Nov 17 2022
Gaming
Recent Research
Flutter Entertainment
FanDuel investor event highlights enormity of US prize
FanDuel’s investor event (hosted in New York on November 16th) highlighted Flutter Entertainment’s significant US opportunity in convincing fashion. Several structural advantages,...
Flutter Entertainment
Little change to group estimates but valuable mix shift continues
While our Flutter estimates are broadly unchanged at group level following its recent Q3 update, the continued shift in the mix of the business towards the US is becoming even more...
Flutter Entertainment
In line Q3 leaves full year expectations effectively unchanged
Flutter Entertainment’s guidance suggests our current year EBITDA expectations will remain effectively unchanged. Its Q3 revenue performance was in line with our expectations for both...
Flutter Entertainment
Arbitrator finds in Flutter’s favour; FOX must pay fair value to acquire FanDuel stake
This was a protracted process, but it has concluded with a highly satisfactory outcome. The binding arbitration ruling means Flutter Entertainment has successfully protected...
DraftKings
Q3 beats, but FY23 EBITDA guide the focus
DraftKings’ Q3 headline performance was strong, with revenues higher and EBITDA losses lower than both our expectations and company guidance. This was mostly driven by an atypically...
Flutter Entertainment
CFO transition; Jonathan Hill to become Group COO
Flutter Entertainment has announced that Jonathan Hill will transition from the role of Group CFO to a newly established Group COO position in 2023. He will be replaced as Group CFO by...
Flutter Entertainment
Important progress made in key divisions
Flutter Entertainment’s US division was the standout feature of a promising first half. Its performance relative to other US operators is stark — it is ‘lapping the field’ in terms of...
Flutter Entertainment
Strong H1 performance
There is a lot to like in Flutter’s first-half performance. H1 EBITDA (£476m) is 4% ahead of our/consensus forecasts; there is no sign of any consumer slowdown (UK&I Online revenue...
Entain
Little change to estimates expected; interesting move in CEE region
Entain’s newly introduced 2022 EBITDA guidance range (£925-975m) suggests we are unlikely to make material changes to our estimates (Davy: £953m). That is despite its H1 performance...
Flutter Entertainment
Completion of Sisal acquisition follows strong H1 performance
The acquisition of Sisal, now completed, is consistent with Flutter’s strategy of building market-leading positions in key global gaming markets with enticing growth prospects – the deal...
