Earnings+More - Jun 27: Evolution to swallow Nolimit
Jun 27: Evolution to swallow NolimitEvolution acquires No Limit City, Jefferies conference takeaways, Macau’s woes +MoreGood morning. On today’s agenda:
Left to my own devices. Click here: Evolution acquires Nolimit City
Mental as anything: Evolution has snapped up the Stockholm-based provider of games such as Mental, San Quentin and East Coast/West Coast at a multiple of around ~14.7 x 2022 EBITDA. Nolimit now joins the same stable as Bet Ent, Red Tiger and Big Time Gaming. Founders: Martin Carlesund, CEO, noted Nolimit was a founder-led company and that the management would remain in place post-acquisition. On revenue synergies, he said there was a “good strategy” built inyo the earnout mechanism. “We want them to grow fast by adding them to our network,” he added.
Scarcity value: Asked on the call whether Nolimit was a rare find, Carlesund said there were ”a few companies” Evolution has looked at. “The games are filling a gap we didn’t have before, clearly so,” he added.
Diary date: Evolution will report its Q2 earnings on July 21. ** 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. Jefferies conference takeawaysChurchillian: Jefferies said the most notable commentary from day one of its Consumer Conference came from Churchill Downs which said it will be looking to expand the TwinSpires horseracing business by offering it out to sports-betting providers.
Caesars: Caesars corroborated previous recent commentary suggesting Las Vegas occupancy remains high. They added that the addition of the Caesars Forum will provide an “incremental tailwind”.
Macau woesOutbreak: Macau’s Covid outbreak is threatening to see the gambling enclave shut down once more despite official statements that a lockdown is not on the cards. Early this week the number of cases stood at 49. Visitation to Macau fell 30.6 percent year-over-year to 600,748 in May. Ho lotta trouble: A report in the FT suggested that SJM is burning through its cash reserves as a result of being unable to fully open its casinos as the territory looks to tighten restrictions once more on Covid concerns.
Gaming analyst updatesIn line: Regional gaming is slowing but Apr-May22 has trended in line with expectations, according to the team at Truist.
Margin call: The story “has been more about margins than top-line/GGR” Truist noted, with a post-COVID focus on margin expansion.
Vegas summer: Meanwhile, Macquarie suggest Vegas demand is “looking strong” throughout the summer, suggesting there has been an uptick in the search data for Las Vegas rooms.
Caesars analyst updateGo for growth: JPMorgan has resumed coverage of Caesars Entertainment with an Overweight rating suggesting Caesars will be able to grow EBITDA in the near-term. The team added that they saw Caesars as “more than just a same-store grower”.
NorthStar listingNorthStar Gaming, the owner of the NorthStar Bets brand in Ontario, says it has entered into a letter of intent with Baden Resources regarding a reverse takeover that would enable a public listing on the Toronto Stock Exchange.
What we’re writingThe crown slips: Scott Longley assesses the future for DraftKings where the path to profitability remains unclear. For EGR Intel. NewslinesOddsOn Compliance has announced a new partnership with iGaming Academy, the provider of compliance and job skills training for online casinos, sportsbooks, and lottery operators in the U.S. and Canada. ComeOn in: Saxony Anhalt has confirmed that it has granted a license to ComeOn Gaming. The Cherry-owned company has registered the brands of Sunmaker, Comeonwetten and Mobilebet. The Zeal deal: Germany-based lottery provider Zeal has announced a cooperation agreement with the Better Collective-owned Mindway AI. Caesars has announced today that Caesars Sportsbook at Chase Field, the home of partner the Arizona Diamondbacks, is officially open. Wheels within wheels: After reaching an agreement with Sony Pictures Television and International Game Technology, BetMGM will launch Wheel of Fortune Casino, the first full brand-led online casino in North America. Low6 has launched its free-to-play ‘gamification’ products as a full turnkey B2B solution for sportsbook operators. Its first clients are Dutch-focused operators TOTO and Jacks, it will announce North America and Asia deals later this year. Sports and betting content provider Planet Sport has launched a French content service for the Canadian market. On socialContact us
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