Gaming

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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...