May 8 2026
Gaming
Recent Research
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DraftKings
Good Q1 and guidance reassures
DraftKings reported a relatively good Q1, ahead of our forecasts, driven by Sportsbook. Focus quickly shifts to the guidance where the midpoint of the revenue and EBITDA ranges have...
Flutter Entertainment plc
Underlying expectations unchanged for the FY – should be well received
Flutter has reported Q1 numbers a little ahead of our expectations. Given Q1 makes up a relatively small part of the mix (particularly in the US), the focus quickly moves to guidance and...
DraftKings
Forecast update; move to ‘Outperform’
Our new DraftKings forecasts for 2026 and 2027 indicate 12% and 13% revenue growth respectively. DraftKings is sustainably cash generative, and the US market is not yet mature. There...
Entain
Good Q1 performance
Entain updated on Q1 trading this morning. Growth in the key Online division was 5% in the quarter, a good performance in the context of a negative year-on-year (yoy) impact from...
Entain
BetMGM Q1 – guidance will provide some nerves
BetMGM has updated on Q1 trading, delivering 6% revenue growth in the quarter. Management flagged customer-friendly sports results and a heightened competitive environment in Q1. It...
Flutter Entertainment plc
Forecast update
We update our Flutter forecasts to reflect FY26 guidance. At a high level, we now expect a strong and resilient International business with the key potential regulatory shocks factored...
Entain
FY26 guidance as expected, positives on UK mitigation and cash flow
Entain’s FY25 is in line with our expectations for revenue with aEBITDA slightly ahead. This concludes a much-improved year for Entain, where the online business delivered solid growth...
Flutter Entertainment plc
A challenging quarter but clear signs that management is addressing
Flutter has released Q4/FY25 numbers. In the US, the final quarter of the year was behind our expectations and guidance as weaker handle trends caused by lower recycling and...
DraftKings
Revenue guide underwhelms, but positive Predictions comments
The focus of DraftKing’s Q4 update was on the FY26 guidance. The mid-point of the revenue guidance of $6.7bn is 7.6% behind our forecasts and implies year-on-year (yoy) growth of...
Entain
BetMGM’s FY26 guide reassures
BetMGM’s FY25 revenue and aEBITDA came in slightly ahead of the upgraded guidance issued at the Q3 stage. Importantly, the JV has returned $270m to its parents versus prior guidance...
