Mar 22 2023
Gaming
Recent Research
Entain, EBITDA guidance range increased
Feb 1 2023
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Flutter Entertainment
FY23 the inflection year
There were several key positives from Flutter’s FY22 results, including: an improved performance in the UK&I; further evidence that International has turned a corner; and the...
Entain
In line with commentary at the Q4 update
Entain released FY22 results this morning. Revenue and aEBITDA were in line with the guidance given at the recent Q4 update. There is limited additional guidance in today’s update for...
DraftKings
Q4 call highlights increased focus on efficiency
DraftKings updated guidance for FY23 after the close last night, upgrading its revenue expectations slightly, and reduced its expected loss to $400m, c.$125m better at the mid-point....
Flutter Entertainment
Early innings of US upgrade cycle
The FanDuel business has made remarkable progress in the relatively new US market. The combination of the ‘Flutter Edge’, the FanDuel brand and strong management has led to what...
Flutter Entertainment
FanDuel investor event highlights enormity of US prize
FanDuel’s investor event (hosted in New York on November 16th) highlighted Flutter Entertainment’s significant US opportunity in convincing fashion. Several structural advantages,...
Flutter Entertainment
Little change to group estimates but valuable mix shift continues
While our Flutter estimates are broadly unchanged at group level following its recent Q3 update, the continued shift in the mix of the business towards the US is becoming even more...
Flutter Entertainment
In line Q3 leaves full year expectations effectively unchanged
Flutter Entertainment’s guidance suggests our current year EBITDA expectations will remain effectively unchanged. Its Q3 revenue performance was in line with our expectations for both...
Flutter Entertainment
Arbitrator finds in Flutter’s favour; FOX must pay fair value to acquire FanDuel stake
This was a protracted process, but it has concluded with a highly satisfactory outcome. The binding arbitration ruling means Flutter Entertainment has successfully protected...
DraftKings
Q3 beats, but FY23 EBITDA guide the focus
DraftKings’ Q3 headline performance was strong, with revenues higher and EBITDA losses lower than both our expectations and company guidance. This was mostly driven by an atypically...
Flutter Entertainment
CFO transition; Jonathan Hill to become Group COO
Flutter Entertainment has announced that Jonathan Hill will transition from the role of Group CFO to a newly established Group COO position in 2023. He will be replaced as Group CFO by...
