2025-03-31Oakmark FundsBullOakmark International Fund: First Calendar Quarter 2025Detail →
Earnings Callsⓘ
Q1 2026May 6, 2026
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Overview Conclusion Q1 results beat expectations, primarily driven by strong NBA handle and improved operational efficiency.
Key Data Q1 revenue exceeded expectations by approximately $90M (excluding hold impact), iGaming revenue grew +19% YoY, and AMP increased +10%.
Business Progress The sports betting improvement plan is showing early results, with BetProtect and the loyalty program receiving positive feedback; the One app integrates prediction markets, market-making capabilities improved, and iOS launch time reduced to under 2 seconds.
Guidance and Outlook Full-year guidance maintained, Q2 EBITDA approximately $104M; H2 will benefit from the NFL and World Cup, cautious on prediction market investments, no upward revision in spending.
Risk/Highlight Signals Positive: Management is highly optimistic about product improvements and customer feedback; Negative: Regulatory uncertainty in prediction markets and tax pressure (approximately 220bps margin headwind).