These online betting firms are the ones to watch in 2021
There’s no denying that 2020 was a challenging year for most people, and 2021 isn’t shaping up to be much better yet. Casinos and other entertainment venues were forced to close down due to fears about spreading the coronavirus.
As a result, people turned to online solutions to meet their needs, including online casinos and sportsbook makers. As the pandemic continues, 2021 is sure to bring more of the same, which means good things for online gambling firms. So which companies will continue to thrive in 2021? Here are several online gambling companies investors should be watching.
No article about online betting companies would be complete without details about DraftKings. The company took off in 2020, although it wasn’t without struggles. DraftKings depends on professional and college sports. Thus, when everything was suspended in 2020, it wasn’t all blue skies for the company. However, sports are back up and running for 2021, so that means good things for DraftKings’ business.
Shares of DraftKings jumped last week after it was reported that New York was close to legalizing online sports betting. The state could become the largest market for sports betting in the U.S., so DraftKings would benefit from it greatly.
FanDuel/ Flutter Entertainment
DraftKings’ biggest competitor in the U.S. is FanDuel, which is owned by Flutter Entertainment. Investors who want to invest in FanDuel get other sports betting brands as well. Flutter owns a broad range of gambling companies, including Fox Bet, Paddy Power, Sky Bet, PokerStars, Timeform, Betfair and BetEasy.
Flutter’s FanDuel should also benefit from the legalization of online sports betting in New York. Like DraftKings, Flutter shares have taken off over the last 12 months and show no signs of slowing down. Unlike DraftKings, investors get multiple gambling brands in various countries with Flutter Entertainment.
If you’re looking to take advantage of the pent-up demand for brick-and-mortar gambling, MGM Resorts could be a good play. The company operates casino resorts around the world, but it announced that its sports betting and online gambling business, BetMGM, opened an online casino in Pennsylvania. BetMGM also expended into Iowa with mobile sports betting.
Additionally, the company also partners with professional sports franchises to pull in those who like to gamble on sports. MGM is rumored to be trying to buy Entain, its partner on BetMGM. Nothing official has been announced yet, but it would be a big move into online gambling for a company traditionally in the land-based casino business.