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For years, the gambling industry’s investment story was built on a simple promise: more betting would mean more growth. That story is now becoming harder to sell.

Entain’s removal from the FTSE 100 is a telling sign of what has happened to gambling stocks across both Europe and the US in recent years. The company’s shares have fallen sharply over the past year, even as its first-half results showed continued growth in several important markets.

In the six months to June, Entain’s online net gaming revenue rose 7% in constant currency. Revenue in Britain and Ireland increased 13%, while the company maintained its full-year guidance for online net gaming revenue growth of 5% to 7%. So why is its stock price still so under pressure?

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Independent analysis by Bettormetrics found Kambi partners either led or shared the lead on measures including time to market, live uptime and bet delay. It also outperformed its B2C and B2B competitors on live uptime in World Cup markets including over/unders on total goals.

“All the testing in the world cannot tell you precisely where you stand against the rest of the market on key aspects of the product,” Lamb says. “It was very positive to see Kambi as a leader in these key metrics.”

The way customers used the offering was equally instructive. Bets outside the match-winner market accounted for 63% of pre-match turnover, compared with 57% in 2022, reinforcing the importance of depth beyond traditional markets.

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The job cuts, which represent approximately 3% of Bet365’s workforce, will be made across the company’s offices in Stoke-on-Trent, Malta and Gibraltar.

Bet365 attributed the job cuts to a “highly competitive trading environment, plus increased regulatory and tax-related costs”.

A Bet365 spokesperson said the company was working to limit the number of job losses and support employees affected by the changes.