Jun 26 2024
Gaming
Recent Research
Entain, Verdict of Capital Allocation Committee
May 21 2024
Flutter Entertainment plc, Q1 trends reassure
May 14 2024
DraftKings, Another strong quarter of growth
May 3 2024
Entain, Core ENT in line, but BetMGM weak
Apr 17 2024
Meet your Gaming Research team
Flutter Entertainment plc
Focus on the bigger picture – growth and attractive valuation
The Flutter Entertainment investment case is continuing to improve as FanDuel has inflected from an attractive opportunity to an attractive business. Outside of the US, the UK &...
Flutter Entertainment plc
CFO change – strong replacement
Flutter Entertainment has announced that Paul Edgecliffe-Johnson will step down as CFO and be replaced by Rob Coldrake, current CFO of the International business. Edgecliffe-Johnson’s...
Entain
Verdict of Capital Allocation Committee
Entain updated this morning on the outcome of a strategic review by the Board’s Capital Allocation Committee (CapCo). The key outcomes were (1) it believes it has the appropriate...
Flutter Entertainment plc
Q1 trends reassure
Flutter Entertainment reported Q1 results this morning. Underlying momentum remains strong in the US, the UK & Ireland and International, with Australia remaining challenging. Group...
Flutter Entertainment
FY23 – GAAP and guide key
Flutter Entertainment will report its FY23 preliminary results on Tuesday March 26th at 07.00 GMT with a conference call at 10.30. This will be its first update under US GAAP. Given that...
DraftKings
FY24 guidance raised by c.3%; acquires lottery app
DraftKings reported Q423 earnings after the US close last night. Revenue came in at $3.665bn for FY23, up 64% year-on-year (yoy) and a little behind the guidance midpoint ($3.695bn),...
Entain
BetMGM update confirms revenue at upper end of range
BetMGM issued a brief update for FY23 this afternoon. Revenue of $1.96bn is at the upper end of the guidance range and broadly in line with our expectations. The aEBITDA loss is...
Flutter Entertainment
Sets out timeline for move to primary NYSE listing
Flutter has released an RNS confirming that it is commencing trading on the New York Stock Exchange (NYSE) today (ticker FLUT), and confirming the cancellation of its Euronext Dublin...
Entain
Pros and cons
In this report, we update on Entain (ENT) to reflect a very busy period of newsflow. The investment case comprises pros and cons. Fundamentally, performance was poor in FY23 with the...
Entain
BetMGM – more investment means profitability moves out
BetMGM presented a business update yesterday (December 4th). The financial takeaways were that 2024 will be a loss-making investment year and that it expects $500m of profitability in...
