Mar 7 2024
Gaming
Recent Research
DraftKings, Momentum continues
Feb 28 2024
Entain, Pros and cons
Dec 21 2023
Meet your Gaming Research team
DraftKings
FY24 guidance raised by c.3%; acquires lottery app
DraftKings reported Q423 earnings after the US close last night. Revenue came in at $3.665bn for FY23, up 64% year-on-year (yoy) and a little behind the guidance midpoint ($3.695bn),...
Entain
BetMGM update confirms revenue at upper end of range
BetMGM issued a brief update for FY23 this afternoon. Revenue of $1.96bn is at the upper end of the guidance range and broadly in line with our expectations. The aEBITDA loss is...
Flutter Entertainment
Sets out timeline for move to primary NYSE listing
Flutter has released an RNS confirming that it is commencing trading on the New York Stock Exchange (NYSE) today (ticker FLUT), and confirming the cancellation of its Euronext Dublin...
Entain
Pros and cons
In this report, we update on Entain (ENT) to reflect a very busy period of newsflow. The investment case comprises pros and cons. Fundamentally, performance was poor in FY23 with the...
Entain
BetMGM – more investment means profitability moves out
BetMGM presented a business update yesterday (December 4th). The financial takeaways were that 2024 will be a loss-making investment year and that it expects $500m of profitability in...
Flutter Entertainment
Scale, diversification and growth
With leading positions in many of the major regulated gambling markets, beach-head positions in longer-term growth markets such as India, Brazil and Africa and a balance sheet that can...
Flutter Entertainment
Good underlying performance
Flutter has delivered another quarter of good revenue growth despite sporting results headwinds. The US continues to grow strongly, particularly when customer-friendly sporting...
DraftKings
Strong Q3 and positive outlook
DraftKings has delivered a positive Q3 with 57% growth in revenue, improvements in its structural hold, a reduction in year on year (yoy) EBITDA losses and an improvement in both its...
Flutter Entertainment
International sell-side event – growth opportunity apparent
Flutter hosted a sell-side event today in Milan, with presentations on its International division led by the International CEO Dan Taylor and CEO of Sisal Francesco Durante. The three...
Entain
Weaker Q3 trading
Entain updated on trading this morning, highlighting weaker top- line growth but reiterating full year EBITDA guidance. It now expects overall Q3 online net gaming revenue (NGR) growth...