MS-Leisure Hotels Weekend Break 1,117：Can Entain Turn Bronze Into Silver Gold？-20250919

We look at the upside from Entain improving its market positionin key markets. Our weekly also includes previews of upcomingresults (CCL, TUI, M&B, SSP, JDW, NEW! WTB), a summary ofour latest research, and global valuation comps.

Our chart shows Entain's revenue by geography, surrounded by its marketposition in each country. Entain is the world’s second-largest online gamblingoperator by revenue, generating £3.7bn ($5.0bn) in FY24, behind Flutter but aheadof Bet365 and DraftKings. Its scale has been built largely from #3 positions acrosskey markets, including the UK, Italy, Brazil, Australia and the US, with 85–90% ofrevenue coming from podium positions. While online gambling is not strictly“winner takes all,” and strong profitability can be achieved without marketleadership, the best economics and resilience typically accrue to scale leaders.Entain’s margins remain solid - 28.6% in UK&I Online and 22.3% in International in H1 2025 - though its strategic challenge lies in leveraging technology, brand strength,and market dynamics to close the gap with top competitors. Reflecting this,management has emphasized flexibility in capital allocation, openly consideringacquisitions, divestments, or shifts in strategy to maximize long-term shareholdervalue. See further discussion here.