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November brought a more favourable atmosphere for iGaming companies in the stock market. 

After a challenging September and October, several companies experienced significant boosts in stock value. 

US operator DraftKings took the lead among gambling stocks, GAN soared following an acquisition deal, and Acroud stood out by defying prevailing market trends.


DraftKings emerged as the top performer among operators, witnessing a 38.8% increase in stock value, from $27.6 on 31 October to $38.3 on 30 November.

Over the past six months, DraftKings’ stock rose by 63.7%, marking a stellar run for the company.

Additionally, its year-to-date stock gain stands at a staggering 236.3%.

In Q3 2023, DraftKings generated a 57% year-on-year revenue increase to $790m in Q3 2023 – and overtook FanDuel as the US online gambling market leader by GGR.

November also saw DraftKings hold its virtual investor day and share additional insight. 

CEO Jason Robins said he believes the company had secured the top spot due to a variety of factors, the most important being the development of a market-leading product.

He emphasised the importance of having top-notch technology and affirmed that the operator wouldn’t ease off on development in this area.

He described the DraftKings product as “extremely strong” and said the firm’s competitive differentiation advantage was both “real and sustainable”.

DraftKings revised its full-year revenue guidance to a range of $3.67bn to $3.72bn, up from the earlier guidance of $3.46bn to $3.54bn. 

Looking ahead, the company projected 2024 revenue between $4.5bn and $4.8bn, with anticipated growth in subsequent years.

DraftKings’ long-term forecast also showed promising figures, expecting revenue in the mid-$5bn range for 2025 and a further surge to $7.1bn in 2028.

After a strong showing in Q3, alongside an optimistic outlook for 2024 and beyond, several analysts think DraftKing’s stock is primed for sustained expansion over the long run, despite appearing reasonably priced in the short term.


In November, GAN took the lead as the best-performing stock in the supplier category, bouncing back from a tough October

The company’s stock value surged by 67.1% throughout the month, a significant turnaround from its position at $0.88 on 31 October to a closing value of $1.47 on 30 November.

GAN’s climb began after 7 November when the supplier confirmed the long-speculated acquisition by Japanese gaming giant Sega Sammy Creation.

This acquisition, at $1.97 per share in cash, reflects a substantial 121% premium over the stock’s closing price on 7 November.

Following this announcement, heavy trading of GAN stock ensued, catapulting its value to $1.66 on 9 November.

GAN interim CEO and chairman Seamus McGill commented: “After a thoughtful review of value creation opportunities available to us, we are pleased to have reached this agreement with SSC. 

“Market share concentration in the US B2C space, a slower than expected adoption of regulated online gaming in the US, along with changes to key customer contracts make the near-term operating environment challenging without ample capital resources. 

“Sega Sammy has those resources and GAN is a strategic complement to their existing gaming portfolio. We believe this all-cash offer, at a substantial premium to recent trading prices, is the value-maximising path for our shareholders.”

However, the acquisition isn’t set to be finalised until December 2024. 


Stockholm-listed Acroud stood out among the affiliates on our watchlist last month. 

While other affiliates experienced share losses—even the widely favoured Better Collective, which dipped nearly 12%—Acroud managed to achieve a 5.4% gain. 

Its value rose from SEK 1.66 on 31 October to SEK 1.75 on 30 November.

Acroud released its Q3 2023 results in November, showcasing both positive and challenging aspects.

The company generated a 48% year-on-year revenue increase to Є9.9m. However, EBITDA (excluding one-off items) dropped by 21% year-on-year to Є1.2m.

On a brighter note, Acroud successfully brought in 72,270 New Depositing Customers (NDCs) for its partners, marking a 114% growth compared to Q3 2022.

CEO Robert Andersson acknowledged the difficulties faced during Q3, citing organisational changes that impacted the company’s performance. 

He highlighted the restructuring of finance departments and a shift to in-house technology adoption to cut costs and streamline operations.

Andersson mentioned that while the results were disappointing, they were anticipated. 

He attributed some of the impact to sports results, specifically noting a negative influence in September due to the success of many favorites. However, he emphasised that underlying Key Performance Indicators (KPIs) continue to exhibit strength.

He expressed confidence that the changes implemented by the company have now settled in Q3, leading to a more stable outlook. 

“Contradictory to the seasons, Acroud is now heading towards brighter times in the last quarter of the year,” Anderson said.  

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