Gaming

Gamesys Group

Bally’s smart offer for Gamesys looks low

Given the strategic value of Gamesys’ product, technology and expertise, it is not surprising to us that a US-focused operator has looked to acquire the group. Bally’s has been active...

Gaming

Flutter preferred play on upgraded US TAM forecasts; initiate on DraftKings

The US online gambling market is evolving rapidly. Our analysis suggests that it is now likely to be significantly larger and more concentrated than previously expected. For a select few,...

Flutter Entertainment

Considers listing small holding in FanDuel

At the time of its recent FY20 results, Flutter Entertainment clearly set out why the number one operator in the gaming sector can achieve superior economics. It believes enhanced...

Flutter Entertainment

Upgrade driven by strong customer momentum

Flutter Entertainment’s current momentum confirms it is best positioned to capitalise on a wide-ranging set of global gaming opportunities. A clear leadership position in the US and...

Gamesys Group

Strong FY 2020 results drive another small upgrade

Gamesys’ strong FY 2020 results provide support for several pillars of our investment thesis. These include strong earnings growth and momentum, continued deleveraging and enhanced...

Entain

Enters 2021 with good US momentum

There are no surprises in the Entain results given that its FY20 performance was already well understood (detailed trading update on January 21st). It enters 2021 with decent momentum...

Flutter Entertainment

Strong customer momentum drives ‘beat and raise’

Flutter has capped off a transformational year by reporting 2020 results materially above expectations (EBITDA ex-US +6% versus Davy and consensus). Strong customer momentum was...

Entain

Offer to acquire Tabcorp’s wagering division

While far from a done deal, Entain’s offer to acquire Tabcorp’s Australian wagering business is strategically interesting for several reasons. Firstly, it would significantly improve its...

Gamesys Group

Strong momentum drives upgrade to forecasts

Gamesys’ (GYS) better-than-expected 2020 performance results in a c.3-5% upgrade to our 2021-2022 EBITDA forecasts. It also provides strong support for our growth-led investment...

Entain

Surprise CEO departure comes at unfortunate time

There are two likely options available to Entain shareholders — accept an imminent MGM bid or ‘go it alone’. Shareholders must therefore decide whether any MGM bid offers superior...