May 6: DraftKings bangs earnings beat drum
I’m considering a move to LA. Click below: DraftKings Q1
Golden delicious: Having completed the Golden Nugget Online Gaming deal this week, DraftKings said it would add between $130m-$150m, taking revenue guidance revenue up to a possible $2.165bn. Actual adj. EBITDA loss guidance is between $820m-$900m.
Analyst quick take: Jefferies said the narrower EBITDA losses should be welcomed by the market which has “been intensely focused on the path to profitability”.
Fun, fun, fun: Talking about product initiatives, Robins said the company would continue its push on parlays and same-game parlays.
Golden state: CEO Jason Robins said it was “significant” that the ballot measure proposed in California by DraftKings, FanDuel et al managed to reach the number of signatures necessary to get the proposal included in the November ballot. Ramp up: There were no hard rules on how long it took states to become profitable, but with New Jersey now EBITDA-positive, Robins said:
Balancing act: On having to balance EBITDA losses while competing for market share and identifying M&A opportunities, he added:
Nevada calling: Asked about Nevada, Robins said that DraftKings was “very interested” in “exploring opportunities” there. But he noted that in-person registration requirements worked against the company.
Missing in action: Robins insisted DraftKings would launch in Ontario “soon” though he noted that due to the previous gray market, the company does not believe the timing of its launch will have “any impact” on the market share they can achieve.
SB who? B2B revenues have tumbled down to $13.5m. CFO Jason Park said this was due to the termination of the company's previous Asian reseller agreement. In lockstep: Recall, earlier this week Flutter Entertainment said its US operations - largely FanDuel - saw revenue growth of 45% in Q1 to $575m. **Sponsor's message: Spotlight Sports Group (owned by Exponent Private Equity) is a leading technology, content and media business specialising in sports betting. Its industry-leading Superfeed is used by the biggest betting brands in the world including bet365, Flutter and Entain. The content engine powers on-site engagement by delivering impartial expert betting insight for 20 sports in 70 languages. For more information visit: spotlightsportsgroup.com Century Casinos Q1
More nuggets: Century noted that on April 1 it bought a 50% stake in Smooth Bourbon (the PropCo) for ~$95m. Under the terms of that deal, and pending regulatory sign-off, the company will purchase 100% of the “membership interests” in Nugget Sparks (the OpCo) for $100m.
On social(@1’07’’) “DraftKings - everyone wants to bet on sports” DoorDash, Zillow and DraftKings.
@lisaabramowicz1 with the top moving stocks this morning. bloom.bg/3cCRTq8 CalendarMay 9: Full House Q1 May 10: GIG, IGT, Everi, Light & Wonder, Wynn Resorts, Inspired, SciPlay Q1s May 11: Raketech, NeoGames, Inspired Q1 call, BetMGM investor day May 12-13: iGaming Next New York 2022 May 12: Genius Sports, Endeavor Q1, NeoGames Q1 call May 13: Codere Online Contact us
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May 6: Weekend Edition #45
Friday, May 6, 2022
Watch now (28 min) | FuboTV, Golden Entertainment Q1s, AGS Q421, Bally and Penn analyst reaction, sector watch - financial trading +More
May 5: Bally board nixes Standard General bid
Thursday, May 5, 2022
Earnings extra: Bally Corp, Penn National Gaming Q1, DraftKings completes GNOG acquisition
May 5: Profits in sight, says RSI
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Rush Street Interactive Q1, Playtech trading statement, Kindred's activist investor, VICI Q1 +More.
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Caesars Entertainment Q1, Red Rock Resorts Q1, Flutter Entertainment trading update +More.
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