Nov 6 2026
Gaming and leisure
Recent Research
Entain, BetMGM Q3 reassures
Oct 13 2026
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DraftKings
Significant investment behind its prediction offering
The key focus from DraftKings’ update is a very significant downgrade to FY26 aEBITDA, which it primarily attributes to investment in its prediction markets offering. It has also issued...
Flutter Entertainment plc
Some encouraging metrics, but flagging investment in FY27
Flutter updated on Q3 today. Momentum in US Sports betting was encouraging, with strong handle and player growth offset slightly by unfavourable results. International was impacted by...
Hostelworld
Forecast updates post recent trading statement
We update our Hostelworld forecasts to reflect the greater-than-anticipated impact on booking volumes from the conflict in the Middle East. This initially impacted Europe to...
Flutter Entertainment plc
UK restructuring underpins mitigation
Flutter issued a press release today, confirming a significant restructuring of its UKI business. The restructuring is due to the significant tax increases implemented by the UK...
Entain
Q3 impacted by sports results; guidance reiterated
Entain’s Q3 growth in its online division was a little softer, with the combination of sporting results and the drag from the Brazil ban impacting growth. Importantly, management...
Entain
BetMGM Q3 reassures
BetMGM released a Q3 update. Importantly, it has reiterated its guidance for revenue and aEBITDA for the full year and has again stated that it can achieve $500m of aEBITDA in the...
SSP Group plc
FY revenue in line, new buyback
SSP Group has reported its Q4 trading statement and FY26 post close this morning. Revenue and operating profit for FY26 are expected to be £3.8bn and £230m respectively. Revenue is...
Hostelworld
Conflict impacts volumes, leading to forecast reductions
Hostelworld has updated on Q3 trading. Volumes in the third quarter are behind our expectations owing to a bigger impact than anticipated from the conflict in the Middle East, which the...
Flutter Entertainment plc
Outlines potential impact from Brazil executive measure
Flutter Entertainment has issued an update outlining that it has ceased operations in Brazil following the provisional executive measure. It notes that it is assessing all its options,...
SSP Group plc
TFS: potential to compound TSR
Our existing forecasts indicate free cash flow of c.£110m in FY27 and c.£130m in FY28. This cashflow and manageable leverage support further shareholder returns. Indian free float...
