Investors in gambling stocks will have marked their calendars this month as three heavyweights prepare to update the market on their performance so far this year.
Betfair and Paddy Power owner Flutter is first up on Wednesday. Then it will be Entain’s turn a day after before 888 takes centre stage the following Tuesday.
Entain is a particular favourite with retail investors, but it caused controversy in May declaring it was bracing itself for a ‘substantial financial penalty’ after an investigation by HM Revenue and Customs into the gambling group’s business practices in Turkey.
The Ladbrokes owner said the potential offences included breaching bribery law, and possible misconduct involving ex-employees and former third-party suppliers.
Entain, which held its Turkish-based business between 2011 and 2017, is working towards resolving the matter.
That ongoing issue aside, the City was largely positive towards Entain’s first-quarter results back in April, where it increased its revenue by 11 per cent.
Shares sank 8 per cent in mid-June after the company issued new stock at a small discount and raised around £600m so it could buy the Polish sports-betting operator STS.
Entain has clawed back its losses since then, thanks in part to a good set of results from its joint US business.
BetMGM last month said its revenue for this year was on course to reach the top end of its forecasts of £1.41billion to £1.57billion ($1.8billion to $2.0billion).
