Gambling stocks weekly (31 August–4 September): European market analysis &

Lottomatica lost 5.16% after agreeing to absorb CIRSA, Entain rose despite losing its FTSE 100 place, and Flutter put a fifth of the Paddy Power estate under review.

European gambling stocks were mixed again in the week to 4 September 2026, with four of the nine stocks European Gaming tracks rising and five falling, while the FTSE 100 finished the week almost exactly where it started. Lottomatica was the weakest performer, down 5.16% to €24.27 after agreeing an all-share merger with Spain’s CIRSA. Entain was the strongest of the European gaming stocks, up 2.84% to 527.8p, even though FTSE Russell confirmed on 2 September that the company will drop out of the FTSE 100. Flutter fell 1.64% to $100.11 in a week when it put up to 100 Paddy Power shops under closure review.

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

The week at a glance: European gaming stocks, 31 August–4 September

Top movers last week

Entain(LON: ENT), +2.84% to 527.8p, was the strongest performer in a week that also cost it its blue chip status. FTSE Russell confirmed after the close on 2 September that Entain and housebuilder Persimmon will leave the FTSE 100 and enter the FTSE 250, with easyJet and Ithaca Energy going the other way. The changes are implemented at the close on 18 September and take effect on 21 September. 

The shares rose anyway, helped by Kepler Cheuvreux’s upgrade to buy from hold on 1 September, with the target raised to 680p from 592p. Kepler argued that the planned exit from Entain’s Central and Eastern European venture pulls generous shareholder returns forward to 2027, a year earlier than the company had signalled, and said the announcement “has transformed the situation entirely”. Selling the remaining 47% stake would leave 2027 net debt to EBITDA at roughly 2.2 times on Kepler’s numbers.

Playtech(LON: PTEC), +1.18% to 411.2p, extended its run to a fifth consecutive week without a company announcement. Interim results are due on 10 September, and the group has guided to full-year adjusted EBITDA of at least €270 million since its 9 July trading update. Betsson (STO: BETS-B), +1.18% to SEK 94.05, matched it almost to the basis point, also with no company news. Betsson’s silent period begins on 22 September ahead of third-quarter results on 22 October.

Evolution(STO: EVO), +1.10% to SEK 846, now sits about 22% above Candle Lake’s SEK 695 mandatory offer, up from about 20% a week earlier. On 31 August, the company disclosed that it had bought back 853,947 shares between 24 and 28 August, taking its treasury holding to 13,540,102 shares, or 6.8% of the 199,226,613 shares in issue. The board, which has recommended shareholders reject the offer, holds an extraordinary general meeting on 22 September to cancel the repurchased shares. The acceptance period closes on 15 September.

Sportradar (NASDAQ: SRAD), -0.31% to $12.90, and FDJ United(EPA: FDJU), -0.54% to €22.29, both drifted without company news, FDJ ahead of nine month revenue on 21 October. The Rank Group (LON: RNK), -0.58% to 102.6p, steadied after the previous week’s 7.36% slide, with no announcement of its own and the FTSE 250 that carries it recovering from a near-month low.

Flutter Entertainment(NYSE: FLUT), -1.64% to $100.11, gave back an early gain. Wolfe Research initiated coverage with an outperform rating and a $150 target on 2 September, as part of a launch across 11 gaming and lodging stocks, and the shares rose on the day. Sentiment turned on 3 September, when Flutter confirmed a review that could close up to 100 Paddy Power shops across the UK and Ireland before the end of the year, roughly a fifth of a 506-shop estate, putting about 400 roles at risk. The company pointed to rising costs, competition, the shift online and the impact of the gambling tax rises announced in last year’s UK Budget. 

Lottomatica (BIT: LTMC), -5.16% to €24.27, was the weakest of the nine. Roughly two-thirds of the fall came before the news: the shares had already eased to €24.77 by the 1 September close. On 2 September, Lottomatica and CIRSA signed a binding agreement for an EU cross-border merger in which Lottomatica absorbs CIRSA, creating a group with around €2 billion of pro forma adjusted EBITDA. CIRSA shareholders receive 0.668 new Lottomatica shares each, leaving Lottomatica holders with 67.5% of the combined company and Blackstone as the largest single shareholder at about 24%. Lottomatica fell as much as 10% on the day to €22.38, its lowest since 3 March, while CIRSA rose 15.1% to €15.70. The shares recovered part of that by Friday. 

What drove the moves: News and regulation

UK tax ran through most of the week. Entain’s index demotion and Flutter’s retail review landed a day apart and trace back to the same arithmetic: remote gaming duty rose from 21% to 40% in April 2026, remote betting duty is due to reach 25% in April 2027, and the Autumn Budget on 28 October gives the chancellor another opportunity. Evoke closed 270 William Hill shops earlier in the year, and Betfred announced 132 closures over the summer, so Paddy Power is the third major estate to shrink in 2026.

Prediction markets stayed in the frame without moving prices much. The 9th Circuit had ruled 3-0 on 28 August that the Commodity Exchange Act does not stop Nevada from regulating Kalshi’s sports event contracts, splitting with the 3rd Circuit’s April decision on New Jersey. The live development this week was New Jersey asking the Supreme Court on 2 September to settle who regulates the contracts. Sportradar, which supplies data to both Kalshi and Polymarket, barely moved, which suggests investors now treat the litigation as a slow-burning question rather than a weekly catalyst.

The wider market gave no direction. The FTSE 100 closed Friday at 10,831.09, down 0.43 points on the day and up 0.06% over the week on European Gaming’s calculation from the 28 August close of 10,824.26. 

Earnings and corporate calendar

• Playtech publishes H1 2026 interim results on 10 September.
• The acceptance period on Candle Lake’s SEK 695 offer for Evolution closes on 15 September, with settlement expected to begin around 23 September.
• Rank Group goes ex-dividend on 17 September on its 2.5p final dividend.
• FTSE UK Index Series changes are implemented at the close on 18 September and take effect on 21 September.
• Evolution holds an extraordinary general meeting on 22 September to vote on cancelling its treasury shares.
• Betsson enters its silent period on 22 September.
• Entain pays its 10.3p interim dividend on 28 September.
• FDJ United publishes nine-month revenue on 21 October, after market close.
• Evolution and Betsson both report third-quarter results on 22 October.
• The UK Autumn Budget lands on 28 October.
• Lottomatica and CIRSA expect to hold extraordinary general meetings by the end of 2026, with completion targeted for Q2 2027.

Analyst sentiment: Ratings and price targets

Kepler’s 680p target on Entain is the interesting number, because it sits far below where the rest of the street is. The seven analysts MarketBeat tracks all rate the stock a buy, with an average target of 992p, a high of 1,145p and a low of 750p, implying about 88% upside on the 527.8p close. None of those seven has moved since 17 August, when Deutsche Bank cut to 914p and JPMorgan raised to 1,050p, so Kepler’s number arrives roughly 30% below the group it joins.

On Flutter, Wolfe Research’s $150 initiation was the week’s only new rating, and Bernstein lifted its target to $110 from $105 later in the week while keeping a market perform rating, in a note on the New Jersey petition. Reuters reported that JPMorgan called the Lottomatica-CIRSA structure strategically compelling, on the basis that Lottomatica is using its own equity to buy a lower-rated business and still keeps 67.5% of the result. There were no rating or target changes on the other six stocks.

What to watch this week

• Whether the Supreme Court shows any appetite for New Jersey’s petition, and whether another UK operator follows Paddy Power with retail cuts before 28 October.

• Playtech’s interim results on 10 September, and whether the at least €270 million full year guidance survives the second half normalisation at Hard Rock Digital and the full weight of UK remote gaming duty.

• Whether Lottomatica keeps clawing back the merger day fall, and how the sell side treats pro forma leverage of 2.7 times at H1 2027.

• Whether Candle Lake improves its terms for Evolution or lets the offer lapse, with acceptances closing on 15 September and the shares still trading well above the bid.

• Whether index funds selling into the 18 September rebalance pressure Entain, or whether the shareholder returns argument keeps holding the stock up.

FAQs

Which European gambling stocks moved the most in the week to 4 September 2026?

Lottomatica fell the most, down 5.16% to €24.27 after agreeing an all-share merger with CIRSA, followed by Flutter at -1.64%. Entain was the strongest, up 2.84% to 527.8p, ahead of Betsson and Playtech, which both gained 1.18%.

Why did Lottomatica shares fall after the CIRSA merger announcement?

The deal is all-share, so existing Lottomatica holders are diluted to 67.5% of the combined company and Blackstone becomes the largest single shareholder at about 24%.

It also changes the story investors thought they owned. Lottomatica had been a largely online, Italy-focused business, while CIRSA generates the majority of its earnings from casinos and gaming halls across Spain and Latin America.

Where can I follow gambling stocks week by week?

European Gaming publishes this recap of nine European-listed gaming and gambling stocks every week, covering the movers, the news and regulation behind them, and the calendar ahead. Read last week’s gambling stocks recap.

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