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Jan 14 2020, 07:50 GMT
Ratings and price correct at time of issue
Company | Rating | Date | Previous Rating | Date | Closing Price |
---|---|---|---|---|---|
Flutter Entertainment | OUTPERFORM | 08/05/19 | Neutral | 29/08/17 | 9210p |
GAN | NEUTRAL | 13/09/19 | N/A | N/A | 175p |
Entain | NEUTRAL | 13/12/17 | N/A | N/A | 923p |
William Hill plc | NEUTRAL | 13/02/14 | Outperform | 16/02/11 | 186p |
The ban on credit card usage for UK gambling deposits likely represents a low-single-digit percentage risk to related gaming revenues (that would result in a similar impact on sector EBITDA). The latest in a recent series of more onerous regulatory changes, it also acts as a further reminder that the UK opportunity is no longer what it once was. However, it remains a very large, (still) growing and highly cash generative market for online gaming operators. In this respect, a shift towards a more sustainable footing is necessary. With the true growth opportunity now lying elsewhere, the priority for the industry must now be to mitigate the risk of more structural UK regulatory change over the course of the coming period. This is best achieved, in our view, by finding and voicing an industry-aligned and affordability-centric approach.
Jan 14 2020, 07:50 GMT