Jun 23 2021
Gaming
Recent Research
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...
DraftKings
Q1 performance drives meaningful revenue upgrade
DraftKings (DKNG) has reported Q1 revenues at the very top end of expectations (13% ahead of Davy estimate). It has resulted in a 16% increase at the mid-point of its FY21 revenue...
Flutter Entertainment
Customer momentum results in another meaningful upgrade
Flutter’s growth algorithm is becoming familiar – strong local brands, leading product and technology, and worldwide operational expertise are creating significant revenue momentum for...
Flutter Entertainment
Strong growth drives c.4% increase in FY21 estimates
Flutter Entertainment’s (Flutter) Q1 trading update confirms that the group continues to deliver high-quality top-line growth. Revenue in the period advanced by 33% (ahead of our 29%...
Entain
Upgrades US share targets; the ultimate key to US value
Entain’s new market share targets (20-25%) are consistent with our view on the ultimate status of the number-two operator in the US market. If it can secure that position, its US...
Entain
Online growth in line; no change to estimates expected
Entain’s Q1 update confirms that its online trading environment remained strong through to the end of the quarter. Online net revenue increased by 33%, in line with our expectations....
Gamesys Group
Bally’s smart offer for Gamesys looks low
Given the strategic value of Gamesys’ product, technology and expertise, it is not surprising to us that a US-focused operator has looked to acquire the group. Bally’s has been active...
Gaming
Flutter preferred play on upgraded US TAM forecasts; initiate on DraftKings
The US online gambling market is evolving rapidly. Our analysis suggests that it is now likely to be significantly larger and more concentrated than previously expected. For a select few,...
Flutter Entertainment
Considers listing small holding in FanDuel
At the time of its recent FY20 results, Flutter Entertainment clearly set out why the number one operator in the gaming sector can achieve superior economics. It believes enhanced...
