DAVY VIEW

Entain released a brief RNS this morning reiterating its 2024 guidance. For BetMGM, it re-confirmed its expectations of losses being at similar levels in H2 as H1 despite customer friendly results. In Entain business, it nudged up its expectations slightly, owing to operator friendly results. Given Flutter’s recent release, indicating very customer friendly results in the US in Q4, and Entain’s recent share price weakness (-9% year-to-date), this will likely provide some relief. We spoke to the company and it alluded to good performance in iGaming in BetMGM where it has a higher weighting than peers and some optimisation of marketing spend.