Entain PLC: BetMGM: Q2 slightly behind, FY 26 and medium-term guidance trimmed a notch (broadly in-line with expectations)

研报英文原文证据摘录

Entain PLC: BetMGM: Q2 slightly behind, FY 26 and medium-term guidance trimmed a notch (broadly in-line with expectations)

C A Z E N O V E Europe Equity Research

28 July 2026

Entain PLC

BetMGM: Q2 slightly behind, FY 26 and medium-term Overweight

guidance trimmed a notch (broadly in-line with ENT.L, ENT LN

expectations) Price (27 Jul 26):574p

Price Target (Dec-27):1,025p

Our Take: BetMGM delivered a slightly soft Q2 business update, broadly European Leisure, Hotels & Gaming

ACconsistent with our preview (here), and modestly trimmed its FY 26 and medium- Estelle Weingrod

term outlook (while leaving FY 26 EBITDA guidance unchanged). Although Q2 (44-20) 7742-8502

hold improved ahead of expectations (+55 bps y/y), handle rose just 2% y/y despite estelle.weingrod@jpmorgan.com

the World Cup and related promotional intensity, resulting in flat Q2 OSB NGR J.P. Morgan Securities plc

growth y/y (vs. JPMe -5%). iGaming was more resilient, up 8%, despite softer Karan Puri

April–May reads (broadly in line with expectations). Q2 EBITDA was separately (44-20) 7742-8342

karan.puri@jpmorgan.com

below expectations, implying a 10.4% margin (vs. JPMe 11.5%, consensus J.P. Morgan Securities plc

11.9%), albeit with both iGaming and OSB contribution positive in H1.

Avni Garg

BetMGM’s market share was stable vs Q1, with a 13% GGR share in active (91-22) 6157-3431

markets (iGaming 20%, OSB 8%). More qualitatively, BetMGM CEO flagged an avni.garg@jpmchase.com

“increasingly competitive environment”, including references to prediction J.P. Morgan India Private Limited

markets, which should not be seen as a surprise but could weigh on sentiment today.

Specialist Sales contact details:As a reminder, Entain will report its H1 update on 13 August.

Olivia Petronilho - Specialist Sales -