DAVY VIEW

BetMGM delivered a reassuring Q1 update today with revenue growth of 34% and positive EBITDA. On outlook, it has not changed its full year guidance at revenue (range $2.4-2.5bn) or its expectation that it will be EBITDA positive this year, but it does allude to increased confidence in exceeding this guidance. It reiterated that it expects to deliver $500m of EBITDA “in the coming years”. Overall, it is reassuring to see good revenue growth in both iCasino and Sport and there appears to be no evidence of a weaker US consumer.