Gaming

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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...