Entain, Evolution, 888 Holdings, and Playtech lose gorund since our previous report, while L&W comes out on top with a 6.14% gain! (Image by Pabitra Kaity at Pixabay.com)
In the U.S., the Nasdaq is generally the key indicator of what is happening in the technology industry. The iGaming industry is heavily invested in technology and if the Nasdaq isn’t performing well, the tech stocks are affected negatively.
While many iGaming stocks are listed on other global indices, the global indicator is the Nasdaq and it will drag other markets/stocks down with it.
Many of the companies in this report are listed on other indices and move in tandem with the Nasdaq, but stocks are also subject to price pressure from company/industry resolutions.
The month of June has proved to be a very difficult month for investors, but analysts remain positive in the industry and believe that most iGaming companies will achieve their 2023 financial goals. The industry as a whole expects the industry to improve, as long as a major negative global event doesn’t materialize.
The week’s report focuses on Playtech, Entain, 888 Holdings, Evolution and Light & Wonder and updates market and company movements.
Disclaimer: None of the information published in this report is investment advice. For historic issues of this report, please see the iGaming Stocks Update Issue 12 2023.
Evolution (EVO) – NASDAQ Stockholm – SEK
Market analysts continue to support EVO, even though it has come off 6.5% since the last report. The share price attained a year-to-date high at the beginning of June of 1,449 SEK but has returned all of those gains. The company continues to focus on diversifying its revenue streams and exploring new markets (U.S./Brazil). The company has a 40% market share in their sector of the industry and has improved their share price 36% since last year. The continued growth does have risks – hiring skilled staff (wages) in these new markets and battling inflation. These factors can be offset by the fact that the company doesn’t have high levels of stock dilution and they are effectively managing margins to cope with increased expenses. EVO opened down and is currently trading at 1,346.40 SEK.
- Current: 1,346.40 SEK
- 14 June: 1,414 SEK
- 19-Day Gain/Loss: -67.60 SEK (-4.78%)
- 2023 Market Open: 1,050.50 SEK
- Yearly Gain/Loss: +295.90 SEK
- Yearly (%) Movement: +28.14%
Entain PLC (ENT) – London Stock Exchange (LSE) – GBP
Entain stock price has also suffered a sharp decline since the last report and has dropped 8%. Shares started to fall when news of a previously owned Turkish betting business bribed officials and online payments were processed from online betting, which is against the law in Turkey. Another factor causing the tumble is ENT raised £515m to assist funding the acquisition of STS (a Polish betting operator). This is part of the company’s core strategy to expand in Central and Eastern Europe. The discounted retail offer was not well received by investors and the share price continues to drop, which is now below the discounted sale price… perhaps an attractive entry point?? ENT is down 10% since January and is currently trading at 1,263.50 GBX.
- Current: 1,263.50 GBX
- 14 June: 1,297 GBX
- 19-Day Gain/Loss: -33.50 GBX (-2.59%)
- 2023 Market Open: 1,350.50 GBX
- Yearly Gain/Loss: -87.00 GBX
- Yearly (%) Movement: -6.44%
Playtech (PTEC.L) – London Stock Exchange (LSE) – GBP
Playtech continues a downward trend and has lost almost 6% since the last update. While the company continues to expand globally and improve partnerships through market expertise and enhanced marketing, investors have backed away from the company. PTEC is currently trying to raise money to repay debt by issuing £250m in senior secure notes and this has rattled investors, as PTEC try to fund short-term company expenses. Market analysts stated that the company will achieve 2023 financial objectives, through strong B2B and B2C growth but investors do not seem convinced at the moment. At the time of writing, PTEC opened down and was trading at 597.91 GBX. For more information about this live casino game developer, head over to the Playtech software guide here.
- Current: 597.91 GBX
- 14 June: 609 GBX
- 19-Day Gain/Loss: -11.09 GBX (-1.82%)
- 2023 Market Open: 536.00 GBX
- Yearly Gain/Loss: +61.91 GBX
- Yearly (%) Movement: +11.55%
Light & Wonder (LNW) – NASDAQ NYC – USD
Light & Wonder continues to be the gem in the iGaming industry. The company continues to innovate and has recently focused on Asian expansion, saying that this region will be key to its growth in 2023. The stock is up 34% since last year, 14% since January and 2.7% since the last report. Revenue is anticipated to hit 7.1% 2023, which is lower than the expected 27% for the industry as a whole, but analysts are still keen to support LNW. The company sold off businesses that weren’t performing and with the extra cash, repaid 4.8b USD in debt, a reduction of 55% of the total debt. The company continues to break yearly highs, pushing up incrementally, and is currently trading at 68.99 USD.
- Current: 68.99 USD
- 14 June May: 65.00 USD
- 19-Day Gain/Loss: +3.99 USD (6.14%)
- 2023 Market Open: 58.12 USD
- Yearly Gain/Loss: +10.87 USD
- Yearly (%) Movement: +18.71%
888 Holdings (888.L) – London Stock Exchange (LSE) – GBP
888 has made impressive gains from April, selling off unprofitable companies and sticking to a leaner market-focused strategy. The company got a boost early in June when 2 separate investor consortiums bought almost 12% of 888, driving up the share price by 30%. The company reached a year-to-date high last week, hitting 123 GBX, but has been coming off since then. 888 opened down today and is currently trading at 107 GBX. For more information about UK and MGA online casinos under 888 Holdings, check out 888Casino, Royal Panda, and 777Casino platforms on the honest live casino reviews page.
- Current: 107 GBX
- 14 June: 109 GBX
- 19-Day Gain/Loss: -2.00 GBX (-1.83%)
- 2023 Market Open: 88.05 GBX
- Yearly Gain/Loss: +18.95 GBX
- Yearly (%) Movement: 21.53%
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