May 17: ‘We have a strong hand in Cali’, says GAN
May 17: ‘We have a strong hand in Cali’, says GANGAN Q1, DraftKings analyst update, New Jersey, Louisiana, Massachusetts data +MoreGood morning. On the agenda for today:
Sign up now: GAN Q1
Want, settle for, get: While maintaining 2022 guidance on revenues of between $155m-$165m, CEO Dermot Smurfit said GAN’s previously stated revenue target for 2023 was now “more aspirational” and “contingent” on B2B market openings, including California and a hoped-for successful launch of Coolbet in Mexico.
I stopped into a church: CEO Dermot Smurfit said GAN “would still have a hand to play” in sports betting in California if the mobile ballot measure went through but said that for GAN’s purposes, he was “particularly positive” on the tribal initiative.
Canadian dry: GAN has launched both B2B (with FanDuel) and B2C in Ontario with Coolbet’s “successful” transition from dotcom to dot-country. The company also recently launched the PlayEagle site in Michigan with the Soaring Eagle tribe. No surprises: Analysts at Macquarie said that they believed the “most important factor for rebuilding investor confidence and the multiple is eliminating quarterly surprises, which was achieved in Q1”.
** Sponsor’s message: Venture capital firm Yolo Investments is home to €551m of equity in more than 70 of the most exciting companies across fintech, gaming and blockchain. It continues to build one of gaming’s most dynamic portfolios as it eyes up seed and A-stage opportunities across the sector. Its dedicated 29-company, €183m AUM gaming fund already houses holdings in fast-growing suppliers and operators, including Kalamba Games, SimWin and ThriveFantasy. Yolo Investments is also on the lookout for LPs as it looks to scale new concepts, including its high roller live casino brand, Bombay Club. DraftKings analyst updateBurning up: Jefferies say the “funding crunch” that some suggest lays behind the recent price weakness “is an unlikely outcome”.
The Nugget: Jefferies believe the Golden Nugget brand will fare better than DraftKings at acquiring gaming-only players given the bricks-and-mortar brand presence and database.
DraftKings gains Ontario license: Six weeks after the market launched in early April, DraftKings last Friday finally gained its license from the Ontario licensing authority. It will launch in the coming weeks. Earnings in brief
DatalinesNew York - wk ending May 8: Betting handle was up 12.3% WoW to $331.6m and GGR was up 186.8% to $37m.
On socialFanDuel has extended its share of the New York online sports betting market to 63.5% on a rolling 4 week basis and is well on course to clear $500m in GGR from the state this year. New Jersey Apr22: Sports-betting handle was up 23.9% YoY but down 17.3% MoM to $926.9m. Betting revenues were down 8.2% YoY to $50.3m due to the slowdown in sporting events, as a result books recorded hold rates of 5.4% vs. 7.3% in 2021.
Parlays generated much of the monthly betting revenues with margins on those wagers coming in at 17.9% and generating $35.2m in revenue on handle of $197.3m.
On socialFlutter’s policy of letting FanDuel “lean in” while others pull back appears to be working. Some evidence in NJ April '22 print of FanDuel making good on its recently articulated promise (see its 1Q22 trading update 'script) of continued, aggressive UA spending. We est. FanDuel captured ~59% OSB GGR share—an all-time best for the brand in NJ, according to our tracking. Louisiana Apr22: Total casino GGR dropped 7.2% YoY to $218.8m with operators down across the board. Sports-betting net revenue came in at $3.3m on handle of $186m.
Massachusetts Apr22: GGR increased 17.2% YoY to $99.2m. The Wynn Encore generated GGR of $63.7m, a 27% YoY rise. Penn National’s Plainridge Park’s GGR was up 3.1% YoY to $12.9m, MGM Springfield GGR was up 2.8% YoY to $22.5m. NewslinesAll systems go: 888's shareholders have approved the group's $2.4bn buyout of William Hill's non-US assets from Caesars Entertainment. Bayes new funding: Berlin-based esports data provider Bayes has announced a new $6m funding round led by Las Vegas Sands and BITKRAFT Ventures. The new cash will be used to push towards a doubling of the company's strategic partnerships, investment in product development and 25 new hires. Border line: China is considering limiting the number of times Chinese gamblers can enter Macau annually, according to a report from Inside Asian Gaming. The magazine noted there has not been any official statement though it chimes with recent reports that visa issuances had been tightened particularly for frequent visitors. Signal: IMG Arena has announced the purchase of a controlling stake in Swedish artificial intelligence sports technology developer Signality. The purchase price was undisclosed. (Almost) all day, and all of the night: Aspire Global’s BtoBet has penned an agreement with Ngnatat Sarl Trading, the company behind the Bet237 brand in Cameroon. Kerbside pickup: Fan engagement platform Pickup has signed a deal with Nascar, enabling the “contextually relevant props” across NASCAR’s editorial, video, audio and onsite activations. What we’re readingBeef. The “wildly volatile, incredibly libelous, and misleading social media front man” Dave Portnoy gets into another spat. Trading up: Market volatility helps Plus500 “significantly” exceed market expectations. On socialExtraordinary exchange on Russian state TV’s top talk show about Ukraine. Military analyst & retired colonel Mikhail Khodarenok tells anchor Olga Skabeyeva “the situation for us will clearly get worse…we’re in total geopolitical isolation…the situation is not normal.” Calendar
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