DAVY VIEW

Entain updated on trading this morning. Underlying growth in the quarter in the key Online division was good with improving trends, as had been partly flagged in early September. All the major online divisions are in growth, and there has been an improvement in performance in BetMGM. It has also guided aEBITDA towards the top end of the prior range, indicating a small upgrade to our forecasts (1-2%). Overall, a positive update from Entain. However, investors may wait for some clarity that UK gambling taxes will not be changed on Budget day (October 30th).