Worms Reloaded

About Worms Reloaded

Last month, US President Donald Trump made an impromptu visit to Las Vegas, hosting a rally at Red Rock. Trump called the Fertittas a “beautiful family” during his remarks. Culinary, meanwhile, denounced the event and the Fertittas’ support of Trump and Nevada’s Republican Governor Joe Lombardo.

“As Lombardo runs for re-election in a state built and run by unionised hospitality workers, Culinary Union is demanding to know why the governor stands with Station Casinos and Trump’s harmful economic agenda instead of fighting and delivering for the working people who power Nevada’s economy,” the union said in a statement at the time.

Jess has covered the global gaming industry since 2022. A native of Reno, Nevada, he’d like to note that it’s Ne-va-da, not Ne-VAH-da.

About Worms Reloaded

Entain sits somewhere between the two models. It has significant international scale and a valuable stake in BetMGM, but also more debt and greater exposure to UK taxation, as well as general regulatory turbulance across Europe.

The four analysts arrive at much the same broad conclusion, albeit by different routes.

For Birkin, the share-price decline has gone well beyond the deterioration in earnings expectations. Fantini sees the industry’s great growth phase as largely behind it. Beynon’s focus is on what the market can see today: earnings and cash flow, rather than promises of future sportsbook growth. And for Robinson, the weakness is no longer simply a matter of valuation. It is increasingly showing up in the fundamentals themselves.

How to play Worms Reloaded

The deal, subject to regulatory approvals, is expected to be finalised later in 2026.

With the addition of OmniLogic, the supplier expects to “add proven technology, specialist expertise and established customer partnerships that complement our existing capabilities and strengthen our global business”. 

OpenBet describes OmniLogic as “the partner of choice for lotteries worldwide”.