OGQ: RSI and Betsson are the top growth shares in Q2 2024

Once a quarter, the Online Gambling Quarterly provides an overview of the best performing shares of online gambling operators and service providers. The biggest leap among the analysed “pure” online gambling companies was taken by Rush Street Interactive (RSI), with an increase of +42% over the past three months.

Share developments

Below are the key results of the analyses – you can find more insights here:

• “Winner” – The biggest leap in the sample of online gambling-focused companies was taken by RSI with an increase of +42% over the past three months, followed by Betsson (+16%)
• “Loser” – Catena Media and Raketech had the worst three-month performance in the analysis with a decrease of -52% and -43%, respectively
• Average growth – On average, share prices analysed fell by 9%

• Comparison to Nasdaq Composite – Compared to the three-month development of the Nasdaq Composite (+9%), the average growth of the online gambling industry looks “worse”
• Multi-channel operators – Among the multi-channel operators that also operate a relevant retail business, PENN Entertainment is the “winner” with a share development of +10% over the past months

P/E ratios

Online Gambling Quarterly also analysed the current P/E ratios for several companies. The ratio provides a good picture of the value of the company. 

• Super Group has the highest P/E ratio – Super Group leads the ranking with a P/E ratio of 48
• Average P/E ratio – The average P/E ratio of the sample analysed is 26 (median of 22)

Market capitalisation in relation to Q1 2024 revenue

Traditionally, market capitalisation is correlated to earnings-related figures. But in times of rapidly changing markets and a relevant number of new and growing market players, earnings-related scopes may be less conclusive.

Therefore, the researchers also set the market capitalisation in relation to the most recent quarterly revenue.

For operators, Online Gambling Quarterly took the net gaming revenue, and for all others (tech providers, affiliates and so on) they took the revenue related to online gambling (if reported). In some cases, the revenue reported might not be entirely comparable, but the analysis indicates the market dynamics.

• Evolution has the highest market cap/revenue ratio – Evolution leads the ranking in market capitalisation, in relation to the most recent quarterly revenue, with 41, followed by ZEAL Network (21) and DraftKings (15)
• Average ratio – The average ratio of the companies analysed is 10 (median of 7)