DigiPlus Interactive is the best-performing gambling stock this year, with its price jumping 151% so far in 2024. [Image: Shutterstock.com]
The best-performing stock in the gambling sector so far in 2024 is DigiPlus Interactive Corporation, previously Leisure & Resorts World Corporation, with the price rising 151% for the year to date and 274% compared to 12 months ago.
This is a bigger increase than any gambling stock with a market capitalization of $1bn+. Shares hit another all-time high on Wednesday.
at the forefront of the rapidly expanding online gambling market in the Philippines
This Philippine Stock Exchange-listed company is at the forefront of the rapidly expanding online gambling market in the country. Having initially focused on land-based bingo halls, it is now the big online player after rebranding, with its revenue skyrocketing 525% year-on-year for its most recent reported quarter.
Its BingoPlus digital brand dominates the market, while DigiPlus offers sports betting through Arena Plus and various types of games through Perya Game. Net profit reached $57m for the second quarter, a 400% rise from the same period in 2023, with these profit levels doubling that of the country’s leading land-based casino company, Bloomberry Resorts.
The recent ban on Philippine Offshore Gaming Operators (POGOs) by President Ferdinand Marcos Jr. doesn’t really impact DigiPlus and it is now eyeing up opportunities further afield, including a license application in Brazil.
