Gaming

Strong March provides further evidence of NJ sports and online casino opportunity

  • Sectors : Gaming
  • Companies : GAN | Paddy Power Betfair | GVC Holdings | William Hill plc

Ratings

Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
GAN RESTRICTED 01/04/19 N/A N/A 51.5p
William Hill plc NEUTRAL 13/02/14 Outperform 16/02/11 168p
Paddy Power Betfair NEUTRAL 29/08/17 Outperform 18/09/15 6160p
GVC Holdings NEUTRAL 13/12/17 N/A N/A 629p

DAVY VIEW

New Jersey (NJ) gambling activity continues to beat all expectations, with March representing another record month for sports betting. Interestingly, FanDuel (Paddy Power Betfair) appears to now be assuming an undisputed leadership position in the market. We also note that online casino revenues are significantly higher (+53% year-on-year (yoy)), providing a reminder of the broader US online gambling and cross-sell opportunity. This is something that we suspect could propel US revenues even higher than currently expected. It is early days, but the ongoing roll-out of the NJ market is exciting for European gaming operators.

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Apr 15 2019, 08:35 IST/BST

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