Unbelievable 2023 NCAA March Madness Men’s Tournament Has Sports Betting Stocks on Fire
If there is one sporting event, other than the Super Bowl, every year that gathers attention from almost everybody it is the NCAA Men’s Basketball tournament. With incredible upsets at the Sweet 16 and Elite 8 levels this year, the betting handle has been huge. In fact this year, it possibly will see more betting action collectively than the Super Bowl, according to industry experts.
The explosion of sports gambling has been triggered by so many new states legalizing gambling as a way to generate revenue, and with this year’s incredible collection of Final Four teams, with no top three seeds remaining for the first time since 1979, the gambling numbers could continue to explode higher. Gaming stocks were red-hot just as the COVID-19 pandemic got rolling in 2020, and almost all were crushed as the costs of entering new markets and paying to get gamblers to sign up weighed heavily on profits. It appears though that many of the top stocks have turned the corner and could be headed for some big profits in 2023.
We screened our 24/7 Wall St. gambling and sports betting universe looking for stocks that may be the big winners. While there are many players in the sector, five top companies stand out as solid ideas for growth stock investors. They are rated Buy on Wall Street, but it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
Shares of this well-known old-school gaming company are offering solid upside. Caesar’s 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.
Barclays has a $70 target price on Caesars Entertainment stock, and the consensus target on Wall Street is $69.77. The stock closed almost 4% higher on Thursday at $46.87.
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After starting out as a fantasy sports provider, the company has become a favorite among sport gamblers. 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.
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