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4 Top Stocks to Buy Now – 24/7 Wall St.

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June 19, 2020 8:40 am

Last Updated: June 19, 2020 8:42 am

Everything changed on January 9, 2007, when the legendary co-founder of technology behemoth Apple, Steve Jobs, announced the first iPhone at the Macworld convention. Just 13 short years ago, basically everything you needed with all the information known to man became available in a device that was called a smartphone. Since then, every conceivable avenue for the smartphone to be used has opened up.

One area benefiting from the growth and sophistication of technology is gambling, especially sports betting online. Some companies offer every possible wager on sports, with proposition betting on every part of every contest. You can even bet on the coin toss in football games. In addition, the younger crowd is being drawn into e-sports, with gambling on gaming for the 18+ demographic. There is a massive fan base for fantasy football as well.

The floodgates for those tired of using the bookie down the street were opened in 2018 when the Supreme Court ruled states could legalize sports betting, striking down a 1992 federal law that had prohibited most states from authorizing sports betting. The 6 to 3 ruling was a victory for states that had long considered allowing sports gambling as a way to encourage tourism and tax revenue.

We searched 24/7 Wall St. research databases for companies that are exploiting the new laws and the new technologies, and we found four that look attractive for aggressive accounts seeking ideas that could have a wide-open future.

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DraftKings

The company became a huge favorite with younger people due to the surge in popularity of fantasy football. DraftKings Inc. (NASDAQ: DKNG) operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting and iGaming opportunities. It also is involved in the design and development of sports betting and casino gaming platform software for online and retail sportsbook and casino gaming products.

The company entered the market back in April in a time when most companies were putting off their initial public offerings. The offering was not an IPO in the truest sense because DraftKings came public through a merger with a special purpose acquisition company called Diamond Eagle, but similar rules applied.

The stock has since surged and the company is having a secondary offering this week. That offering consists of 33 million shares, with 14 million coming from DraftKings and 19 million being offered by certain selling stockholders. Additionally, the underwriters have the option to purchase up to an additional 4.95 million shares.

Canaccord Genuity is one of many firms with a Buy rating. It also has a $50 price target, above the Wall Street consensus target of $43.88. DraftKings stock closed on Thursday at $40.84 a share.

Esports Entertainment

This company is focused on the e-sports gaming craze and targets the younger, 18+ demographic. Esports Entertainment Group Inc. (NASDAQ: GMBL) operates as an online gambling company in Canada. It offers bet exchange style wagering, player versus player betting and betting on professional e-sports events. It also operates Vie, an online e-sports wagering website. The company was formerly known as VGambling and changed its name in May 2017.

The company signed a binding Letter of Intent in May to acquire LHE Enterprises, the holding company of online sportsbook and casino operator Argyll Entertainment and its operating support subsidiaries.

Since launching its flagship brand, Sportnation, in the summer of 2017, Argyll has established itself as a fast-growing and innovative gaming company within the U.K. and Irish market, leveraging the expertise of its 40 strong staff in marketing, technology, risk management and regulation to offer its customers an entertaining, safe and secure online gaming experience, an award-winning rewards program and access to exclusive and proprietary sports and gaming content.

There were no Buy ratings on the company so far, but there is a good chance there will be coverage soon. The last trade hit the tape Thursday at $7.02, up over 6% on the day.

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