DAVY VIEW

Entain updated on its H1 trading this morning. Underlying trading in the key online division is in line with the Q1 outturn and it has given guidance in line with our forecasts for the full year. On outlook, it noted that its expectations remain unchanged, while being mindful of the external environment. It also updated on the HM Revenue & Customs (HMRC) investigation and has made a provision for £585m relating to its legacy Turkey business, meaningfully higher than our expectations.