Some of the world’s largest betting companies are gearing up to disclose if they’ve profited from a series of major global sporting events, as they brace for new gambling regulations in the UK.
Flutter Entertainment, the owner of numerous brands such as Betfair, FanDuel and Paddy Power, is set to update investors on its financial performance this Tuesday. Meanwhile, William Hill and 888 owner Evoke will release its half-year results on Thursday.
This comes after rival gaming group Entain revealed that it had benefited from Euro 2024, with many football results favouring the bookmaker. The tournament attracted bettors from all over Europe, placing wagers on teams and players. A high number of draws during the Euros was a boon for the bookmaker, as it typically leads to fewer and lower-value winners.
Betting firms could also see a surge from major events like the Paris 2024 Olympics and the upcoming National Football League season in the US. Analysts predict that Flutter, a global online sports betting company, would have been bolstered by its operations in the US, including the rising popularity of FanDuel, and football results in the UK.
It’s anticipated to report adjusted earnings of $638million (£501million) for the past three months, according to an analyst consensus compiled by Morgan Stanley. Investors are also hopeful that its sales have continued to rise after reporting a 16% increase in revenues in the latest quarter.
Evoke, previously known as 888, has signalled a dip in its financial forecast for the first half of the year, anticipating “disappointing” adjusted earnings between £35million and £40million in July. Despite a 3% increase in UK online sales, the company witnessed an 8% fall across its retail division, which includes William Hill shops.
Evoke is banking on a turnaround with its new strategy unveiled in March, aiming to concentrate on key markets and harness AI technology to streamline operations. The UK gambling landscape is bracing for tighter regulations, with the Gambling Commission trialling new measures.
These include dialling down the intensity of online games, implementing stringent age verification processes in betting shops, and introducing affordability assessments for players. A pilot scheme set to commence on August 30 will see these checks applied to online gamblers who spend £500 or more per month.
Entain, another industry heavyweight, reported on Thursday that recent regulatory changes in the UK have led to a loss of some of its higher-stake customers. Meanwhile, several reforms proposed by the previous Conservative government are now up in the air after Labour’s triumph at the polls.