DAVY VIEW

Entain reported H124 results this morning. Underlying online H1 revenue run rates are ahead of expectations and growth has improved from the Q1 stage, helped by the European Football Championship and favourable sporting results in Q2. It has updated its full year guidance expectations and now expects low- single-digit underlying online growth versus a low-single-digit decline previously. It has also issued a FY guidance range that implies a c.3% upgrade to our forecasts. In the context of a long period of downgrade momentum in core Entain, this is a positive outcome.