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Research >
Diversification and scale for online success

  • 11 Jul 2019

Diversification and scale for online success


888 Holdings Plc (888:LON), 303 | bet-at-home.com AG (BAH:WBO), 0 | Open Orphan Plc (ORPH:LON), 29.5 | Entain PLC (ENT:LON), 1,450 | Gamesys Group PLC (GYS:LON), 1,401 | Greek Organisation of Football Prognostics SA (OPAP:ATH), 0 | Playtech plc (PTEC:LON), 485 | Rank Group Plc (RNK:LON), 171 | William Hill PLC (WMH:LON), 271

  • Edison
    • Victoria Pease

    • 22 pages

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The global online gaming market generated c £40bn of gross gaming revenues (GGR) in 2018 and newly regulating markets (the US) are expected to contribute to 7% CAGR to 2023 (according to H2 Gambling Capital (H2GC)). However, while regulated markets have provided significant opportunities for operators to date, government intervention remains a constant threat and legislation is tightening. Some mature markets (notably the UK) have been raising taxes and implementing regulatory burdens, which increases the cost of business. In our view, success will depend on a combination of scale, diversification, proprietary technology and a strong balance sheet. Many of the 12 operators in this report should benefit from these dynamics and sector valuations remain attractive, at 12.6x P/E, 8.2x EV/EBITDA and 6.0% dividend yield for FY19.


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Diversification and scale for online success


888 Holdings Plc (888:LON), 303 | bet-at-home.com AG (BAH:WBO), 0 | Open Orphan Plc (ORPH:LON), 29.5 | Entain PLC (ENT:LON), 1,450 | Gamesys Group PLC (GYS:LON), 1,401 | Greek Organisation of Football Prognostics SA (OPAP:ATH), 0 | Playtech plc (PTEC:LON), 485 | Rank Group Plc (RNK:LON), 171 | William Hill PLC (WMH:LON), 271

  • Published: 11 Jul 2019
  • Author: Victoria Pease
  • Pages: 22
  • Edison


The global online gaming market generated c £40bn of gross gaming revenues (GGR) in 2018 and newly regulating markets (the US) are expected to contribute to 7% CAGR to 2023 (according to H2 Gambling Capital (H2GC)). However, while regulated markets have provided significant opportunities for operators to date, government intervention remains a constant threat and legislation is tightening. Some mature markets (notably the UK) have been raising taxes and implementing regulatory burdens, which increases the cost of business. In our view, success will depend on a combination of scale, diversification, proprietary technology and a strong balance sheet. Many of the 12 operators in this report should benefit from these dynamics and sector valuations remain attractive, at 12.6x P/E, 8.2x EV/EBITDA and 6.0% dividend yield for FY19.



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