Is Boyd Gaming Corporation (BYD) Among the Best Gambling Stocks to Buy According to Analysts?
Gambling stocks include companies that own, run, or manage lawful gambling activities and events such as horse and dog racing, online gaming, bingo, and video lottery, as well as companies that provide products or services to gaming operators.
During the COVID-19 pandemic, social isolation and stay-at-home orders spurred a boom in online sports betting and gambling. Even after the COVID-19 outbreak ended, sales continued to rise. As per Vixio Regulatory Intelligence, the US online gambling industry is estimated to generate $26.8 billion in gross revenue in 2025, up from $23.4 billion in 2024, with projections pointing to more than $41 billion by 2028. While iGaming is still restricted to a few strongholds, mobile sports betting is still on the rise, with one state recently surpassing $2 billion in yearly revenue. Under normal conditions, New Jersey's online gambling revenue surpassed that of land-based casinos in October 2024, whereas states such as Pennsylvania and Michigan have iGaming earnings that exceed $200 million monthly.
However, expansion encounters opposition. Legalization efforts in New York, Maryland, and Louisiana continue, but union opposition and legislative friction persist. If just one of these states legalizes iGaming, it could start a domino effect. Another obstacle is tax increases; in 2024, several jurisdictions raised their sports betting tax rates, raising concerns that such high rates could impede innovation and competitiveness. Payment processing also remains a significant concern. Major financial services networks continue to restrict gambling transactions, intensifying the need for digital wallets and other workarounds, which authorities examine with caution. Meanwhile, sweepstakes platforms are growing in unregulated marketplaces, raising concerns as policymakers consider stronger regulations.
According to CasinoReports.com estimates, the US-regulated online sports betting market is anticipated to reach $150 billion by 2024, driven by 32 states that allow online gambling. The CEO and co-founder of Third Planet Affiliates, Adam Small, who owns and operates the iGaming news media company CasinoReports.com and the sports betting website Props.com, stated that the two large platforms dominate the business, accounting for around 75% of total wagers and revenue. Small believes there is still room for digital gambling to expand in the coming years, as Texas, California, and a more open Florida will deliver 'a large jolt' to the digital sports gambling market. Small commented the following:
'Plus, states like Minnesota and Georgia are continually flirting with legalization, and Missouri will soon join the ranks, probably in time for the 2025 football season.'
However, Nick Slade, co-founder and chief content officer at Cipher Sports Technology Group, noted that while digital-only sportsbooks dominate the market, their long-term sustainability is questionable due to hefty user acquisition expenses. Many sportsbooks struggle with profitability and rely heavily on marketing to keep clients. Casino-backed sportsbooks, on the other hand, have a competitive advantage since they may use a variety of revenue streams, such as hotels, resorts, and luxury experiences, to increase client loyalty.
Recently, the New York State Gaming Commission released its findings for mobile sports wagering from April 2024 to March 2025. According to its report, mobile sports betting in New York grew 20% year on year to $23.9 billion in FY2024- 25, producing $2.14 billion in gross gaming revenue (GGR). January dominated with a $2.48 billion handle and $247 million in GGR, closely followed by March with $2.44 billion and $161.8 million. For the first time since legalization in 2022, the monthly volume was over $1 billion. The state raised $1.11 billion for education, with $6 million for gambling treatment and $5 million for youth sports. Fines and adjustments brought in an additional $23.3 million, including a significant $17.5 million penalty.
A close-up of a roulette wheel in a luxurious casino.
For this article, we screened for companies that are involved in gambling and formed an initial list of 20 gambling stocks. Then, we selected the 12 stocks that had the highest upside potential as of April 11, 2025. We have only included stocks in our list with an upside potential of 40% or higher. The stocks are ranked in ascending order of the upside potential.
Why are we interested in the stocks that hedge funds pile into? 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 373.4% since May 2014, beating its benchmark by 218 percentage points ().
Analysts' Upside Potential as of April 11: 47.21%
Boyd Gaming Corporation (NYSE:BYD) is a gaming firm with operations in numerous jurisdictions. The company operates completely owned gambling entertainment locations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania, which include casinos, slot machines, table games, and hotel rooms. Its business categories are geographically organized into four areas: Online, Midwest and South, Downtown Las Vegas, and Las Vegas Locals. The majority of the company's sales come from entertainment properties in the Midwest and South.
The firm's outstanding year performance was fueled by its broad business model, continued operational efficiencies, and recent real estate investments. It reported $3.9 billion in revenue for the fiscal year 2024, setting a new record. While maintaining operating margins of more than 40% at the property level, the company's overall EBITDA was around $1.4 billion. These statistics show Boyd Gaming Corporation's (NYSE:BYD) continuous potential for outstanding financial performance. Furthermore, its fiscal Q4 2024 revenue surpassed $1 billion for the first time, and its EBITDAR increased to approximately $380 million.
Treasure Chest Casino's new facility has consistently outperformed forecasts, with revenues significantly higher than pre-expansion levels. Boyd Gaming Corporation (NYSE:BYD) is still working on major expansion projects, including the Cadence Crossing Casino and the construction of a resort near Norfolk, Virginia. These initiatives aim to improve the company's market presence and capitalize on opportunities in rapidly growing locations.
Overall, BYD ranks 8th on our list of the 12 Best Gambling Stocks to Buy According to Analysts. While we acknowledge the potential of gambling companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than BYD but that trades at less than 5 times its earnings, check out our report about this .
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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