Forward-thinking states like Pennsylvania and New Jersey are the driving force behind the burgeoning US online gambling market. Besides casino jackpots regulation has also opened the door to investment in potentially lucrative gambling stocks.
It comes as no surprise to any longstanding online casino fans that with states like New Jersey and Pennsylvania opening their doors to regulated online gambling the financial results have been excellent.
Prior to the implementation of the Unlawful Internet Gambling Enforcement Act of 2006 (UIEGA), North America was the largest global online gambling market in terms of player count, total deposits and profitability.
No Sign of Decline
Chris Krafcik, managing director of Eilers & Krejcik Gaming, a research firm focused that specialises in the interactive gaming, and sports betting sector, Tweeted that as of May 2020 the US online casino Gross Gaming Revenue had exceeded $501 million.
He also added that he believes the quarantine contributed to the increased adoption of online casino games as 54% of that figure came in April and May alone.
The future looks bright for the US online casino market which is being forecast to reach gain approval in at least thirty states and estimated to be worth in the region of $450 billion.
Are iGaming Stocks a Good Gamble?
The one advantage that the current North American online gambling market offers versus the pre-2006 market is regulation. In a regulated market, there are controls in place to protect players, ensure fair gaming and it allows for online gambling companies to trade on the stock market.
Two of the strongest performers in this newly regulated market are hybrid businesses, British Flutter Entertainment (PDYPY:OTC US) recently bought the popular site FanDuel and their main competitor site DraftKings (NASDAQ: DKNG) who merged with Malta-based SBTech.
Both have shown marked growth in 2020 with FanDuel stocks spiking by more than 230% in the last quarter and Flutter stocks showing a growth of nearly 100% in the same period.
Those looking to invest in purely American enterprises there are two stock options that come up online, Penn National (NASDAQ: PENN) and Golden Nugget Online Gaming Inc. (NASDAQ: GNOG) which are publicly traded and more importantly are true blue US companies.
Whether you roll the dice on an all American company or prefer to get behind a market-leading hybrid company the current performance of gambling stocks show the potential to be a valuable investment opportunity.
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