Mobile Sports Betting Added To Budget In New York

Meanwhile, JPMorgan analyst Joseph Greff assumed coverage of Caesars with an Overweight rating with a price target of $101, up from $96. The analyst thinks Caesars "continues to offer attractive exposure to many (positive) themes" within the U.S. gaming sector, including a near-term recovery in Las Vegas and permanently higher margins given operating efficiencies relative to pre-pandemic levels.

Argus analyst John Staszak upgraded Wynn Resorts to Buy from Hold with a $160 price target. The upgrade reflects the recovery in the company's Las Vegas business and growth in its Boston operations as more COVID vaccines are rolled out and leisure travel returns, the analyst tells investors in a research note. Staszak further anticipates a recovery in Macau and the launch of its iGaming and sports betting platform in 10 U.S. states. 

Jefferies analyst David Katz initiated coverage of Golden Nugget Online (GNOG) with a Buy rating and $28 price target. Golden Nugget's positioning and product strength have been proven in New Jersey, said Katz, who believes the company's performance through 2020 provides a framework for low double-digit percentage iGaming market share and "100+% potential upside."

PUBLICLY TRADED COMPANIES IN THE SPACE INCLUDE:

Accel Entertainment (ACEL), Bally's (BALY), Boyd Gaming (BYD), Caesars (CZR), Churchill Downs (CHDN), DraftKings (DKNG), Flutter Entertainment (PDYPY), Gan Limited (GAN), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN), Rush Street Interactive (RSI), Scientific Games (SGMS), Score Media (SCR), William Hill (WIMHY) and Wynn Resorts (WYNN).

 

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William K. 1 month ago Member's comment

Quite interesting and also very disturbing. There was a good reason for restricting gambling before and it is still applicable. But besides the moral issues and consequences there is a financial issue. Every cent of that profit from gambling is money removed from the economy, where it could have been spent on buying goods and services produced by humans working at jobs. That is the ignored problem of even legal gambling, which is that it is taking money away from other segments of the economy. But all that the city government can see is the profit they can grub away from the gambling businesses.

So it appears that the benefits overall are a bit exaggerated.