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How to play Magellan
The operator first started trading on LSEG’s main market in February 2016 under its previous company name GVC Holdings. This followed its delisting from the Alternative Investment Market (AIM exchange).
Its share price decline began after reaching an all-time high in September 2021. Over the course of five years it has slipped 73% to 530p.
It has been a challenging few years for Entain, having cycled through four CEOs in short succession. In November 2023 Entain agreed to pay a financial penalty totalling £585 million, plus a £20 million charitable donation and £10 million in Crown Prosecution Service (CPS) and HMRC costs. This related to a bribery case initiated by the CPS into the company’s historic operations in Turkey.
How to play Magellan
Friday’s opening was deliberately capped at 6,000 spectators while construction continues. Only the first two levels of the new five-story grandstand are currently open, with the remaining sections scheduled for completion ahead of next year’s meet.
The redevelopment was financed by a $455 million loan from New York State, approved in 2023. State officials have projected the project will generate $155 million in annual economic activity once fully operational, along with around $10 million annually in state and local tax revenue.
The redesigned complex features four distinct racing surfaces: a 1½-mile dirt track, two turf courses, and a one-mile Tapeta synthetic track.
About Magellan
Two operators alone – Kalshi and Polymarket – topped the combined $1 billion mark in NFL trading activity over the first six days of Week 1, according to numerous measures this week. During the period, Kalshi recorded NFL volume of $983.4 million, according to DeFi Rate, earning the pole position by a large margin. Mahomes and the Kansas City Chiefs thrashed the Denver Broncos 31-10 on Monday Night Football, capping the largest week for prediction markets ever.
Even before the primetime matchup in Kansas City, it became abundantly clear that the industry would shatter previous marks for weekly activity. The AFC West showdown bolstered the already robust totals. Overall, volume for the week hit a record $15.9 billion, according to Bank of America, up 16% from a week earlier.
The pure-play prediction market-operators, Polymarket and Kalshi, emerged from Week 1 as the clear winners. On one hand, Kalshi’s market share lead narrowed over its competitors, falling to 82% for the week ended 13 September, down from 86% a week earlier.
