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Gambling Stock Roundup: WYNN, MGM & PENN Ramp Up Online Betting

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Performance of Gaming stocks was impressive over the past week with the industry gaining 3%, compared with the Zacks S&P 500 composite’s growth of 2.3%. The industry has been benefiting from robust demand for online betting. Most of the gaming companies are now banking on sports betting, following its legalization outside Nevada.

Recap of Last Week’s Most Important Stories

Wynn Resorts Expands Online Betting Footprint

Wynn Resorts, Limited’s (WYNN - Free Report) has been sparing no effort to strengthen its sports betting foothold. Recently, Wynn Resorts’ WynnBET expanded its online gaming division presence to eight states.

Currently, WynnBET is available in New Jersey and Colorado. Moreover, the company will open its virtual doors in Michigan very soon. WynnBET has also secured market access in Indiana, Iowa, Nevada, Massachusetts and Ohio. Further, it has applied for license in Tennessee and Virginia.

The demand for iGaming industry has increased and the company is looking to broaden presence in more than a dozen other large jurisdictions. Recently, the company has also reached a multi-year market access partnership with Elite Casino Resorts, the leading integrated resort company in Iowa. This partnership will provide sports lovers from the Hawkeye State access to WynnBET.

Wynn Resorts currently has a Zacks Rank #4 (Sell).

Penn National to Launch Sports Betting in Michigan

Penn National Gaming, Inc. (PENN - Free Report) has received green signal from the Michigan Gaming Control Board ("MGCB") for online sports wagering and iCasino products in Michigan.

The company launched its Barstool Sportsbook mobile app on iOS and android, and desktop on Jan 22, 2021. The company will also introduce iCasino products, subject to final regulatory approval. The company has already launched its retail Barstool Sportsbook at Greektown Casino Hotel in downtown Detroit on Dec 23, 2020.

Jay Snowden, president and CEO of Penn National said “As the only gaming operator with a fully integrated sports media and entertainment partner, Penn can provide our customers the opportunity to interact with Barstool personalities online and also in-person at our new Barstool Sportsbook at Greektown.”

Penn National carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

MGM Resorts Introduces Sport Betting Options in Michigan

MGM Resorts International’s (MGM - Free Report) BetMGM recently announced the launch of its sports betting and iGaming app in Michigan. Notably, Michigan became the ninth state with BetMGM's mobile sports betting expansion and the fourth state for its online casino.

On Jan 4, the company launched its sports betting app in Iowa. Apart from this, the company introduced its BetMGM mobile app across states like Nevada, New Jersey, Colorado, Indiana, Pennsylvania, Tennessee and West Virginia. In fact, the recent move is in sync with the company’s endeavors to expand presence.

MGM Resorts carries a Zacks Rank #3.

Price Performance

The following table shows the price movement of the major gambling stocks in the last week and the last six months:

In the past five trading sessions, shares of Penn National and MGM Resorts have appreciated the most.

Moreover, shares of Penn National and Red Rock Resorts, Inc. (RRR - Free Report) have gained the highest in the past six months.

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