Apr 16 2026
Gaming
Recent Research
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DraftKings
Forecast update; move to ‘Outperform’
Our new DraftKings forecasts for 2026 and 2027 indicate 12% and 13% revenue growth respectively. DraftKings is sustainably cash generative, and the US market is not yet mature. There...
Entain
Good Q1 performance
Entain updated on Q1 trading this morning. Growth in the key Online division was 5% in the quarter, a good performance in the context of a negative year-on-year (yoy) impact from...
Entain
BetMGM Q1 – guidance will provide some nerves
BetMGM has updated on Q1 trading, delivering 6% revenue growth in the quarter. Management flagged customer-friendly sports results and a heightened competitive environment in Q1. It...
Flutter Entertainment plc
Forecast update
We update our Flutter forecasts to reflect FY26 guidance. At a high level, we now expect a strong and resilient International business with the key potential regulatory shocks factored...
Entain
FY26 guidance as expected, positives on UK mitigation and cash flow
Entain’s FY25 is in line with our expectations for revenue with aEBITDA slightly ahead. This concludes a much-improved year for Entain, where the online business delivered solid growth...
Flutter Entertainment plc
A challenging quarter but clear signs that management is addressing
Flutter has released Q4/FY25 numbers. In the US, the final quarter of the year was behind our expectations and guidance as weaker handle trends caused by lower recycling and...
DraftKings
Revenue guide underwhelms, but positive Predictions comments
The focus of DraftKing’s Q4 update was on the FY26 guidance. The mid-point of the revenue guidance of $6.7bn is 7.6% behind our forecasts and implies year-on-year (yoy) growth of...
Entain
BetMGM’s FY26 guide reassures
BetMGM’s FY25 revenue and aEBITDA came in slightly ahead of the upgraded guidance issued at the Q3 stage. Importantly, the JV has returned $270m to its parents versus prior guidance...
Flutter Entertainment plc
What is priced in?
Ahead of Flutter’s FY25 earnings, we update our forecasts. Q4 forecasts for the US come down but remain within the guidance range as the well-publicised handle softness impacted. A...
Flutter Entertainment plc
Launches prediction markets and model update
Flutter confirmed yesterday (December 22nd) that it has launched FanDuel Predicts in five initial states, representing the start of a phased national rollout. The release notes that...
