by Ian Cooper

With the 2024 NFL season now underway, buy gambling stocks.

After all, according to the American Gaming Association, Americans are expected to spend about $35 billion on NFL games this year. That’s up from the $26.7 billion wagered a year ago.

As noted by CBS Sports, “The NFL remains king, and more money is wagered on the NFL than any other league. The NFL also attracts six-figure wages (and sometimes seven-figure wagers) on a regular basis throughout the season.”

That being said, investors may want to place bets on stocks such as:

DraftKings (DKNG)

Analysts at Needham recently reiterated a buy rating on DKNG and said it’s in a strong position to benefit in the online sports betting market. Analysts at Macquarie also named DKNG as a top online stock to own during the NFL season “because it is most exposed to near-term upside from favorable NFL game outcomes, higher structural hold and general online sports betting/iGaming growth momentum,” as noted by Seeking Alpha.

Three, in August, the company announced a $1 billion buyback program. And four, in its last earnings report, DKNG boosted its fiscal year 2024 revenue guidance to a range of $5.05 billion to $5.25 billion from a prior range of $4.8 billion to $5 billion.

Technically oversold at $38.44, we’d like to see DKNG retest $42 near term.

Flutter Entertainment (FLUT)

Flutter Entertainment is pushing aggressively higher after Wells Fargo upgraded the stock to an overweight rating. The firm said investors should consider the stock after a recent pullback.

Last trading at $228.43, the stock appears to have caught strong support and is just starting to pivot higher again. We’d like to see a near term retest of $252.84. Helping, the company recently authorized a $5 billion stock buyback program.

Sports Betting & iGaming ETF (BETZ)

Or, if you want to diversify at a lower cost, there’s the Sports Betting & iGaming ETF (BETZ). With an expense ratio of 0.75%, the ETF tracks the performance of the Morningstar Sports Betting & iGaming Select Index. Some of the top holdings in the ETF include Flutter Entertainment, DraftKings, Entain, Churchill Downs and Evolution.