GMVHF - Entain attracts bullish view from Deutsche Bank on BetMGM upside

Deutsche Bank stayed constructive on Entain Plc (OTCPK:GMVHF) after taking in the company's recent update on the BetMGM joint venture. Analyst Simon Davies: "BetMGM, Entain's 50% owned US joint venture, produced a positive update in yesterday's Capital Markets Day. It reiterated its medium/long term guidance for the US betting/iGaming business, and pointed to upside for its targets by raising its estimate for the size of the US/Canadian prize. It maintained market share and Ebitda margin targets, and all this in spite of intensive competition for new customers. Management argued that its margin target was backed by major structural advantage of up to 14% against its key competitors, due to savings on Tech, market access, marketing efficiencies etc." Davies and team note that Entain (OTCPK:GMVHF) were heading into the update and now sit at a 37% discount to the MGM Resorts International (MGM) bid from January of 2021. They also pointed out

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Entain attracts bullish view from Deutsche Bank on BetMGM upside