Online gambling stocks’ performance has been mixed over the past three months, with a few standouts posting strong gains while the broader picture remained negative. Codere Online (+20%) and Kambi (+19%) led the pack, but steep drops from Evoke (-56%) and Gambling.com (-32%) weighed heavily on the overall results, pulling the average share move to a decline of -11%. Across segments, online-only operators held up best (-5% on average), while multi-channel operators and affiliates saw the sharpest weakness.

• “Winner”– The most significant leap in our sample of online gambling-focused companies was taken by Codere Online with an increase of +20% and Kambi (+19%) over the past three months.
• “Loser”– Evoke and com had the worst 3-month performance in our analysis with a decrease of -56% and -32%.
• Average growth– On average, share prices analysed decreased by -11%.

Segment-specific developments

• Online-focused operators – The shares of online-focused operators included in the analysis saw, on average, a decrease of -5%
• Multi-channel operators – Among the multi-channel operators that also operate a relevant retail business, MGM is the “winner” with +5% while the average share development was -16%.
• Suppliers – The shares of the suppliers included in the analysis saw, on average, a decrease of -9%, with Kambi (+19%) leading the ranking.
• Affiliates – On average, affiliates’ shares saw a decrease of -16% with Gentoo Media (+0.3%) leading and com (-32%) coming last.

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