DAVY VIEW

BetMGM updated on FY22 and gave some additional guidance on FY23 today. Revenue came in ahead of the guidance range and a little above our expectations; however, EBITDA losses were higher than we had factored in. Market share for iCasino continues to be strong at c.30% but the market share in sports is underwhelming. For 2023, the group is guiding to revenue c.4% ahead of our forecasts (at the mid-point) and that it will be EBITDA positive in H2. Entain and MGM will also make another cash contribution to the joint venture (JV) in 2023 of c.$75m each. We will look for further detail on its medium-term expectations on the call (15:00 UK time).