888 Holdings is back above its yearly market open, while Entain falls behind. Evolution, L&W, and Playtech are ahead in 2023. (Image by Pabitra Kaity at Pixabay.com)
The last couple of weeks have been mixed in the iGaming industry.
The major stock market indices have risen as much as 3% since our last report, but many of the online gambling stocks have not followed suit.
There has been no major economic news recently, so the slump in some of the stocks may be attributed to a lack of investor interest.
The overall sentiment in the market for 2023 remains positive and market analysts expect the industry to grow to $88b this year, from $81b last year. The increase may seem relatively small to the market size.
Still, the industry faces many obstacles such as stringent regulations, a competitive landscape, consumer spending and the influx of new technology (AR/VR). All of these factors will determine each company’s bottom line in the coming year.
This week’s report will review how Playtech, Entain, 888 Holdings, Evolution and Light & Wonder have traded in the last two weeks.
Disclaimer: All prices on this page will have changed by the time you read this report. Please do not use these figures for investment reasons. You can also check back to take a look at previous reports starting with the previous update – iGaming Stocks Update Issue 11 2023.
Evolution (EVO) – NASDAQ Stockholm – SEK
A month ago, EVO posted that their Q1 revenue was up 31%, EBITDA was up 30.7% and profit was up 27% over last year. This caused the stock to rise 5.7% on the news and has climbed incrementally since then. The stock is up almost 55% since last year and hit a yearly high of 1,469 SEK on June 2nd, but has retreated the last few days. At the time of writing, EVO opened up and was trading at 1,414 SEK.
- Current: 1,414 SEK
- 31 May: 1,361.80 SEK
- 14-Day Gain/Loss: +52.20 SEK (+3.83%)
- 2023 Market Open: 1,050.50 SEK
- Yearly Gain/Loss: +363.50 SEK
- Yearly (%) Movement: 34.59%
Entain PLC (ENT) – London Stock Exchange (LSE) – GBP
Entain continues to close significant industry partnerships with no real change in share price. The recent partnership with TAB NZ and the proposed acquisition of Sportsflare have not increased investor interest. The stock has dropped 5.5% since the last report and is moving in a horizontal direction. Having said that, a few large industry analysts are positive about the stock and are optimistic this stock will turn around in the coming weeks. The company opened up today but lost traction and is currently trading at 1,297 GBX.
- Current: 1,297 GBX
- 31 May: 1,472.70 GBX
- 14-Day Gain/Loss: -175.70 GBX (-11.93%)
- 2023 Market Open: 1,350.50 GBX
- Yearly Gain/Loss: -53.50 GBX
- Yearly (%) Movement: -3.96%
Playtech (PTEC.L) – London Stock Exchange (LSE) – GBP
The iGaming giant Playtech, has experienced satisfactory growth of 17% year on year but has faltered recently. The stock has suffered a 4% drop in the last month and had been trading flat since the last report. The company has stated that it will top market consensus, but investors have pulled back. This year, the company has stayed committed to its strategy of operating in regulated areas, which could be impeding its ability to experience rapid growth. Another strategy that could bolster higher revenues is PTEC’s continued partnerships with reputable companies to expand its reach and market share. Playtech added a new partnership last week with sportsbook operator 10bet. This will increase the company’s reach in the UK and Sweden. The company opened up today and is currently trading at 609 GBX.
- Current: 609 GBX
- 31 May: 611.02 GBX
- 14-Day Gain/Loss: -2.02 GBX (-0.33%)
- 2023 Market Open: 536.00 GBX
- Yearly Gain/Loss: +73 GBX
- Yearly (%) Movement: +13.61%
Light & Wonder (LNW) – NASDAQ NYC – USD
Light and Wonder continue to expand globally, with their recent focus on the Asian slot market. The company has updated the content and digital platforms, offering more features that will increase the jackpot prizes on certain games. LNW is an innovator in the iGaming business and since announcing that all sectors will experience double-digit growth in Q1, the company has experienced substantial growth. Market analysts are confident that several other factors will create a bullish run for the share price in the coming weeks. The proposed acquisition of SciPlay (17% of the remaining shares), the upcoming listing of LNW on the ASX and increased North American growth. The stock is up 14% since the last report and is currently trading at 65 USD.
- Current: $ 65.00
- 31 May: $ 62.43
- 14-Day Gain/Loss: +$2.57 (+4.12%)
- 2023 Market Open: $ 58.12
- Yearly Gain/Loss: +$6.88
- Yearly (%) Movement: +11.84%
888 Holdings (888.L) – London Stock Exchange (LSE) – GBP
A positive sentiment is that 888 Holdings’ fortunes will change in 2023. Last week, a group of industry veterans bought 6.6% of William Hill, as they felt the stock was undervalued. This caused the stock price to surge 49% in the following 4 days, from 71 GBX to 106.70 GBX at the close yesterday. This could be the start of a bullish run as investor confidence has taken a positive turn. The stock opened up strong today but has started to come off and is trading at 109 GBX.
- Current: 109 GBX
- 31 May: 80.70 GBX
- 14-Day Gain/Loss: +28.30 GBX (+35.07%)
- 2023 Market Open: 88.05 GBX
- Yearly Gain/Loss: +20.95 GBX
- Yearly (%) Movement: +23.78%
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