Deutsche Bank has trimmed its price target for Entain, the owner of Ladbrokes and Coral, after Brazil moved to ban online betting and gaming.
The broker lowered its target to 872p from 914p but kept its buy rating.
It also cut its target for Flutter Entertainment, the owner of Paddy Power and FanDuel, to $141 from $148, again with a buy rating.
Allwyn, the Athens-listed lottery and gaming group, had its target reduced to €10.20 from €13.20, with a hold rating.
Lula pulls the plug
Brazil's president, Luiz Inácio Lula da Silva, has signed an executive order banning online gambling ahead of the country's elections.
The move is a blow to a market that has only been regulated since January 2025.
Brazil was already the third-largest regulated gaming market in the world, according to Deutsche Bank.
All the main operators are complying with the ban.
Ban may not last
Analyst Richard Stuber said it was far from certain the prohibition would become permanent.
The order needs approval from Brazil's Congress within 120 days, by which time the election will be over.
Around 85 operators have each paid 30 million reais for a five-year licence, and several have already launched legal challenges.
The government also collects more than $2 billion a year in gambling taxes, money that helps fund sport, including at grassroots level.
Stuber said customers were unlikely to stop betting.
Instead, he expects them to switch to black market operators, which remain widespread in Brazil.
Those sites offer no protection for players and pay no tax.
Deutsche Bank titled its note "The carnival is cancelled, for now".
