European Gaming: 2Q26 Preview: World Cup momentum supports solid Handle growth for FLTR and ENT

研报英文原文证据摘录

European Gaming: 2Q26 Preview: World Cup momentum supports solid Handle growth for FLTR and ENT

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24 Jul 2026 00:00:00 ET │ 29 pages

European Gaming

2Q26 Preview: World Cup momentum supports solid Handle growth for

FLTR and ENT

Monique Pollard AC

CITI'S TAKE +44-20-7508-0686

We preview 2Q26 results for FLTR (5 Aug) and ENT (BetMGM 28 Jul; ENT 13 monique.pollard@citi.com

Aug). Our 2Q26e Flutter Adj. EBITDA forecasts are below VA cons for US (- Jamie Bass

10% below, 1% annualized) and International (-2%). Following minor

estimate changes, our TP is unchanged at £70; Sell. For FLTR, we believe +44-20-7508-6383

market making for prediction markets could represent a c$130m EBITDA jamie.bass@citi.com

opportunity based on Kalshi’s Jun-26 Volume. For Entain, our 2Q26e Online Elizabeth Moore

EBITDA forecasts are 2.5% ahead of company-compiled cons and 0.8% +44-20-7986-0051

ahead for Retail EBITDA. Our SOTP-based TP falls to £10 (from £10.5); Buy. elizabeth2.moore@citi.com

US Handle reacceleration supported by World Cup — 2Q26 US state data suggest Vandita Sood

a reacceleration of Handle growth for Flutter to +3.8% (1Q26: -8.6%) and BetMGM +44-20-7500-7262

to +6% (1Q26: +3.2%), driven by strength in Jun-26 from the World Cup and vandita.sood@citi.com

Basketball, but we note that trends in Apr-26 and May-26 remained negative for

both (and the market).

US trends — We forecast 2Q26e Flutter US Revenue of $1,698m (VA cons: $1,679m).

We forecast US Net Win Margin to improve sequentially but down -160bps YoY to

8.8%. We expect 2Q26e iGaming Revenue growth to slow sequentially to +12%

(1Q26: +19.5%). For BetMGM (Entain’s US JV), we expect 2Q26e Net Win Margin of

6.9% (1Q26: 4.8%, 2Q25: 6.7% and iGaming Revenue growth +7.9% (1Q26: +8.6%).