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About Big Sumo
Taken together, the cases provide further ammunition for the anti-gambling lobby at a time when it is already facing political pressure, tax increases and demands for tighter restrictions. Each apparently avoidable failure makes it harder for the industry to argue that existing regulation is sufficient.
Yet Dan Waugh, partner at Regulus Partners, pushes back against the idea that enforcement notices reveal a fundamentally non-compliant sector.
“Operators failing compliance checks is never a good look,” he says. Campaigners often claim that financial sanctions are priced in and that the Commission should revoke more licences, although Waugh does not believe operators view settlements merely as a cost of doing business.
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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.
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Mexico is one of the NFL’s most important markets outside the United States and a core market for Codere Online.
It remained Codere Online’s largest market in Q2, generating €36.1 million in NGR, a 24% year-on-year rise. Chief Executive Aviv Sher said the company would continue investing as the market grows more competitive.
In an April interview with iGB, Sher reflected on the challenges of regulatory uncertainty in Mexico
