DAVY VIEW

As expected, Q3 online sports betting (OSB) revenues and EBITDA were impacted by unfavourable sports results. This continued into October with September and October sporting results impacting revenue by >$300m. The full year revenue and EBTIDA guidance has been reduced from $6.3bn and $850m respectively to $6bn and $500m (at the midpoints). Recent Visible Alpha consensus had moved towards $650m, so this is a disappointing guidance update. We will update our forecasts to reflect this. The key considerations on the call today will be the quantum of opex investment in the Prediction Markets launch, detail on the ESPN deal economics and any colour on 2026.