Mar 5 2026
Gaming
Recent Research
Entain, BetMGM’s FY26 guide reassures
Feb 4 2026
Flutter Entertainment plc, What is priced in?
Jan 30 2026
Meet your Gaming Research team
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...
Flutter Entertainment plc
Concerns moving into the rear view mirror
We update forecasts to reflect the Q3 update and refreshed guidance. We also now factor in the investment and return in FanDuel Predicts. We adjust our valuation to reflect the peer...
Flutter Entertainment plc
Some recent headwinds, but future growth prospects boosted by prediction markets
Q3 numbers came in largely in line with our recently revised estimates, with growth impacted by some unfavourable sports results and heightened promotional intensity in the US in the...
DraftKings
Disappointing guidance but evidence of underlying momentum
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...
Entain
Guidance retained despite Q3 sports results headwinds
Entain released a largely in-line Q3 trading update this morning. Online Net Gaming Revenue (NGR) guidance has been retained as has the EBITDA guidance range despite the impact of some...
