Wall Street Bets is a roundup of recent notes from analysts covering the gambling industry.

B Riley Securities analyst David Bain November 18 commented on Gambling.com’s third quarter results.

“Following Gambling.com’s 3Q24 6%/19% revenue/EBITDA beat, we raise CY24E/CY25E EBITDA 1%/3%,” wrote Bain. “Gambling.com’s accelerated capturing of online gaming performance-based marketing market share with its proprietary sites across geographies continues, illustrating best-in-class organic execution, acquisition integration, technology, and diversification. Gambling.com’s 3Q24 beat and guidance raise comes despite the backdrop of certain struggling peers, and it establishes itself as the go-to online gambling affiliate play, in our view.

“Our price target is $16 from $15 based on our same 10x CY25 EV/EBITDA multiple and raised CY25E estimates. Maintain buy.”

Analyst David Katz of Jefferies November 17 looked at Minnesota’s prospects for online sports betting.

“Minnesota State Senator Jeremy Miller recently commented that he is pushing for online sports betting legalization again this year after a near miss in last year’s legislature,” Katz wrote. “As a reminder, on the last day of the 2024 legislative session, there were reports that a last-minute deal had been struck, though the session expired without the bill passing. The bill allegedly has supporters and opponents on both sides of the aisle, and neither party has a decisive hold on either chamber (Minnesota House is split 67-67, with the Democratic-Farmer-Labor Party holding a one seat edge over the GOP in the Minnesota Senate).”

“Following the most recent weekly online sports betting figures (week ending November 10, 2024) released by the New York Gaming Commission, quarter-to-date online sports betting GGR is tracking up 2% year over year, while handle is tracking up 17%, implying a 7.8% hold rate, versus 9.0% during the comparable 2023 period,” wrote J.P. Morgan analyst Joseph Greff November 15.

“For the week ending November 10, 2024, GGR was up 26% year over year, while handle was up 16%, implying a 10.5% hold rate versus 9.7% in the comparable period ended November 12, 2023.”

Truist Securities analyst Barry Jonas reported on AGS and Everi in a November 14 report.

“AGS and Everi reported Q3 earnings over the past week, though no earnings call was given as the companies await their respective take- private deals to close,” Jonas wrote. “We had previously discussed 2024 as the year of gaming tech M&A in our Year Ahead outlook, and we could see more deals amid a more stable rate environment. We make no major changes to our AGS estimates, and we lower our Everi ’24E/’25E EBITDA estimates -4%/-5% respectively. We maintain price targets — AGS at $12.50 and Everi at $14.25 and we see minimal risks to either deal close (2H25/3Q25).”