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The provincial monopoly on gambling has ended, and private businesses in Ontario can now enter the market for online sports and event betting. With this change comes a surge of new investment opportunities. Find out which companies to keep an eye on with our list of online gaming and iGaming stocks.
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Online gaming companies and stocks
Rivalry Corp. (TSXV: RVLY)
Toronto-based Rivalry Corp. is a sports betting and sports media property that offers regulated online wagering on esports, traditional sports and casinos. Its subsidiary, Rivalry Ontario Corp., is a licensed iGaming operator in Ontario.
- Market cap: C$79.955 million
- YTD performance: -18.63%
- 1 Year performance: N/A
- 5 Year performance: N/A
- P/E Ratio: N/A
- Headquarters: Canada
PointsBet Holdings Limited (OTC Markets: PBTHF)
PointsBet Holdings Limited provides sports, racing and iGaming products and services through its cloud-based technology platform in Australia, New Jersey and Canada. Its subsidiary, Pointsbet Canada Operations 1 Inc., is a licensed iGaming operator in Ontario.
- Market cap: USD$471.465 million
- YTD performance: -65.03%
- 1 Year performance: -80.43%
- 5 Year performance: 291%
- P/E Ratio: N/A
- Headquarters: Australia
Rush Street Interactive, Inc. (NYSE: RSI)
Rush Street Interactive is an online casino and sports betting company that operates in United States, Latin America and Canada. It provides real-money online casino, online and retail sports betting and social gaming services. Rush Street Interactive Canada, ULC is a licensed iGaming operator in Ontario.
- Market cap: USD$1.306 billion
- YTD performance: -64.00%
- 1 Year performance: -50.54%
- 5 Year performance: 158%
- P/E Ratio: N/A
- Headquarters: United States
Kambi Group plc (STO: KAMBI)
Kambi Group supplies managed sports betting services to gaming operators in Europe, the Americas and other international markets. Its software helps businesses stay compliant, compile odds, gather customer intelligence and manage risk.
Kambi Group has partnered with NorthStar Gaming (Ontario) Inc. to provide licensed iGaming services in Ontario.
- Market cap: SEK$5.416 billion
- YTD performance: -31.80%
- 1 Year performance: -56.84%
- 5 Year performance: 58%
- P/E Ratio: 149.87
- Headquarters: Malta
Penn National Gaming, Inc. (NasdaqGS: PENN)
Penn National Gaming, Inc. owns gaming and racing properties and operates video gaming terminals. It offers casino gaming, online gaming, live racing, sports betting and digital sports content. The company’s brands include Ameristar, Argosy, Boomtown, Greektown, Hollywood Casino, Hollywood Gaming, Tropicana Las Vegas, L’Auberge, M Resort and My Choice.
Penn National Gaming owns licensed iGaming operations in Ontario through its subsidiary, Score Digital Sports Ventures (Canada) Inc.
- Market cap: USD$5.158 billion
- YTD performance: -40.37%
- 1 Year performance: -61.35%
- 5 Year performance: 239%
- P/E Ratio: 12.45
- Headquarters: United States
MGM Resorts International (NYSE: MGM)
MGM Resorts International owns and operates casino, hotel and entertainment resorts in the United States and Macau. The company operates through 3 segments: Las Vegas Strip Resorts, Regional Operations, and MGM China.
The company’s casino operations include slots and table games, as well as online sports betting and iGaming through BetMGM. In Ontario, BetMGM Canada Inc. is a licensed iGaming operator.
- Market cap: USD$15.206 billion
- YTD performance: -20.48%
- 1 Year performance: -9.60%
- 5 Year performance: 233%
- P/E Ratio: 14.81
- Headquarters: United States
Entain Plc (LSE: ENT)
Entain PLC is an international sports-betting and gaming company. The company provides online betting, sportsbook, casino, game, poker and bingo services through mobile and web applications. Its many brands include Optibet, NinjaCasino, BetMGM, Eurobet, CasinoClub, AGT, PartyCasino, bwin, Ladbrokes, Sportingbet and Gamebookers.
In partnership with MGM Resorts International, Entain offers licensed iGaming services in Ontario through BetMGM Canada Inc.
- Market cap: GBP$8.074 billion
- YTD performance: -18.45%
- 1 Year performance: -12.44%
- 5 Year performance: 116%
- P/E Ratio: 32.52
- Headquarters: United Kingdom
LeoVegas AB (OTC Markets: LEOVF)
LeoVegas AB is a mobile gaming company that operates in Malta, Sweden and other international markets. It offers casino games, sports betting and e-sports betting under many brands including LeoVegas, GoGoCasiono, LiveCasiono, Bet UK, Pink Casino, 21.co.uk, Slot Boss, Pixel.bet, Expekt and CasinoGrounds. LeoVegas Gaming PLC is a licensed iGaming operator in Ontario.
- Market cap: USD$585.918 million
- YTD performance: N/A
- 1 Year performance: N/A
- 5 Year performance: 122%
- P/E Ratio: 52.17
- Headquarters: Sweden
Flutter Entertainment plc (LSE: FLTR)
Flutter Entertainment is a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States and other international markets.
It offers sports betting and fantasy sports products, online games and casinos, peer-to-peer games, televised horseracing and business-to-business services. Flutter Entertainment owns FanDuel Canada ULC, a licensed iGaming operator in Ontario.
- Market cap: GBP$15.815 billion
- YTD performance: -23.55%
- 1 Year performance: -26.49%
- 5 Year performance: 79%
- P/E Ratio: N/A
- Headquarters: Ireland
Kindred Group plc (STO: KIND-SDB)
Kindred Group is an online gambling business that operates primarily in Europe, Australia and North America. The company offers sports betting (including horse racing), casino and games, poker and bingo under various brands like 32 Red, bingo.com, Unibet and OttoKasino.
Kindred Group owns Unibet ON Inc., a licensed iGaming operator in Ontario.
- Market cap: SEK$21.676 billion
- YTD performance: N/A
- 1 Year performance: N/A
- 5 Year performance: 131%
- P/E Ratio: 97.34
- Headquarters: Malta
What is iGaming?
iGaming refers to betting on games or events online and includes internet sports betting, online casinos, online lotteries, poker apps and more. The term is not to be confused with eGaming or eSports, both of which refer to the video game industry.
According to a study conducted by The Business Research Company, the online gambling industry was worth $66.7 billion USD in 2020 and is expected to be worth $92.9 billion USD by 2023.
The Canadian Gaming Association estimates that Canadians spend around $10 billion on illegal sports betting organizations and $4 billion on offshore online sports betting websites.
In April 2022, private sports betting operations became legalized and regulated in Ontario, making it much easier for such businesses to operate legitimately in that province. The move could encourage the online gambling industry to expand—especially if other provinces follow Ontario’s lead—which could increase the value of online gambling and iGaming stocks.
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Online stock tradingDisclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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