Analyst Says 2009 Online Poker Growth of 7.8 PercentPlaytech and bwin to Benefit but PartyGaming and 888 Suffer Due to Competition |
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Gambling analyst James Hollins of Daniel Stewart & Co has published his gambling industry sector note giving an overview of the first half of 2009 and looking forward to what the rest of the year will bring for companies in the sector, including poker operators.
“Gambling has proved resilient in H1 ’09," says the report. “Shares prices have outperformed the market and we expect further strength. We are forecasting continued solid gambling trading during the second half of 2009, notably in sports betting.
“Poker is likely to remain difficult given the ongoing strength, liquidity and marketing budgets of the US-facing operators. The improving sterling against the dollar should alleviate some of the competitive pressure."
Daniel Stewart & Co’s key buys are bwin, Sportingbet, Unibet and Playtech, with bwin and Playtech expected to perform well due to the continued expansion of their respective poker networks Ongame and iPoker.
The company has significantly reduced its forecasts for the casino- and poker-focused
groups, as high-roller yields decrease. This has particularly affected 888 (-27% FY09E) and PartyGaming (-24% FY09E) the company said.
The company forecasts poker growth rates of +7.8 percent in 2009 to around $4 billion in gross gambling win and +14.0 percent in 2010.
The report also reiterates the company’s belief that the online poker industry is about to enter a period of consolidation.
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