Sep 9 2021
Gaming
Recent Research
Gaming
888 acquires William Hill’s international business
Another week, another transaction in the global gaming sector. 888’s (not covered) acquisition of William Hill’s international business has several implications for the broader sector....
Flutter Entertainment
H1 progress means group profits/cash to inflect sharply
Confirmation that Flutter expects its US business to turn profitable in 2023 highlights that a step-change in the group’s profit and cashflow generation potential is now approaching....
Entain
No surprises in already known H1 performance
Given Entain's detailed post-close trading update (July 8th), there is little surprise in its interim results. The group remains confident in its prospects for the second half of the year...
Flutter Entertainment
Exceptional progress highlights unique opportunity
Flutter Entertainment’s H1 results are c.7% ahead of expectations, and we are now likely to increase our FY21 ex-US EBITDA forecasts by c.9%. Its performance in the first half was...
DraftKings
Acquiring GNOG; updating forecasts following Q2 results
On first glance, DraftKings’ (DKNG) acquisition of Golden Nugget Online Gaming (GNOG) looks strategically interesting. The combination is designed to improve its positioning in the...
Flutter Entertainment
Q2 a reminder of US positioning and investment opportunity
As each quarter passes, Flutter Entertainment’s true prospects in the US become more apparent. Its position in the all-important sports betting market has improved again in Q2 from...
Entain
Strong Q2 drives FY21 upgrade
Entain’s Q2 trading is materially stronger than expected, with Online growth remaining at elevated levels (+22% versus Davy +4%). It means that FY21 EBITDA is now expected to be...
Gaming
Tabcorp to retain Wagering and Media operations
Tabcorp’s decision to demerge its Lotteries and Keno business, thereby retaining its much sought after Wagering and Media operations, has several implications for our coverage...
Gaming
Canada’s PASPA moment
The removal of a federal ban on single-game wagering in Canada paves the way for the addressable North American gambling market (TAM) to expand beyond the northern US border,...
Flutter Entertainment
Matt King to leave FanDuel
Matt King’s decision to leave FanDuel Group is clearly a disappointment. Flutter Entertainment’s US business has secured a strong leadership position in the exciting US market, with King...
