The strategic review announced by Entain in February has entered its second month with no public update from the company, and sell-side analysts remain divided on whether the exercise will result in material changes to the portfolio.

At the heart of the debate is Entain's 50 percent interest in BetMGM, the US joint venture with MGM Resorts. Analysts at three major banks argue a sale of the stake would unlock capital for shareholder returns and clean up a governance structure widely regarded as cumbersome. Others counter that the US business is only now reaching scale and that a sale at this stage would crystallise value before the asset matures.

The case for a break-up

Proponents of a break-up point to a sum-of-the-parts valuation that implies the Entain group trades at a persistent discount to its individual assets. They argue that a straight sale of the BetMGM stake, combined with a separation of the international retail estate, would close the gap.

A note published by one European bank this week put the break-up value at £1,380 per share, compared with Wednesday's closing price of £970.

The case for staying whole

Opponents point to the operational complexity of separating shared technology platforms, and to the strategic value of having a US growth engine alongside the mature UK and European operations.

Entain declined to comment on the review beyond its February statement.