JPMorgan analyst praises prospects of iGaming-oriented bank MVB Financial

JPMorgan analyst praises iGaming-focused bank MVB Financial

JPMorgan analyst Stephen Alexopoulos assessed MVB Financial, a bank that is actively involved in the Internet gaming market. For several years now, the financial institution has been offering services to the U.S. regulated sector.

MVB Financial is a bank that holds deposits from customers of popular gambling brands. It has a strong capitalization and offers investors to invest in the iGaming industry without having to purchase shares directly.

Alexopoulos gave the bank’s stock an upgraded rating and called it an important part of the current regulated gambling market system. According to the analyst, there are clear signs that iGaming operators in the country will continue to trust the bank with player deposits.

MVB is taking a big step into the industry by streamlining services and focusing on serving gaming companies. According to Alexopoulos, the bank also has a first mover advantage. The reason is that other financial institutions have been more reluctant to get involved with gaming organizations. Consequently, they have not developed the necessary expertise and understanding to better engage with the fast-growing iGaming sector in the U.S.

However, Alexopoulos agreed that the bank’s previous prediction of a $35 stock price (about 2,900 rubles) is now unrealistic. He adjusted the forecast to $24 (about 2,000 rubles).

Despite JPMorgan’s positive outlook, MVB Financial, like other U.S. banks, has been affected by turmoil in the local financial sector. The total value of the financial institution’s shares fell by 40.78% over the last 12 months. Nevertheless, all deposits at the bank are insured by the Federal Deposit Insurance Corporation. MVB is also actively developing fintech solutions.

Note: eCOGRA has received approval to operate in Connecticut.

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