- Americans are set to bet nearly US$3 billion in the 2024 NCAA men’s and women’s NCAA basketball tournaments
- The U.S. sports betting market has grown into a $10 billion industry since the U.S. Supreme Court legalized the practice in 2018
- Betway.com reported record revenue of €1.4 billion for the full year 2023
- Analysts give DraftKings a buy rating and a $58 price target
According to the American Gaming Association, Americans are set to bet nearly US$3 billion in the 2024 NCAA men’s and women’s basketball tournaments. According to research by Goldman Sachs, the U.S. sports betting market has grown into a $10 billion industry since the U.S. Supreme Court legalized the practice in 2018.
With the men’s Final Four slated for Saturday and the championship game Monday, here are some betting sites that are publicly traded. If you don’t want to get in on the betting action, you can get in on the stock action.
Betway.com
Betway.com is part of SuperGroup Ltd. (NYSE:SGH). Recently the company reported record revenue of €1.4 billion for the full year 2023 that includes the highest total revenue for a fourth quarter of €359.9 million. Company shares were last trading at $3.23.
Northstarbets.com
Northstarbets is part of NorthStar Gaming (CVE:BET). It is a Canadian-owned gaming brand that combines a world-class casino and sportsbook experience with live, on-call agents and original sports news and gaming content. Ontario players can hop on northstarbets.ca and Canadians as well as those living in Ontario can play on northstarbets.com. NorthStar Gaming started trading March 10, 2023, and company shares were last trading at $0.09.
DraftKings
DraftKings (NDAQ:DKNG) is a U.S. online gaming operator, currently in 17 states. It operates the second-largest online sportsbook in the United States, accounting for about 25 per cent of the market. “We are still in the early innings of the U.S. online gaming industry, and there is still share that can be gained through innovation and operational excellence,” DraftKings CEO Jason Robins told thestreet.com. Analysts at Mizuho Group initiated coverage of DraftKings with a buy rating and a $58 price target. Company shares were last trading at US$47.20.
MGM Resorts International
MGM Resorts International (NYSE:MGM) is a global hospitality and entertainment company founded in January 1986 in Las Vegas. MGM Resorts is one of the biggest casino operators in the United States and Macau. It also jointly owns BetMGM with Britain’s Entain. MGM’s brick-and-mortar operations took a hit in from the pandemic and are starting to recover. Bet MGM fiscal year had net revenues increase by more than 36 percent year over year. Company shares were last trading at US$46.53.
Penn Entertainment
Penn Entertainment (NDAQ:PENN), formerly Penn National Gaming, is a U.S. entertainment company and operator of integrated entertainment, sports content, and casino gambling. It operates 43 properties in 20 states and is listed by Yahoo finance as one of biggest sports betting companies in the United States. The company owns the sports betting platform ESPN BET through a partnership with Disney-owned ESPN. Penn also owns Canada’s theScore Bet, which operates in Ontario.
Watch March Madness in Canada
As the hype builds and we get closer to “One Shining Moment,” the questions gets asked, “Where can I watch the March Madness Final Four and the championship game?”
Canadians can find the tournament on TSN and the TSN app. In the United States the NCAA men’s tournament is being aired on CBS and Turner Network channels.
The Final Four and championship game will air exclusively on TSN and CBS.
Another option is to go to the NCAA website to stream games.
For more March Madness stock insight, check out our 5 stocks to watch during March Madness.
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