Casino share prices dived sharply as the coronavirus crisis began to take a grip in the United States. But could now be the ideal time to make an investment in online casino stocks?Land-based casinos seem set to stay shut for some time with lockdown conditions likely to be extended. The pandemic is yet to reach a peak across America - where nearly 13,000 people have already died - so it could be quite a while before casinos across the nation can reopen.No time to sell, time to buyThis presents an opportunity for online casinos to step in. Companies such as 888 Holdings have reported a rise in activity at online casinos already and this could continue for weeks and months to come. However, the firm did also note that activity could then drop again due to the perilous financial condition many people find themselves in due to the virus outbreak.Regardless, some online casino stocks are well worth considering at this time. Here are three top online casino stocks that might be worth making an investment in right now.
- GVC Holdings
Listed on the London Stock Exchange, GVC Holdings is our first selection. The British company - among the largest sports betting and gaming groups in the world - owns online casino brands such as partycasino. The share price of GVC Holdings dropped by well over 50 per cent in the space of a fortnight last month. But GVC Holdings stocks have since started to rebound.After hitting a low of 333.1 on March 19, GVC Holdings stocks have bounced back to climb to well over the 600 mark. This means anyone who invested a couple of weeks ago will have made a solid return - and the share price of GVC Holdings is still continuing to rise. GVC - the owner of Ladbrokes, among other betting brands - said at the start of this week that it would be scrapping its dividend for 2020. This news was met with a positive response from investors and the company's share price rose quickly as a result. GVC has also recently revised its estimates for how the company will be affected by the COVID-19 lockdown. The company previously guessed it would miss out on £100 million a month, with losses due to the postponement of events such as Euro 2020 now estimated at around £50 million a month. However, before investing in stocks like GVC, make sure to compare your pick with competitors - the best way to do it is to use comparison sites. This will help to give you all the information you need before making a decision over whether or not you will invest in a stock.
- William Hill
Our second recommendation is William Hill. This is another British betting brand with a share price that is bouncing back after sustaining sharp losses due to the coronavirus last month.William Hill stocks, listed on the London Stock Exchange, stood at 192.4 on February 21. Less than a month later, the share price of the company had collapsed to 34.07, but since then it has been rising at a steady rate. William Hill shares are now closing in on the 100 mark, so anyone who invested in stocks a couple of weeks ago has made a very smart decision indeed. Like GVC, William Hill has suspended its dividend for this year, with investors responding positively. Thousands of William Hill stocks have also been snapped up by the company's non-executive director Gordon Wilson and chief executive Ulrik Bengtsson in recent days, showing faith in the health of the business despite the impact of the coronavirus pandemic.William Hill has been branching out into the American market of late, while its online casinos can help to ensure it is somewhat protected from the heavy losses that are expected by gambling firms. Shares in William Hill have also been recommended to outperform by the Royal Bank of Canada, so this company certainly looks a strong choice for anyone seeking an investment.
- International Game Technology
Lastly, International Game Technology (IGT) could prove a wise investment right now. IGT stocks, listed on the New York Stock Exchange, were also hit hard by the outbreak. But, having lost around half of their value in a week, IGT stocks have been on the rise again since then. The firm, which makes slot machines and various online gambling technology, saw its stocks rise by more than 15 per cent on Wednesday with further growth expected to follow. IGT has also got a high estimate in its 12-month price forecast well in excess of its current price. Wall Street analysts are upbeat about the chances of IGT stocks performing well in the rest of 2020.Next month will see IGT release the latest financial results for the company and this will be a key date for anyone who makes an investment in their stocks. The share price of companies in the online gambling sector looks likely to be volatile for some time to come, but there are certainly opportunities for money to be made the industry during the coronavirus crisis.
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