Tune into our iGaming Stocks Update Issue 6 2023 covering losses over the past 2 weeks for Evolution, L&W, Entain, 888 Holding & Playtech! (Image by Pabitra Kaity at Pixabay.com)
Welcome back for another look at the latest iGaming share prices.
The iGaming market continues to face internal and external issues to growth. The most recent news negatively affecting the industry is the failure of the Silicon Valley Bank, which dragged down the global markets.
Unstable companies such as 888 Holdings is particularly sensitive to global market movements and have declined substantially in the last couple of weeks. As we move closer to April, the market remains unsettled, with no respite in sight.
The UK government is speculated to release a white paper on new regulatory issues in the coming weeks and it is expected to have an unfavorable impact on the industry. With all of these obstructions, a few iGaming companies have maintained a strong position in the market and presented investors with positive investing options.
This week the update will examine Playtech, Entain, 888 Holdings, Evolution and Light & Wonder and look at industry-specific news and stock movements in the last 2 weeks. Once again, this week’s update will examine Playtech, Entain, 888 Holdings, Evolution and Light & Wonder and look at industry specific news and stock movements in the last 2 weeks. Also, if you would like to see the previous report two weeks ago, check out the iGaming Stocks Update Issue 5 here.
Disclaimer: If you plan to invest in iGaming stocks, then make sure you use a financial trading site that holds domestic licensing in your country so you are covered by local laws. Also, this report should not be used as a resource to invest. It is a guide simply to show the latest movements over 2 weeks. Please look for real time graphs for real prices.
Evolution (EVO) – NASDAQ Stockholm – SEK
Evolution has held up very well in face of external industry headwinds. While other iGaming companies have declined up to 18% in the last 2 weeks, EVO is only down 4%. The company continues to build strong partnerships globally and has now teamed up in the UK with the global behemoth Flutter. The collaboration expands EVO’s casino content through Sky brands (Sky Bet, Sky Vegas & Sky Bingo) to their live casino customers. Evolution has been in positive territory since the beginning of the year, up 21%. Currently, the stock is at 1,280.80 SEK and is seeing resistance at 1,283 SEK.
- Current: 1,280.80 SEK
- 8 March: 1,288.20 SEK
- 14-Day Gain/Loss: -7.40 SEK
- 2023 Market Open: 1,050.50 SEK
- Yearly Gain/Loss: +230.30 SEK
- Yearly (%) Movement: + 21.9%
Entain PLC (ENT) – London Stock Exchange (LSE) – GBP
While Entain warned on March 9th, that in 2023, its core profit margins would decrease because of higher wages, exiting unregulated markets and regulatory costs, the share price has only dropped 2.3%. ENT opened sharply higher today and is presently trading at 1,229 GBX. Entain has continued to diversify and expand into regulated markets, seeing a record number of active players in the last year, up 7%. Last week, the company also reached a milestone of 10,000 games on its global platform. The business appears to be listening to its customers’ needs because it has provided a wide range of options that both the general public and buyers find appealing.
- Current: £ 1,229.00
- 8 March: £ 1403.50
- 14-Day Gain/Loss: -£ 174.50
- 2023 Market Open: £ 1,350.50
- Yearly Gain/Loss: -£ 121.50
- Yearly (%) Movement: -9.44%
Playtech (PTEC.L) – London Stock Exchange (LSE) – GBP
Playtech continues to expand its footprint in the U.S. with a new partnership with Hard Rock Digital. HRD will license iGaming content and integrate technology solutions from PTEC that will power Hard Rock’s different entertainment divisions. PTEC invested $85m for a low single digit equity stake in HRD, for further expansion in 3 key U.S. states, with more in the near future. The company has also extended their UK partnership with Betfred, to support the increased demand for sports betting terminals. The Self-Service Betting Terminals will now include dog and horse race betting, in a move to diversify their content. Due to the failure of Silicon Valley Bank and the subsequent global fallout, which brought all markets with it, Playtech has suffered over the past few weeks. While most market analysts remain positive on PTEC, the stock price continues in the doldrums with very little price movement. The stock is currently trading at 536.40 GBX and is seeing resistance at 543 GBX.
- Current: £ 536.40
- 8 March: £ 578.50
- 14-Day Gain/Loss: -£ 42.10
- 2023 Market Open: £ 536.00
- Yearly Gain/Loss: +£ 0.40
- Yearly (%) Movement: +0.0746%
Light & Wonder (LNW) – NASDAQ NYC – USD
Light & Wonder is still quite strong in the iGaming industry but has suffered due to external market forces. Adding to these adverse factors, the company posted less-than-ideal earnings on March 11th. While revenue increased 17%, to $171m, income from operations dropped $80m when compared to the previous year. The company continues to restructure and leverage their global position by selling off its sports betting businesses in an effort to bolster its balance sheet. LNW is currently trading at $58.30 and is seeing resistance a $62, just off of a yearly high of $68.55 achieved in early February.
- Current: $ 58.30
- 8 March: $ 62.49
- 14-Day Gain/Loss: -$ 4.19
- 2023 Market Open: $ 58.12
- Yearly Gain/Loss: $ +0.18
- Yearly (%) Movement: +0.3%
888 Holdings (888.L) – London Stock Exchange (LSE) – GBP
The troubles for the UK-based online betting/iGaming company have no end is sight. The share price continues to decline and has dropped 18.5% in the last 2 weeks. The company was facing adverse internal issues that put downward pressure on the stock but now has to contend with the external market conditions, compounding 888’s misery. The stock volume has increased 30% in the last few days, signalling interest in the instrument but it would appear the interest is bearish for investors. 888 is currently trading at 57.66 GBX with no bottom in sight… how low can it go??
- Current: £ 57.66
- 8 March: £ 71.30
- 14-Day Gain/Loss: -£ 13.64
- 2023 Market Open: £ 88.05
- Yearly Gain/Loss: -£ 30.39
- Yearly (%) Movement: -34.51%
iGaming Financial News: If you are on the lookout for more financial news, keep checking our iGaming news stories page. You will also find news covering new live casino game releases, gambling legislation, live roulette stories, live poker news, and news on the rumor mill!
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