With the NFL and college football seasons right around the corner, you can be sure that people that love to gamble on games and bet on fantasy gaming are ready and set to roll. One thing is for sure: the top companies in the legalized betting world are getting ready for a huge season, and smart growth stock investors should grab some of the top stocks now.
While it was carried on across the United States every single day of the year forever, sports betting was only legal in Nevada and Delaware for eternity. After years of efforts to change the rulings that kept it illegal, that prohibition came to an end in 2018 when the Supreme Court ruled in favor of individual states in a case involving the constitutionality defined by a 1992 law, the Professional and Amateur Sports Protection Act, which prohibited states other than Nevada and Delaware from operating sports betting. Currently, 37 states have approved legal sports betting, and more are sure to follow.
We screened our 24/7 Wall St. research database looking for stocks that are rated Buy that could be poised to have a huge fall football season. We found five that top firms across Wall Street are very positive on. It is still important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
Caesars Entertainment
Shares of this well-known old-school gaming company are offering solid upside. Caesars Entertainment Inc. (NASDAQ: CZR) provides casino entertainment and hospitality services, primarily under the Harrah’s, Caesars, Horseshoe and Eldorado brand names, in the United States. It owns, leases or manages domestic properties in 16 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker.
Caesars Entertainment also operates and conducts sports wagering across 28 jurisdictions in North America, including mobile for sports betting and regulated online real money gaming in six jurisdictions; retail and online gaming and sports betting; and other games, such as keno. In addition, the company operates dining venues, bars, nightclubs, lounges, hotels and entertainment venues, and it provides staffing and management services.
Wells Fargo has a $74 target price on Caesars Entertainment stock. The $73.15 consensus target is also well above the $52.78 closing share price on Thursday.
DraftKings
This company is a sector leader, and shares backed up some after the Penn-ESPN deal was announced. DraftKings Inc. (NASDAQ: DKNG) operates as a digital sports entertainment and gaming company. It offers multichannel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries.
The company operates iGaming through its DraftKings brand in five states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand, in three states. Its Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in 18 states.
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