Gambling Stocks Slide as Trump Tariffs Rattle Global Markets

International gambling stocks took a tumble on Monday morning as escalating anxiety over the Trump administration’s aggressive tariff policy sent the markets into a tailspin. The economic uncertainty triggered by a new wave of trade measures ripped into multiple industries, with the gaming sector emerging as one of the unintended casualties.

Tariffs Exacerbated Existing Issues

In London, the FTSE 100 index plummeted 6% by 11 a.m., its lowest since February 2024, as investors scrambled to respond to President Trump’s latest round of tariffs targeting Canadian imports and manufacturing inputs from Europe and Asia. According to a recent Racing Post report, William Hill’s parent company, Evoke, whose shares dipped 4% to 38.4p, was among the worst-affected gambling companies.

Gambling giant Entain, the owner of brands like Ladbrokes and Coral, saw its share price drop by more than 3% to 485.20p, continuing a turbulent period for the company. Industry leader Flutter Entertainment likewise had its  London Stock Exchange shares decline by more than 4% to 15,398.55p, while its US-listed shares closed down over 5% at $206.32.

The tariffs exacerbate the gambling sector’s ongoing difficulties as many operators struggle with weaker-than-anticipated Q1 performance, soft consumer spending, and poor betting margins. International markets were also not spared, as the Hong Kong-listed stocks of Macau concessionaires dropped by double digits.

Declines in Tourism Could Have Dire Consequences

The Trump administration’s trade measures against Canada have already significantly affected tourism numbers that underpin many gambling hubs. Las Vegas, long regarded as the poster child of the USA’s gaming and hospitality sector, has experienced a concerning decline in airport traffic. Harry Reid International Airport welcomed just over 4 million travelers in February 2025, a 7.5% year-on-year drop. 

Despite the macroeconomic headwinds, some industry representatives remain cautiously optimistic. Mark Giannantonio, president of the Casino Association of New Jersey, noted that Atlantic City could benefit from these developments, attracting more US visitors thanks to its perceived value. However, a significant decrease in high-value international tourists could necessitate substantial adaptations by casinos.

I think a lot of people will consider Atlantic City because it is close as a destination. We’re really perceived as a value.

Mark Giannantonio, Casino Association of New Jersey president

While gambling operators attempt to bolster investor confidence, the situation remains tenuous. The Trump administration has stated that there are no immediate plans to withdraw the tariffs, and further escalation remains possible, especially if trade negotiations with Canada and the EU continue to stall. These factors mean gaming stocks will likely face continued pressure, especially for operators with heavy US exposure or vulnerable international travel dependencies.