The gaming industry is one of the fastest-growing industries globally due in-part to its ongoing integration of advancing technology. Gaming has generated substantial returns and has promising prospects. Furthermore, with the legalization of sports betting across several states, the industry is gaining traction. Popular gaming stocks International Game (IGT), Everi Holdings (NYSE:EVRI), and Inspired Entertainment (INSE) have outperformed the broader market this year and we think could be solid additions to one’s portfolio now. So, let’s give these names a closer look. Read on.The gaming industry is one of the world’s fastest-growing industries. Its revenue is estimated to increase to $200 billion by 2023, buoyed by technological advances. The American Gaming Association (AGA) reported in October that the United States commercial gaming industry had maintained its momentum, with combined revenue from traditional casino gaming, sports betting, and iGaming standing at $4.75 billion, up 30.7% from October 2019.
Also, with sports betting legalized in several states, the gambling industry is gaining traction. In October, sports gamblers wagered $7 billion, representing a 20-fold-plus increase from June 2018. The global online gambling market is expected to be valued at more than $92.9 billion by 2023, almost double its current market size.
Given this backdrop, we think the stocks of popular gaming technology companies International Game Technology PLC (NYSE:IGT), Everi Holdings Inc. (EVRI), and Inspired Entertainment, Inc. (INSE) might be reasonable additions to one’s watchlist. These stocks’ year-to-date gains have outperformed the broader SPDR S&P 500 ETF Trust’s (SPY) gains of 24.8% over the same period.