EVO, 888 and L&W bi-weekly & yearly figures all up, Playtech earns a slight reprieve and Entain’s woes continue! Discover more in our iGaming Stocks Update Issue 18 2023 (Image by Lukas at pexels.com)
The most exciting news in the iGaming industry in the last week is the establishment of the General Commercial Gaming Regulatory Authority (GCCRA) in the United Arab Emirates (UAE).
The formulation of this gambling authority will open the doors in the UAE to commercial gambling in the region. A U.S. citizen, Kevin Mullally, was hired as the CEO to oversee the GCCRA and previously was the chairman of the American Gaming Association.
The UAE has a long history as a non-gambling country, but this has slowly been encroached upon (since 2018) by large U.S. hotel/casino groups. MGM, Bellagio and Aria have been building large resorts in the UAE, in anticipation of the country relaxing their gambling laws and are set to take advantage of the new legislation. Wynn Resorts is currently building in the 6th biggest city of Ras La Khaimah, in the UAE (140km north of Dubai) and the $3.9B resort and is expected to open an “integrated resort” in 2027.
It would appear that the gambling legislation has been in the works for several years and these hotels have been an integral part in changing the gambling laws. The oil-rich UAE could be a very profitable region for these hotels/casinos and provide much-needed revenue and investment opportunities for their shareholders.
This week’s report will review the price action of Playtech, Entain, 888 Holdings, Evolution and Light & Wonder to see where they came from and where they may be headed.
Disclaimer: We produce this report for no other reason than keeping up to date with the current stock prices of iGaming companies. This is not in any part a trading guide offering advice. To get an idea of the performances since our last report – check out Issue 17 – iGaming Stocks Update.
Evolution (EVO) – NASDAQ Stockholm – SEK
Evolution is still in positive territory since the beginning of the year but is only up 13%. Its stock has come off since June, with analysts predicting an unfavourable Q2 financial report in July. The report was poorly received, and the stock has continued to tumble. Evolution has not released positive news in several weeks, and analysts continue to downgrade EVO. The company trades at 1,194.60 SEK with support at 1,173 SEK and strong resistance at 1,210 SEK.
- Current: 1,194.60 SEK
- 22 August: 1,182 SEK
- 14-Day Gain/Loss: +12.60 SEK (+1.065%)
- 2023 Market Open: 1,050.50 SEK
- Yearly Gain/Loss: +144.510 SEK
- Yearly (%) Movement: +13.67%
Entain PLC (ENT) – London Stock Exchange (LSE) – GBX [British Pence]
Entain is another iGaming company that has struggled in 2023. The share price is down 14% since January and is just off a yearly low of 1,045 GBX. The company is currently trying to cut costs and has announced redundancies in Australia. ENT has confirmed 50 jobs have been eliminated, but the number could be as high as 80 when the belt-tightening is completed. The stock is currently trading at 1,165.44 GBX, with strong support at 1,153 GBX and resistance 1,166 GBX.
- Current: 1,165.44 GBX
- 22 August: 1,166.75 GBX
- 14-Day Gain/Loss: -1.31 GBX (-0.11%)
- 2023 Market Open: 1,350.50 GBX
- Yearly Gain/Loss: -185.06 GBX
- Yearly (%) Movement: -13.70%
Playtech (PTEC.L) – London Stock Exchange (LSE) – GBX [British Pence]
Investors are probably wondering “How low can it go?” at the moment. The company hit a yearly high of 640 GBX last May but has slowed and spiralled downward ever since. The stock price has lost 18% of its value in the last 3 months and appears to be in a bearish trend. While the current outlook for PTEC remains negative, a few select brokers believe that PTEC is a buy at the current price. The stock is currently trading at 527.04 GBX, with support at 510.50 GBX and resistance at 530 GBX.
- Current: 527.04 GBX
- 22 August: 516.22 GBX
- 14-Day Gain/Loss: +10.82 GBX (+2.05%)
- 2023 Market Open: 536.00 GBX
- Yearly Gain/Loss: -8.96 GBX
- Yearly (%) Movement: -1.67%
Light & Wonder (LNW) – NASDAQ NYC – USD
Light & Wonder released Q2 financial data on month ago and has been riding a rising wave of increased investor investment. The share price is up almost 3% since the last report and appears to be headed to new yearly highs. The stock opened up today and is currently trading at $75.84 USD, which is a yearly high. The acquisitions made last year and earlier this year seem to be paying dividends as the company continues to attract investors and drive up the share price.
- Current: 75.84 USD
- 22 August: 73.84 USD
- 14-Day Gain/Loss: +2.00 USD (+2.63%)
- 2023 Market Open: 58.12 USD
- Yearly Gain/Loss: +17.72 USD
- Yearly (%) Movement: +23.36%
888 Holdings (888.L) – London Stock Exchange (LSE) – GBX [British Pence]
888 has come back with a vengeance since hitting a yearly low of 50.50 GBX last April. The stock price has shot up 146% since the low and continues to creep up. The company posted mixed Q2 results last month but the William Hill division appears to be driving achievable full-year results. This sentiment has been echoed by market analysts and by the imminent promotion to the FSTE 250 this month. Analysts have raised their targets as a new CEO is about to take the reins, a short list for a new CFO and continued debt reduction have driven up the share price. 888 is up 3% since the last report and is trading at 128.79 GBX, with strong resistance at 127.60 GBX.
- Current: 128.79 GBX
- 22 August: 119.50 GBX
- 14-Day Gain/Loss: +9.29 GBX (+7.79%)
- 2023 Market Open: 88.05 GBX
- Yearly Gain/Loss: +40.74 GBX
- Yearly (%) Movement: +46.32%
Leave A Comment