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Best shares to buy now: I believe this stock could DOUBLE my money in 2021!

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I believe that after a market crash, there are potential opportunities to pick up cheap shares that could produce great returns in the subsequent bull market. With that in mind, I have picked one of the best shares to buy now in my opinion. I believe it could double my money in 2021.

Gaming giant

I consider Playtech (LSE:PTEC) anything but a typical online gaming firm. It has grown to become one of the largest online gaming software suppliers in the world. In short, it creates and delivers platforms for approximately 140 betting firms across 19 countries. Some of its license agreements are with well-known names such as William Hill, Ladbrokes, and Warner Bros. PTEC has grown at a rapid pace through shrewd and strategic acquisitions to diversify its offering and services.

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Share price and recent performance

At its current price point I consider PTEC as one of the best shares to buy now. Prior to the market crash, shares were trading at around 360p per share. At the height of the downturn, I could buy shares for close to 140p, which is a 60% decrease in price. As I write this, shares are trading over 400p which is better than pre-crash levels.

Despite a drop off in profit in the summer, PTEC still reported strong summer trading in a half-year report at the end of September. Pre-tax profit to the end of June fell 71% to £9.6m as revenue dropped 23%. Adjusted earnings before interest, tax, depreciation, and amortisation fell 16%. I am not concerned about the drop in revenue and profit. This period was when the Covid-19 pandemic first struck.

Since that time, there have been no new results posted but I am basing my opinion of PTEC’s investment viability on its track record and standing within a multiple billion dollar industry. I am confident when its next update is released, it will show a return to previous profitability and growth.

One of my best shares to buy now

There are a few key reasons I really like Playtech. As I mentioned earlier it has a favourable track record with growth, profitability, and acquisitions over many years. In 2021 it is expected to record a near 70% improvement in annual earnings which I believe could be great news for investors. At the end of October, insiders were buying shares, which always fills me with confidence. If those running the company invest their money, surely they have confidence in its viability. In addition to this, multiple analysts upgraded their evaluation of PTEC in the summer.

Government lockdowns and restrictions have led to many more people turning to other forms of entertainment and leisure. Internet betting has become a phenomenon in recent times and PTEC has been well positioned to ride the wave and benefit. It is believed that the size of the global gaming market will be worth close to $100bn in just three years. That would be close to a 40% increase compared to its current size. I believe PTEC is one of the best shares to buy as it is well positioned to capitalize on this growth. I believe it could double my money in 2021. That being said, I also really like these stocks for 2021.

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Jabran Khan has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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