Fortuna Set for Longest Rout Since August on Market Share Report
Fortuna Entertainment Group NV (FORTUNA) fell for a fifth day, headed for its longest losing streak since August, after a newspaper report showed the market share for the Czech bookmaker’s lottery unit trailed expectations.
The stock slid 0.7 percent to 97.3 koruna as of 11:55 a.m. in Prague, headed for its lowest close in five weeks and the longest slump since a five-day rout ended on Aug. 8.
Fortuna’s share of the Czech lottery market was about 5 percent this month, compared with 94 percent for rival Sazka AS, Lidove Noviny reported today, citing its own calculations. The Loto unit, started last year, has attracted less than 25 million koruna ($1.3 million) in bets this month, about a fourth of the sum drawn by Sazka, according to the Czech newspaper.
“While the volume of placed bets at Sazka is still growing significantly, Fortuna’s Loto is rather stagnating,” analysts at J&T Banka AS in Prague led by Milan Vanicek wrote in a report to clients today. “Revenues generated by Loto are therefore lagging behind market and the management’s expectations.”
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