Gambling stocks weekly (19–23 October): European market analysis & trends

Eight of the nine stocks rose while the FTSE 100 fell 1.76%, in a week when Betsson, Evolution, and FDJ United reported third-quarter results, and Flutter announced UK and Ireland job cuts, ahead of the 28 October Budget. 

European gambling stocks rose in the week to 23 October 2026, with eight of the nine stocks European Gaming tracks gaining while the FTSE 100 fell 1.76%. Betsson led, up 7.14% to SEK 99.05, after the company reported record third-quarter revenue. Flutter Entertainment rose 5.94% to $80.09 after it announced up to 1,400 job cuts in the UK and Ireland. FDJ United was the only faller, down 4.32% to €20.61, in the week it lowered its 2026 targets for the third time this year.

In Brazil, the licences of 85 betting companies expired on Sunday, the day of the presidential runoff, with Justice Luiz Fux yet to rule on requests to suspend the ban.

This weekly market analysis does not constitute financial advice. Always do your own research.

The week at a glance: European gaming stocks, 19–23 October

Top movers last week

Betsson (STO: BETS-B), +7.14% to SEK 99.05, was the strongest of the nine and more than recovered the 3.35% fall covered in last week’s gambling stocks recap. On Thursday, its third-quarter report showed revenue up 10% to a record €326.5 million, with casino revenue up 14%. Operating income fell 31% to €46.1 million, and the EBIT margin narrowed to 14.1% from 22.6%. Betsson said October had started positively, and the shares edged higher that day. On Friday, Pareto Securities upgraded Betsson to buy from hold and raised its target to SEK 115 from SEK 95. The shares rose 4.87% that day.

Flutter Entertainment (NYSE: FLUT), +5.94% to $80.09, also recovered the previous week’s 5.24% fall. On Tuesday, it announced plans to cut up to 1,400 jobs in its UK and Ireland business, which employs 9,000 people. Flutter said the restructuring responds to the UK gaming tax rises in the 2025 Budget. It will cost $80 million to $90 million in the fourth quarter, an amount already included in its guidance. The shares closed 2.07% higher at $78.98 that day. Also on Tuesday, JPMorgan cut its target to $110 from $114 and kept its neutral rating.

Evolution (STO: EVO), +5.18% to SEK 841.40, rose 3.62% on Friday, the day it reported third-quarter revenue up 3.7% to €526.1 million. That was its first year-on-year revenue growth in five quarters. Net profit fell 3.6% to €243.3 million after €12.1 million of one-off costs from the UK Gambling Commission settlement and the ended Galaxy Gaming merger. Evolution also said it had closed its Brazilian studio on 5 October.

FDJ United (EPA: FDJU), -4.32% to €20.61, was the only one of the nine to fall. After the market closed on Wednesday, it reported third-quarter revenue down 8.1% to €794 million and lowered its 2026 targets for the third time this year. It now expects revenue to fall by a mid-single-digit percentage, including more than €70 million of extra gaming taxes, with a recurring EBITDA margin of around 23%. On Thursday, the shares fell as low as €19.45, a new 52-week low, before closing 2.09% lower at €20.57. Deutsche Bank cut its target to €25.10 from €26.60 the same day and kept its hold rating.

The Rank Group (LON: RNK), +3.96% to 78.8p, rose for a second week. It was up 6.14% at 81.2p at midday on Wednesday. That was the day The Times reported, citing unnamed sources, that Chancellor John Healey plans to raise Machine Games Duty to 25% from 20% at the 28 October Budget. Rank has warned that any rise in Machine Games Duty would lead to venue closures and job losses. The shares slipped back from Wednesday’s level by Friday, when Rank paid its 2.5p final dividend.

Entain (LON: ENT), +0.99% to 448.1p, also rose for a second week. It was up 4.69% at 455.6p at midday on Wednesday, alongside Rank, and eased over the last two sessions.

Lottomatica (BIT: LTMC), +4.27% to €25.14, ended two weeks of falls. It bought back 339,402 shares between 12 and 16 October at an average of €24.0839, for €8.17 million. That took its treasury holdings to 8.464% of ordinary shares.

Sportradar (NASDAQ: SRAD), +0.34% to $11.95, barely moved after two brokers cut their targets. Morgan Stanley lowered its target to $13.50 from $15 on Monday and kept its equal weight rating. On Tuesday, JPMorgan cut its target to $13 from $15 and kept its rating neutral. On Thursday, Sportradar said it will report third-quarter results on 3 November.

Playtech (LON: PTEC), +1.58% to 372.8p, rose for a second week without trading news.

What drove the moves: News and regulation

In the UK, the main event this week is the 28 October Budget, when the government will announce whether Machine Games Duty rises. Flutter’s job cuts follow last year’s Budget, which raised Remote Gaming Duty to 40% from 21% in April 2026.  

Brazil’s ban stayed in place for a third week with licensed sites offline.

• The authorisations of 85 companies, covering 188 brands, expired on Sunday 25 October under Provisional Measure 1,394. The fees they paid will not be refunded.
• No federal judge granted an injunction in any of the sector’s 19 cases. A ruling that let Stake operate until 25 October was suspended on appeal.
• From 9 November, the measure goes to the top of Congress’s agenda, and its first 60 days end on 23 November before an automatic 60-day extension. 

London was weaker. The FTSE 100 closed Friday at 10,690.36, down 1.76% on the week, and the FTSE 250 fell 1.2%. Brent crude rose to $116.34 a barrel, its highest since early May.

Earnings and corporate calendar

• The UK Autumn Budget lands on 28 October.
• Lottomatica’s board approves its third-quarter results on 2 November, with a conference call on 3 November.
• Sportradar reports third-quarter results on 3 November.
• Flutter publishes its third-quarter update on 4 November, before the US market opens.
• Brazil’s provisional measure starts to block Congress’s agenda on 9 November.

Analyst sentiment: Ratings and price targets

Pareto Securities’ upgrade of Betsson to buy from hold on 23 October was the only confirmed rating change among the nine this week. Pareto raised its target to SEK 115 from SEK 95. The other moves were target cuts, with ratings kept:

• JPMorgan cut its Flutter target to $110 from $114 on 20 October and kept neutral.
• Truist cut its Flutter target to $100 from $120 the same day and kept buy.
• Morgan Stanley cut its Sportradar target to $13.50 from $15 on 19 October and kept equal weight.
• JPMorgan cut its Sportradar target to $13 from $15 a day later and kept neutral.
• Deutsche Bank cut its FDJ United target to €25.10 from €26.60 on 22 October and kept hold.

MarketBeat’s aggregate for Flutter covers 31 firms, with two strong buy, 17 buy, nine hold, and three sell ratings. Its average 12-month target is $137.52, down from $143.59 a week earlier.

What to watch this week

• Whether the 28 October Budget raises Machine Games Duty, and how Rank and Entain react.
• Whether Justice Fux rules on the ban now that President Luiz Inácio Lula da Silva, whose government issued it, has won the 25 October runoff against Flávio Bolsonaro, and whether any ruling restores the expired licences. 
• Third-quarter results from Lottomatica, Sportradar, and Flutter between 2 and 4 November.
• Whether FDJ United holds above Thursday’s 52-week low of €19.45.

FAQs

Which European gambling stocks moved the most in the week to 23 October 2026?

Eight of the nine rose. Betsson rose the most, up 7.14% to SEK 99.05, followed by Flutter Entertainment at +5.94% and Evolution at +5.18%. FDJ United was the only faller, down 4.32% to €20.61.

How could the UK Budget affect European gambling stocks?

The 28 October Budget may raise Machine Games Duty, the tax on gaming machines in betting shops, casinos, and bingo halls. Rank, which runs Grosvenor casinos and Mecca bingo clubs, has warned that any rise would lead to venue closures and job losses. Online sports betting duty already rises to 25% from 15% in April 2027.

Where can I follow gambling stocks week by week?

European Gaming publishes this recap of European gaming and gambling stocks every Monday. It covers the nine listed operators, suppliers, and lotteries we track, the news behind each move, and the calendar ahead.

The post Gambling stocks weekly (19–23 October): European market analysis & trends appeared first on European Gaming Industry News.