The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Shwan Kelly - Bank of America - Analyst
: Hi, good morning and thanks for taking my question, everyone Adam or Gary, appreciate you doing this and it's obviously very timely, there are a
lot of concerns in the industry about just sort of the broader trajectory of handle growth that we're seeing out there. And it doesn't appear by any
of your metrics you're seeing a lot in this quarter.
Just wondering if you talk about the prevailing sort of landscape out there and maybe, to a similar degree if you could just comment on the broader,
promotional or [CAC] environment that you're seeing because it may be related to that. Thank you very much.
Question: Shwan Kelly - Bank of America - Analyst
: Thank you so much.
Question: Stephen Grambling - Morgan Stanley - Analyst
: Hey, thank you. So with the run rate running, I guess above the maintain guide, how do you think about upside versus reinvestment, maybe more
significantly given the moderating CAC.
And then perhaps asking Shwan's question in a different manner, what's embedded in your handle assumptions for the remainder of the year
relative to where you've been running? Thanks.
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APRIL 28, 2025 / 1:00PM, ENT.L - Q1 2025 Entain PLC Business Results Call
Question: Pravin Gondhale - Barclays Capital Inc. - Analyst
: Hi, good morning, thanks for taking my question. Can you just, previously talked about sports business being contribution positive this year. After
the Q1 performance, do you see potentially, for this business to be bit positive at some point.
This year, if not, then at what point do you think next year, we can expect that. And then can you, please share more color about the player
segmentation and management, that has helped you to deliver great sports results this quarter. Thank you.
Question: Pravin Gondhale - Barclays Capital Inc. - Analyst
: Yeah, thank you very much. That's really helpful.
Question: Adrien de Saint Hilaire - BofA Global Research - Analyst
: Yeah, thank you very much. Could you please comment on what you expect in terms of impact on your business from prediction markets? Do you
see that as potentially a competitive threat, or do you see that as an opportunity maybe to enter states where online sports betting is not legalized
today?
Question: Barry Jonas - Truist Securities - Analyst
: Hey guys. How should we think about tax creep risks for this year? Thanks.
Question: Barry Jonas - Truist Securities - Analyst
: Got it. That's really helpful. And then, just maybe as a related follow up any specific states we should be looking at in the near term, and with that
any updated timing on Missouri and Alberta?
Question: Barry Jonas - Truist Securities - Analyst
: Perfect. Thank you, Adam.
Question: Jamie Bass - Citi - Analyst
: Hi there, yeah, thanks for taking my question. A quick one, how much more do you think free bet can rationalize as a percentage of handle moving
forward? And if I can have one follow up, it would just be on (inaudible) in case find the extent of the one-off in EBITDA [R&D one].
Question: Jordan Binder - Citizens JMP Securities, LLC - Analyst
: Hi everyone, good morning. Curious to get your thoughts on M&A and if you believe you're missing anything from a technology or product
standpoint to be more competitive. And Gary on my follow up, whether it is for M&A or anything outside of that, can you just kind of set the
parameters for what situations you would look to use the revolver? Thank you.
Question: Jordan Binder - Citizens JMP Securities, LLC - Analyst
: Thank you very much.
Question: Benjamin Shelley - UBS - Analyst
: Hello there. Thanks for taking my question. Can you identify, can you quantify any structural hold margin expansion you had year on year in Q1
and how you think that can trend through the year?
Question: Benjamin Shelley - UBS - Analyst
: Yes, yeah, could you quantify the expansion in Q1 just for the numbers?
Question: Benjamin Shelley - UBS - Analyst
: Got it, thank you. So $30 million plus. All right, thank you guys. Take care.
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