May 10: Circa gains Illinois access via Full House
May 10: Circa gains Illinois access via Full HouseIGT Q1, Full House Resorts Q1, Gaming Innovation Group Q1, fanDuel analyst update +MoreOn today’s agenda:
Crab day. Sign up below: Full House Q1
Place your bets: Full House gave some details on the multi-year market access and retail sportsbook agreement for the company’s Fall launch ‘The Temporary at American Place’ casino in Waukegan.
Bells and whistles: Lee said Full House was “excited to be working with Circa” and said the aim - once the permanent American Place is built - is to have “a really kickass sportsbook”. Storm warning: Talking to the revenue declines in Q1, Lee said that a large factor was the stimulus checks that started to be sent out during the same period last year.
Storm warning: After telling an anecdote about the USS Enterprise and a Canadian lighthouse - worth listening to the call just for that - Lee suggested recessionary worries would be more a Las Vegas thing than for regionals.
Crabshack: Looking at specific property issues, at the Silver Slipper in Mississippi, Lee blamed the shortfall partly on sports-betting competition from neighboring Louisiana and on the price of crab which has risen from $8 a pound to $17. Do these sound like the actions of a man who had all he can eat? “
Foodie: Staying with food, Lee also said that after visiting China Polbano at the Cosmopolitan in Las Vegas recently, Full House will mimic this Mexican/Asian fusion at the Temporary in Waukegan.
**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 Fox Corp Q1 call notesSummertime blues: During Fox Corp.’s Q1 earnings call, CEO Lachlan Murdoch said the group was in arbitration with FanDuel parent Flutter over the value of Fox’s 18.6% stake.
Keep moving forward: Murdoch pointed out that the SuperSix free-to-play game had millions of registered players and had performed incredibly well, “especially in the current quieter period” when there is no NFL.
IGT Q1
Digital dreams: Highlighting the $170m acquisition of icasino content develop and aggregator iSoftBet, CEO Vince Sadusky said the London-based group would enable IGT to develop its online revenues even further.
He also highlighted iSoftbet as an example of how the group had carried out a significant transaction while maintaining its focus on leverage and backing strong capital allocation to fulfill corporate goals. With concerns over lower-income players feeling the pressure on their disposable income, Sadusky sai any decrease from lhas been offset by older and mid-to-high income players.
Gaming Innovation Group Q1
Media works: GIG’s media and affiliate division was the stand-out performer during Q1 with North America revenues up 200% and Europe and Nordics revenues up 36%. Richard Brown, CEO, said there were “significant upsides in Latin America and the US” as well as Europe.
Brown remained non-committal on the potential for splitting out the media business. Noting that a separate listing, M&A or other strategic routes were still open to it. On ramp: GIG renewed its B2B contract with Betsson until 2025, but its exit from the Netherlands also contributed to GIG’s Q1 EBITDA losses. Brown said he believed there would be more opportunities in the market.
New name: GIG said it has signed a tier 1 UK operator for managed trading services. Brown said the new client was a land-based casino operator. Question of sport: The group is currently focused on integrating its newly-acquired sportsbook platform Sportnco, whose PAM is set to be integrated into GIG’s structure in the next six months. As a result, timings for client launches were not yet clear and the focus was on integration efforts, and “quality of client launches, rather than pure numbers”.
Extraction: GIG expects to generate synergies of €8m once the tech stacks of Sportnco and its PAM division Tecnalis are fully integrated into GIG.
FanDuel analyst updateTweakers: Looking at the evidence from FanDuel’s recent launches in Arizona, New York and possibly Ontario, the team at Wells Fargo suggest it is possible to discern a “tweak” to its strategy.
The reverse: Looking at older launches, in Virginia FanDuel went from an initial 53% share in Q121 to 36% in Q421 while in Michigan a similar tale of the tape applies with FanDuel falling back from ~30% in H121 to the mid-20% level in H221.
Earnings in brief
DatalinesIllinois Mar22: Sports betting handle was up 53.3% YoY to $971.3m, with $278.4m bet on March Madness. Sports betting was up 60% YoY and up 155.6% MoM to $79.4m. The state collected $9.8m in taxes.
Ohio Apr22: Casino and racino GGR was down 0.7% YoY to $215.6m, but up 34.6% on 2019. Apr22 had 10 weekend days vs eight in 2019 and nine in Apr21. NewslinesWays to pay: Paysafe and Playtech have formed what they call a “global payments partnership” with operators now able to access Paysafe payments solutions through the Playtech iGaming PAM and IMS. Alpha wave: Flutter’s innovation community Alpha Hub says it is on the search for startups to help “shape the future of retail betitng”. They are looking for ideas involving data and analytics, in-store experiences and the future of SSBTs. AllSported, the company formed originally by Racing Post, Banach and TXODDS, has received an unspecified investment from the latter in order to fund an “aggressive growth strategy”. The streamlined ownership “significantly increases agility” for the platform in its aim to lower the barriers to entry to UK and Irish racing for bookmakers. Betmakers has launched its fixed-odds horse racing wagering site in New Jersey. The group went live with the website and mobile betting app thanks to its agreement with Darby Development, the parent company of Monmouth Park racetrack, and the New Jersey Thoroughbred Horsemen’s Association. Betmakers will also provide fixed-odds horse racing betting services to other operators in the state. XL Media will provide exclusive sports-betting content to the US publisher Advance Local’s Ohio news and information website cleveland.com. The site attracts an average of 9.9 million monthly unique users. Tracker deal: Genius Sports has signed its first tracking data and broadcast partnership with Benfica. The Portuguese football club will use Genius Sports technology to track on-field player performance levels and enhance live broadcast overlays through the club’s Benfica TV and Benfica Play outlets. Elys Game Technology has reached agreements with its own Multigioco subsidiary as well as other unnamed partners for the distribution of its virtual sports product within 5.000 retail outlets in Italy. Rivalry, the esports and traditional sport-betting operator, has launched in Australia under a Northern Territories license. What we’re readingBig moneyball: Steve Cohen puts his hedge fund to work to engineer a World Series contender. Morality play: The sports-betting boom is a moral disaster. On socialUnlike others in sports betting media, my DMs are filled with mustachioed men asking if @CircaSports will ever enter Illinois. I’ll miss those slide-ins. 👀
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