Why Is PENN Entertainment, Inc. (PENN) Among the Best Gambling Stocks to Buy According to Hedge Funds?

Insider Monkey12-06

We recently compiled a list of the 10 Best Gambling Stocks To Buy According to Hedge Funds. In this article, we are going to take a look at where PENN Entertainment, Inc. (NASDAQ:PENN) stands against ...

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(PENN) Among the Best Gambling Stocks to Buy According to Hedge Funds?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-06 00:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/why-penn-entertainment-inc-penn-164649621.html><strong>Insider Monkey</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We recently compiled a list of the 10 Best Gambling Stocks To Buy According to Hedge Funds. In this article, we are going to take a look at where PENN Entertainment, Inc. (NASDAQ:PENN) stands against ...</p>\n\n<a href=\"https://finance.yahoo.com/news/why-penn-entertainment-inc-penn-164649621.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".IXIC","symbol_name":"NASDAQ Composite","start_time":0,"source_url":"https://finance.yahoo.com/news/why-penn-entertainment-inc-penn-164649621.html","article_id":"2489467494","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/ESylmnJwdabYGAuqF0pXDw--~B/aD04MTY7dz0xNDU2O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/insidermonkey.com/4ed7e7f64babb1d8f77cdf1fcaca3844"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2489467494","pubTimestamp":1733417209,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"We recently compiled a list of the 10 Best Gambling Stocks To Buy According to Hedge Funds.In this article, we are going to take a look at where PENN Entertainment, Inc.  stands against the other gambling stocks.According to a report by The Business Research Company, the global gambling market reached a value of approximately $540.3 billion in 2023 and is projected to reach $744.8 billion in 2028, with a CAGR of 6.6%. This growth is expected to be supported by rising disposable incomes, political stability, and increased foreign investments in emerging markets.The online gambling market is rapidly gaining popularity. According to Research and Markets, the online gambling market is expected to grow to $153.21 billion by 2029, expanding at a CAGR of 10.44%. The widespread use of mobile phones, the internet, and convenient online payment gateways have made online gambling more accessible. The sports category is on the rise and is fueled by major sports events.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".IXIC":"NASDAQ Composite","BK4585":"ETF&股票定投概念","QLD":"纳指两倍做多ETF","PSQ":"纳指反向ETF","PENN":"佩恩国民博彩","TQQQ":"纳指三倍做多ETF","SQQQ":"纳指三倍做空ETF","BK4150":"赌场与赌博","QID":"纳指两倍做空ETF"},"translate_title":"为什么PENN Entertainment，Inc.(PENN)是对冲基金评选的最佳赌博股票之一？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PENN":1,".IXIC":0.9,"MNQmain":0.6,"NQmain":0.6,"PSQ":0.6,"QID":0.6,"QLD":0.6,"SQQQ":0.6,"TQQQ":0.6},"content_text":"We recently compiled a list of the 10 Best Gambling Stocks To Buy According to Hedge Funds. In this article, we are going to take a look at where PENN Entertainment, Inc. (NASDAQ:PENN) stands against the other gambling stocks.\nAccording to a report by The Business Research Company, the global gambling market reached a value of approximately $540.3 billion in 2023 and is projected to reach $744.8 billion in 2028, with a CAGR of 6.6%. This growth is expected to be supported by rising disposable incomes, political stability, and increased foreign investments in emerging markets.\nLotteries represented the largest segment in gambling, accounting for 53.9% of the total market. This segment is projected to grow at the fastest CAGR of 8.2% between 2023 and 2028 and is expected to generate $141.4 billion in global annual sales by 2028.\nThe online gambling market is rapidly gaining popularity. According to Research and Markets, the online gambling market is expected to grow to $153.21 billion by 2029, expanding at a CAGR of 10.44%. The widespread use of mobile phones, the internet, and convenient online payment gateways have made online gambling more accessible. The sports category is on the rise and is fueled by major sports events.\nRead Also: 10 Oil Stocks with Biggest Upside Potential According to Analysts and 7 Best Emerging Markets Stocks To Buy Now.\nRise of Sports Betting\nIn an interview with CNBC on November 8, Jason Robins, Co-Founder and CEO of DraftKings, shared his insights on the current state of the online sports betting industry. He believes that the industry is at a critical juncture, where more people across the country are becoming aware that they can gamble legally, leading to significant growth. Robins attributes this growth to the increasing number of states that have legalized sports betting.\nRobins also highlighted the vast potential for growth, pointing to the American Gaming Association's prediction of $35 billion in legal wagers during the current NFL season, a 30% increase from last year. He is hopeful that other states, including California, Florida, and Texas, will soon follow suit and legalize sports betting. While acknowledging that the legislative process can be slow, Robins is confident that most states will eventually adopt some form of legal sports betting, paving the way for the industry as a whole to continue its upward trajectory.\nAs the global gambling market continues to expand at a rapid pace, driven by the growing popularity of online betting and legalization, it's clear that the industry is on the cusp of significant growth. With that in context, let's take a look at the 10 best gambling stocks to buy according to hedge funds.\nOur Methodology\nTo compile our list of the 10 best gambling stocks to buy according to hedge funds, we used Finviz and Yahoo stock screeners to find the 25 largest companies in the casino and gambling sectors. We then used Insider Monkey’s Hedge Fund database to rank 10 stocks according to the largest number of hedge fund holders, as of Q3 of 2024. We also included the market capitalization of these companies as of December 3. The list is sorted in ascending order of hedge fund sentiment.\nWhy do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).\n The bright and neon lights of a glitzy casino, revealing the company's iCasino and gaming properties. \nPENN Entertainment, Inc. (NASDAQ:PENN)  \nNumber of Hedge Fund Holders: 37  \nMarket Capitalization as of December 3: $3.41 Billion  \nPENN Entertainment, Inc. (NASDAQ:PENN), formerly Penn National Gaming, is a major operator of casinos, racetracks, online gaming platforms, and iCasino offerings in 26 jurisdictions in North America. The company operates well-recognized brands including Hollywood Casino, ESPN BET, L’Auberge, and the Score BET Sportsbook.\nPENN Entertainment, Inc. (NASDAQ:PENN) is leveraging its partnership with ESPN, and the ownership of theScore, the top digital sports media brand in Canada, to expand its footprint and grow its customer ecosystem. PENN Entertainment, Inc. (NASDAQ:PENN) is focusing on organic cross-sell opportunities and using its PENN Play customer loyalty program to offer its 31 million members a unique set of rewards and experiences across business channels. The company is also using its in-house game development studio, PENN Game Studios.\nOn November 19, PENN Game Studios launched a new iCasino game, Multiplayer Blackjack, on its Hollywood Casino online platform in New Jersey. Multiplayer Blackjack creates a social gaming environment, allowing users to create a customized private table to play alongside friends or select from a lobby of existing public tables. This new game is expected to support the company's growth by offering a unique and engaging experience for players. This will help to build a sense of community and loyalty among players, which can lead to increased player retention and acquisition.\nOverall PENN ranks 7th on our list of the best gambling stocks to buy according to hedge funds. While we acknowledge the potential of PENN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than PENN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.   \nREAD NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock   \nDisclosure: None. This article is originally published at Insider Monkey.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2489467494"}