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How to play Fat Banker
“Unregulated is not illegal,” he asserted. “We will continue to support those markets that we believe over time will become regulated.
“Our investment is going into regulated markets, and yes over time we will likely consider pulling out of certain markets. I think Playtech has done a very good job, [regulated revenues] are more than 85%.”
Meanwhile its B2C revenue, which took a significant hit last year as it offloaded the majority of its B2C operations, including Snaitech and Happy Bet, declined 22% to €32 million.
How to play Fat Banker
“We’re very encouraged with the trajectory of that, but we’re still not where we want to be. But a lot of the work, or some of the work has been done, and we have a lot more planned for the rest of the year. So bear with us. It is happening.”
Bengtsson said the split between casino and sports betting for SunBet was roughly 90% to 10% in favour of casino, with Sun International “under-indexing on sportsbook”.
But Sun International views that as an opportunity, with Bengtsson stating: “We think the market overall is probably somewhere around 35%-40% sportsbook.
What is Fat Banker?
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.
