- All eyes on the US as market opening continues
- Re-rating potential as deals ramp up
The gambling world is all aflutter. The sector is ending 2023 with news of a failed buyout bid for 888 (888), the resignation of Entain's (ENT) chief executive, and Flutter Entertainment’s (FLTR) confirmation that it expects to list its shares in New York next month. Meanwhile, profit downgrades and slower trading have hit share prices and capped off a mixed year for many companies.
The latest trading updates highlighted customer-friendly sports result headwinds in the third quarter, which dragged down Entain's cash profits by £45mn. Flutter Entertainment said its full-year revenue and cash profits would be toward the low end of guidance, while 888 pointed to a "mixed" trading performance as revenues fell by 10 per cent.