DnB Markets - Betsson AB Class B (BETS B) ... September Swedish gaming tax

Report

DnB Markets

Martin Arnell

EUR 184.75 For Business Accounts Only

September Swedish gaming tax

September showed solid progress for state-owned betting incumbent Svenska Spel while Kindred and LeoVegasâ€™s recent positive trends were reversed. Looking ahead, we expect 1) more signs that the Swedish market is concentrating towards leading brands; and 2) in addition to high season for gaming, the recent closure of unlicensed operator Mobilebet could support the licensed market and brands such as LeoVegas, Kindred, and Betsson.

17/10/2019 3 EN

Underlyings

Betsson AB Class B

Betsson AB is a holding company. Co.'s core business consists of investing and administering shareholdings in companies which - through partners or by themselves - offer games to end users via the internet. Co. owns Betsson Malta which operates games through partnerships and the own websites www.betsson.com, www.casinoeuro.com and www.cherrycasino.com. Betsson Malta offers Poker, Casino, Sports betting, Scratch Cards, Bingo and Games. Customers primarily originate from the Scandinavian countries and other areas within Europe.

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SE0011089259 Sweden

Evolution Gaming Group AB

Evolution Gaming Group is a B2B provider of Live Casino solution systems in Europe. In Live Casino, a dealer runs the game from a casino table which is streamed in real time. End users, i.e. the players, make betting decisions on their devices (computers, smartphones, tablets, etc.) and are able to communicate with the dealer using a text chat function. Co.'s core portfolio consists of nine games such as Live Roulette, Live Blackjack, Live Baccarat, Live Casino Hold'em, Live Three Card Poker and Live Caribbean Stud Poker. Co.'s gaming portfolio offers the operators' end users an interactive experience that feels like playing in a real casino.

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SE0006826046 Frankfurt Stock Exchange Germany

Kindred Group

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Leo Resources Inc

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CA5263673058 Canadian Securities Exchange Canada

NetEnt

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Provider

DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

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Analysts

Martin Arnell

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September Swedish gaming tax

Evolution AB: 1 director

Evolution (Buy, TP: SEK1800.00) - Strong table games in September

Evolution (Buy, TP: SEK1800.00) - Late-summer player improvement

Danske Bank (Buy, TP: DKK235.00) - Distributions slow, but approaching

Orkla (Hold, TP: NOK81.00) - Signs of light

Seafood - Fat Trout Weekly

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