Stocks for America’s two largest sportsbooks had a fantastic November. It was even better for one of the nation’s smaller operators.
Rush Street Interactive’s stock jumped more than 33% last month, pacing major U.S. sports betting operator stocks. The BetRivers and PlaySugarHouse parent topped both FanDuel and DraftKings, which combined to take in more than two-thirds of the national handle.
Here are the key figures for gaming stocks in November 2024:
Rush Street blows by competition
November 2024 performance: 33% increase
BetRivers is projected to have low single-digit market share in the U.S. Its surging shock shows that doesn’t mean it can’t be a successful company.
Rush Street remains bullish due to its success in international markets, particularly Latin America. While other U.S. operators have focused much of their energies (and finances) exclusively on the U.S. and Ontario, Rush Street officials see massive potential in emerging markets including Mexico, Columbia, and Peru.
Domestically, Rush Street has seen success in Delaware, where it is the lone legal iCasino operator. Despite Delaware’s small population, the profit margins on digital slots and table games are making the First State one of Rush Street’s most successful markets.
Company officials are optimistic about the 2025 sports betting launch in Missouri as well as the potential for online casino legalization in several more markets next year. CEO Richard Schwartz is also bullish on the incoming Trump Administration, saying publicly a hands-off approach to federal gambling regulation will allow operators to continue to grow.
DraftKings stock tops rival
November 2024 performance: 23% increase
DraftKings’ November stock performance gave it a win over its major rival.
The nation’s projected No. 2 sportsbook by handle saw its stock gain more than 23% in November, clipping FanDuel parent company Flutter’s 20% improvement. For the past several years, the pair have created a de facto sports betting duopoly, but investors in November were slightly more bullish on DraftKings.
Notable November sports betting stock performances:$FLUT (FanDuel parent): > 20% increase$DKNG (DraftKings): > 23% increase$RSI (BetRivers parent): >33% increase
— Ryan Butler (@ButlerBets) December 2, 2024
DraftKings, along with FanDuel, contributed $20 million apiece to bring legal sports betting to Missouri. The pair will launch their sports betting platforms in 2025 – and are looking to bigger markets in the years to come.
Like most other major gaming companies, DraftKings will send representatives to Austin, Texas in hopes the nation’s second-most populated state will advance sports betting legalization legislation. It appears an uphill climb, but it reinforces DraftKings’ push for extended strength across the U.S.
FanDuel parent again strong
November 2024 performance: 20% increase
Though it wasn’t as profitable as its rival, Flutter investors had plenty to be excited about in November.
Flutter’s more than 20% stock rise last month was its biggest single-month increase in 2024. The UK-based FanDuel parent is now up more than 32% since it listed in the U.S. in January.
FanDuel has solidified its narrow lead over DraftKings as the U.S. market leader off its dominance in single-game parlay offerings. Though FanDuel, like the rest of the industry, saw a hit to its bottom lines after a record-setting run by the betting public in October, the company said during its most recent earnings call it expects that to be an outlier.
The company is expected to again break its yearly revenue record in 2024. FanDuel is also poised to secure long-term net profitability, something that seemed difficult to achieve after hundreds of millions of dollars in losses during the preceding years.
Other Notable Gaming Stocks – November 2024 performance
PENN Entertainment: 13% increase – The stock is down for the year, but investors are feeling more optimistic about Penn’s future, especially as it looks to right the ship from ESPN BET’s initial struggles
Las Vegas Sands: 6% increase – Sands has no U.S. operations but it is set to spearhead the industry-wide 2025 lobbying efforts for a multibillion-dollar destination resort casino in the greater Dallas metroplex
MGM: 4% increase – Major land-based operators are seeing declining year-over-year revenue at Las Vegas and regional properties, dinging stock performance
Bally’s: 2% increase – Bally’s is spending billions on major projects on the Las Vegas Strip and in downtown Chicago while bidding for a resort casino in New York City; voters rejecting a ballot measure that would have allowed them to open a property near Missouri’s Lake of the Ozarks may help the company focus on these larger endeavors
Wynn: 1% increase – Though it has high-end properties both domestically and internationally, Wynn has no online gaming operations at a time when its competitors are achieving digital profitability to offset land-based declines
Caesars: (0.35%) decrease – Declining brick-and-mortar stateside revenues hit Caesars especially hard; unlike many of its competitors, the company doesn’t operate properties outside North America
