Jan 20 2022
Gaming
Recent Research
Flutter Entertainment, Agrees to acquire Tombola
Nov 18 2021
Entain
Performance at end of 2021 as expected
Both Entain’s Q4 performance (Online net revenue -9% versus Davy -12%) and its expected 2021 profitability are along expected lines. Its 2021 EBITDA guidance is narrowed to £875-885m...
Entain
BetMGM expecting to be profitable in 2023F
The key take-aways from BetMGM’s trading update are: (i) its expectation that it will reach positive EBITDA in 2023F and (ii) its increased 2022F revenue guidance of $1.3bn, upgraded...
Flutter Entertainment
Sisal a reminder of Flutter’s superior global prospects
The acquisition of Sisal and Flutter’s enhanced position in the attractive Italian online market highlight the unique position the group enjoys in the global gaming sector. It is one of a...
Flutter Entertainment
Announces acquisition of Sisal
Flutter Entertainment has been looking to improve its positioning for some time in the large, fast-growing and structurally under-penetrated Italian online gaming market. The acquisition...
Flutter Entertainment
Agrees to acquire Tombola
While bolt-on in nature (likely to add a low- to mid-single-digit percentage to group EBITDA), Flutter’s acquisition of Tombola is strategically interesting for several reasons. Firstly, it...
Gaming
FanDuel, BetMGM and DraftKings awarded NY licenses
Gaining access to the New York (NY) sports betting market is a positive for the successful applicants, including FanDuel (Flutter Entertainment), BetMGM (Entain) and DraftKings, despite...
Flutter Entertainment
Adjusting estimates; medium-term story firmly intact
While the scale and timing of Flutter estimate revisions have caught many by surprise, the much-anticipated Gambling Act review has meant that UK Online forecasts for all operators...
DraftKings
Q3 behind expectations
DraftKings’ (DKNG) Q3 results — sales $213m (versus Davy $250m) and EBITDA -$314m (versus Davy -$255m) — are below our expectations. Its performance was impacted by unfavourable...
Flutter Entertainment
Q3: continued progress across key divisions
While Flutter Entertainment’s (Flutter) Q3 performance is in line with expectations, it provides further evidence of the group’s attractive growth trajectory. Pro forma group revenue...
Gaming
DraftKings/Entain ‘put up or shut up’ deadline extended
The extension of the ‘put up or shut up’ deadline suggests that, at a proposed bid of £28 per Entain share, there is continued interest on the part of both Entain and...
