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One answer is that the industry is no longer being valued primarily on the promise of endless growth. The market instead wants to see profit, cash generation and manageable regulation maintained across all facets of a listed business. Ed Birkin, managing director of H2 Gambling Capital, says the longer-term decline in gambling stocks runs much deeper than just changes to earnings forecasts.
“The industry share price declines have been much more severe than the cut to earnings projections which means that, while there may be some weakening in some companies’ fundamental growth drivers, the valuations that investors are putting on them have been the main driver of share price declines – although weaker fundamentals lead to lower valuations, so the reality is that they’re completely intertwined.”
Entain’s demotion comes after another – and arguably more significant – symbolic move by Flutter Entertainment. Flutter began trading on the New York Stock Exchange in January 2024 and later moved its primary listing from London to New York.
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Playtech commissioned intelligence firm Black Cube to investigate Evolution’s activities in 2020, with the resulting dossier alleging Evolution supplied games into banned and sanctioned markets.
Evolution subsequently sued Black Cube and has sought to hold Playtech accountable in the related defamation case.
This week, Spectrum Gaming released its Evolution-commissioned report, and Playtech has highlighted a number of claims from Black Cube’s investigation that have been corroborated in the report.
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Cambodia’s gambling regulatory authority, the Commercial Gambling Management Commission of Cambodia (CGMC), is advancing plans to introduce a formal suitability screening process for casino licence renewals.
The CGMC reviewed a draft of the new evaluation framework during a meeting chaired by Secretary General Yeth Vinel on 4 September.
The proposed “integrity and quality” framework aims to establish minimum conditions that operators must meet to maintain or obtain a licence, signalling a strengthening of oversight in the sector. The details of the scoring criteria and an official implementation date remain unpublished.
