Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
VGI Partners Marco Anselmi, Henry Hill | “Exposure to online gaming companies such as Entain and Flutter added alpha over the quarter, supported by strong user engagement trends and favourable regulatory dynamics in key markets. Entain was up over +50% in the second quarter after upgrading 2025 guidance for its US business. Investors are starting to ascribe value to this segment as it is starting to generate meaningful profitability. We previously viewed Entain's US arm as a free call option that was not baked into valuation. We still see significant upside in Entain shares - US state governments are under pressure to generate tax revenues given the binge in spending and borrowing. Today online casino gaming (iGaming) has only been legalised in seven US states compared to 38 states with legalised online sports betting. We believe it is only a matter of time for new iGaming state legalisations, which will drive meaningful upside to earnings estimates. BSD Analysis: Entain is a global sports betting and gaming giant whose stock is a high-beta bet on the successful monetization of the U.S. sports betting market through its joint venture, BetMGM. The core thesis is driven by Entain's dominance in over 30 regulated or regulating markets (excluding the US), which are forecast to grow mid-single-digits annually. The company maintains an unparalleled portfolio of more than 35 iconic brands tailored to local markets. The company is positioned for growth, having achieved 7% year-over-year Group Revenue growth and 9% growth in Online Net Gaming Revenue. Entain is a conviction play on the long-term, non-cyclical growth of the global regulated gaming market, amplified by the immense upside potential of the U.S. sector.” | BULL | Q2 2025 Jul 30, 2025 | View Pitch |
VGI Partners Marco Anselmi, Henry Hill | “Entain – UK sports betting and online casino company Entain was a contributor during the quarter. Entain had a challenging 2024 being without a permanent CEO whilst trying to turnaround online market share losses in its key UK, US (through the BetMGM JV) and Brazilian markets, combined with regulatory concerns in New Zealand and the fallout from a Serious Fraud Office (SFO) fine in Turkey. This turnaround took longer than we had hoped but is now coming to fruition… Well-respected Chair Stella David was appointed as the permanent CEO… Importantly BetMGM has also delivered, with market share stabilization and, crucially, an improved profitability outlook for the year lending credibility to mid-term targets for $500 million EBITDA. BSD Analysis: Entain is a high-growth, high-stakes global gaming titan whose stock is an asymmetric bet on the successful monetization of the massive U.S. sports betting market through BetMGM. The core thesis is driven by the fact that the company is back to consistently delivering online growth and stabilizing market share globally, despite short-term headwinds in volatility-prone markets like Australia and Brazil. The key catalyst is BetMGM, which is ahead of expectations and is projected to return at least $200 million to its parents by year-end. Management is confidently maintaining its 2025 EBITDA guidance of £1,100 million- £1,150 million, backed by 7% constant currency online NGR growth. The stock is a conviction bet on its technological superiority and the non-cyclical, structural growth of the global regulated gaming sector.” | BULL | Q2 2025 Jul 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
