now so the focus has been placed on the TV audience safely watching and wagering at home. Sports with smaller roster sizes such as NHL and NBA are currently playing in bubbles, which means that players and staff are isolated from the external community while the events take place.

On the other hand, those with larger rosters such as MLB and NFL are hosting games at their respective stadiums while traveling between cities for matches. There has been a certain appeal to returning first and fast amid a dehydrated landscape that is set to explode once sports make a proper comeback.

So which sports betting stocks should you be looking at right now?

It’s barely been two years since sports betting was legalized in the country. Now investors and gamblers alike are keen on investing in sports betting stocks with the regular football season set to begin any day now.

Some of the sports betting stock that you may want to check out include

Penn National Gaming (PENN) sports betting stocks

PENN was just another old regional casino for a large part of its 52-year history. However, that all changed back in January when it acquired control of the boisterous media company Barstool Sports. This strategic move did not only give PENN the revival it so needed to stand out in today’s highly competitive space, but it also gave it direct and instant access to the website’s humongous audience.

It is this move that also transformed PENN stock into the most highly sought after trading vehicles for investors looking to get in on the action in this burgeoning industry. The POWR Ratings have PENN ranked 3rd out of 20 stocks in the Casinos/Gambling segment, with a high forecast of $45 for the stock. Goldman Sachs predicts that PENN could go as high as $60 in the future.

DraftKings

So far, DraftKings stands as the most valuable company in the sports betting arena. It enjoys a market capitalization of approximately $13 billion compared to PENN’s $7.6 billion. While other sports betting stock also have major casino operations under their belt, DraftKings is the only pure-play sports betting stock that you will find.

DraftKings has its origins as a fantasy sports company but its sportsbook betting service was launched just recently in August 2018 and has grown considerably in a short space. DKNG went public through a reverse merger in April and quickly gained the attention of Wall Street

MGM Resorts

After DraftKings, MGM Resorts is the 2nd most valuable company in the sphere enjoying a market cap of approximately $10 billion. It also has a huge presence in traditional gambling markets such as Macau and Vegas. Currently, it offers sports betting through its BETMGM Service in states that have legalized it including Colorado, Nevada, and Jersey.

Caesars

Caesars Entertainment (CZR) is a smaller but vibrant company in the sports betting space. Caesars Entertainment (CZR) is valued at just below $7 billion and was formed by amalgamating older firms such as Harrah’s Entertainment, Bally’s, and Eldorado Resorts. Apart from largely operating casinos in the country it also offers sports betting under the Caesars Sportsbook brand through its partnership with the well-known UK betting giant William Hill.

Boyd

Boyd is one of the smallest companies valued at $3 billion. It offers sports betting through its partnership with FanFuel, which is a fantasy sports company that’s similar to DKNG.

Esports Entertainment Group (GMBL)

GMBL has slowly been gaining the interest of investors with sticks soaring without any clear explanation. If what you are interested in is long-term sports gambling play to invest in, then GMBL may just be the right sports betting stock for you,

Unlike most other options on this list, GMBL offers punters the chance to bet on esports competitions, which are slowly becoming more and more popular especially during this pandemic period. There is a place for esports especially among the younger generation of betters so if you think esports will take off, then you should definitely consider looking into GMBL sports betting stock as a longterm investment.

Final Words

The numbers don’t lie; since going public on April 24th, DraftKing’s stocks have been on a steady rise (up 82%) while Penn National’s Gamin’s stock, which acquired Barstool Sports in January is up 130%. These figures just go to prove the broader truth about the sports betting industry- that it will come out almost unscathed despite a months-long pandemic period without live sports.