iGaming Stocks Update Issue 7 2023 brings the latest share prices over a 2-week comparison – EVO, LNW, ENT, PTEC:L, and 888:L! (Image by Pabitra Kaity at Pixabay.com)
It’s time for more iGaming shares via our bi-weekly report. In the previous iGaming Stocks Update Issue 6 there was a mix of ups and downs.
As we move into the month of April, the current state of the iGaming market appears to be stagnating. However, 888 is the odd one out with a disastrous loss in stock value – especially considering it received a £19.2 million UKGC fine via its William Hill brand.
There isn’t much movement in share prices as these companies are regrouping after lacklustre FY reports. They are essentially reevaluating their current strategies and making the necessary adjustments to streamline operations in order to increase their bottom line.
On top of this, there are headwinds coming in from the US. Major PMI indexes are reporting worrying figures, and we are not expecting positive results from the impending US job report coming up at the end of the week.
Plus, if the Fed raises interest rates to curb inflation and unemployment rises, a recession will impact all the companies in this iGaming Stocks Update as they all have business operations in the US. However, they also have Asian and European ventures that could offset the relatively small US market. With that being said, the UK and EU are in recessions of their own, so all eyes are on Asia, where companies like Playtech may see business begin booming.
For now, share prices are not seeing much movement, but we expect plenty of fluctuations in the coming months. All companies have increased operating expenses, and this will be a key factor moving forward. The rising costs in regulated markets, staff increases, and research & development need to be addressed to realise increased sales and revenue in H1 of 2023.
Disclaimer: This report is purely for stats and a catch-up on global iGaming stock prices, as well as some market info. It should not be used as a source to make investment decisions as by the time we release these stats, the real-time stock prices will likely have changed.
Evolution (EVO) – NASDAQ Stockholm – SEK
Sine the release of their FY 2022 on March 14th, the company has enjoyed a great run. The well received report has driven the share price up to 1,376 SEK, a rise of almost 14%, just off of a yearly high achieved last week of 1,379 SEK. This has increased the trading volumes exponentially as well as the ex-dividend date today (day before record date). The record date is when shareholders are eligible to receive a dividend. Shareholders are buying today in hopes of increasing their payout tomorrow… but it appears that the payout ratio is going to be average. Market analyst believe that the stock is undervalued by 24% and the target price should be around 1,600 SEK. The results will be evident in the coming days.
- Current: 1,376.00 SEK
- 21 March: 1,280.80 SEK
- 14-Day Gain/Loss: +95.20 SEK (+7.43%)
- 2023 Market Open: 1,050.50 SEK
- Yearly Gain/Loss: +325.50 SEK
- Yearly (%) Movement: +30.97%
Entain PLC (ENT) – London Stock Exchange (LSE) – GBP
Since releasing details in early March that Entain’s profit margins would suffer in 2023, because of increased costs across the board, the iGaming company has declined 10%. In the last 2 weeks, the share price is up 1% but is in a horizontal holding pattern. To counter this negative outlook, ENT has recently partnered with several gaming companies in an attempt to turnaround their fortunes. ENT continues to open state-of-the-art digital betting shops and celebrated the 100th “Digi-Hub” shop in Muirhouse, Scotland. Entain is betting that the resurgence of retail shops will continue to grow after the pandemic. In a bid to break into the New Zealand sports betting, ENT is awaiting governmental approval on a strategic 25-year deal with Tabcorp. This partnership will provide a much-needed capital injection from Entain to upgrade existing facilities and remain competitive with other international companies of scale. Entain is currently trading 1,252.53 GBX and is seeing resistance at 1,266 GBX.
- Current: £ 1,252.53
- 21 March: £ 1,229.00
- 14-Day Gain/Loss: +£ 23.53 (+1.91%)
- 2023 Market Open: £ 1,350.50
- Yearly Gain/Loss: -£ 97.97
- Yearly (%) Movement: -7.25%
Playtech (PTEC.L) – London Stock Exchange (LSE) – GBP
Playtech has come off almost 6% since our last update. Playtech (PTEC) is worried that as the economy deteriorates, fewer people will wager. But there hasn’t been any indication of a decline so far. Business-to-consumer (B2C) gambling revenue rose 48% to £855 million last year. This is partly due to the pandemic impact in 2021, which offered some straightforward comparators, but even then, the Italian B2C company Snaitech kept expanding in the second half of the year. The B2C gambling industry may ultimately slow down, but given the opportunity for B2B growth in the US, the current share price appears to be very reasonable. The stock is currently trading at 520 GBX and is seeing resistance at 524 GBX.
- Current: £ 520.00
- 21 March: £ 536.40
- 14-Day Gain/Loss: -£ 16.40 (-3.06%)
- 2023 Market Open: £ 536.00
- Yearly Gain/Loss: -£ 16.00
- Yearly (%) Movement: -2.99%
Light & Wonder (LNW) – NASDAQ NYC – USD
LNW continues to streamline their business by selling off assets that are underperforming, the latest sale of OpenBet to the Endeavor Group. The stock is up 1.7% since our last report and currently trading at $60.36 USD and is seeing resistance at $62.96 USD. Several divestures have bolstered their balance sheet and but income from operations has dropped from $100m to $20m from the prior year. This has investors a little skittish, which is quite evident from the share price.
- Current: $ 60.36
- 21 March: $ 58.30
- 14-Day Gain/Loss: +$ 2.06 (+3.53%)
- 2023 Market Open: $ 58.12
- Yearly Gain/Loss: +$ 2.24
- Yearly (%) Movement: +3.85%
888 Holdings (888.L) – London Stock Exchange (LSE) – GBP
Troubled 888 Holdings continues to spiral downward and has lost 25% of its value this month and 12% since our last report. It is currently trading at 52.94 GBX and unfortunately the bottom is nowhere in sight. The recent fines in the UK (mainly compliance issues), the investigation in the Middle East (not adhering to anti-money laundering practices) and the looming debt of £ 1.95b for the William Hill purchase, plus a £19.2 million fine from the UKGC, the iGaming company needs to reassess its strategy going forward or… sell the company. Without a fundamental shift in their approach, they are destined to drive the company into the abyss.
- Current: £ 52.94
- 8 March: £ 57.66
- 14-Day Gain/Loss: -£4.72 (-8.18%)
- 2023 Market Open: £ 88.05
- Yearly Gain/Loss: -£ 35.11
- Yearly (%) Movement: -39.81%
Companies Creating Live Casino games: You can play at Playtech or Evolution casinos via our dedicated casino software companies page. This page gives you an overview of live dealer game developers available right now and access to a complete guide for each company covering history, game portfolio, casino hosting their games, bonuses and tons more useful information.
Leave A Comment