Earnings+More - Jun 24: Weekend Edition #52
Jun 24: Weekend Edition #52Fanatics/Tipico rumors, Bally legal threat, Jackpot.com funding news, sector watch - streaming, US gaming update +MoreThis was meant to be a quiet week. But with a €340m acquisition, a profit warning, a £1.76bn debt raise, a threatened shareholder legal action (see Bally story below) and rumors surrounding Fanatics (also see below), it is clear the newsflow around the betting and gaming sector is showing no sign of a let-up. Get your summer breaks in now: it will be a very busy second half of the year. Jumping fences. Click below: Fanatics/Tipico talksTipping the balance: CNBC is reporting that Fanatics is in talks with Tipico over a buyout though the discussions are thought to have hit an impasse over price.
Rumors: In April Fanatics was previously rumored to have struck a $100m deal with Amelco for the provision of a sports-betting backend but there is as yet no confirmation. Selling stakes: Wednesday’s Fanatics story was that founder Michael Rubin was selling his 10% stake in Harris Blitzer Sports & Entertainment, the parent company of the Philadelphia 76ers and New Jersey Devils, partly to avoid a conflict of interest over the upcoming BetFanatics. ** 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. Bally legal threatSee you in court: Bally Corporation’s leading lenders, led by Fidelity Investment, have asked a law firm to represent their interests after the gambling group asked them to consent to a $1bn sale-leaseback of one of its two Rhode Island casinos, sources familiar with the situation have told Bloomberg. West side story: Bally is seeking to sell at least one of its two Rhode Island properties to help finance the build of the $1.7bn River West casino in downtown Chicago.
Lincoln’s inn: Bally’s Rhode Island casinos are the Twin River Lincoln Casino Resort and Tiverton Casino & Hotel, but the group would only require Fidelity's consent in relation to the sale of the Lincoln casino. It might also consider selling other properties in its portfolio.
US gaming updateFlight club: Macquarie said its Las Vegas survey had noticed an “uptick in hotel searches into Las Vegas in the near term” of +6% MoM in May. This follows a 6% drop in April.
Stock take: Penn National, MGM and Caesars got the nod from Macquarie thanks to their geographic reach, ability to generate margins and “exposure to the burgeoning online gaming and sports betting industry”. Lottery companies IGT and NeoGames were also viewed positively.
Jackpot.com fundingHit the jackpot! Online lottery syndicate operator Jackpot.com has closed a $35m series A funding round that was led by some of the biggest names in sports and online gambling, according to CNBC.
Sector watch - sports streamingI don’t like cricket: The Indian Premier League cricket tournament is only 14 years old but its latest deal for broadcasting and streaming rights places it at the very top table. The deal for the years 2023-27 were sold for $6.2bn with Disney paying half for the TV rights.
Bring on the major leagues: Equally as significant was another deal announced last week with Apple’s capture of the rights to Major League Soccer (MLS) for the next 10 seasons for $2.5bn. The $250m a year busts through the previous dela between ESPN, Fox and Univision which was worth $90m a year.
Further reading: what does the MLS deal mean for the upcoming NBA negotiations? Finger on the buzzer: Sportico has reported that New York-based sports streaming startup Buzzer has laid off 20% of its workforce or ~15 people. In a statement, CEO Bo Han said that bearing in mind the current economic backdrop, the move was to avoid a cash crunch later on.
Picks and shovels: In further streaming news, tech provider Deltatre has been bought by Bain Capital and Italian asset manager Nextalia SGR agreed to buy sports tech provider Deltatre from Bain Capital for between $700m-$900m.
Macau updateBorder control: Analysts at Credit Suisse have revised down their estimates for Macau after the Chinese authorities placed additional restrictions on cross-border gambling from mainland players.
Extension work: Macau regulators have officially confirmed the extension of the six casino license holders’ concessions until 31 December. The news was first announced in March. The companies concerned are SJM, Wynn, Galaxy Entertainment, Sands China, Melco and MGM China. Regulatory roundupKansas Gov. Laura Kelly approved a sports-betting bill on Monday. Operators will hope to launch online and retail sportsbooks in time for the new NFL season. Currently, Kansas tribal interests are not included in the new regulations, but they are in discussions with legislators to amend their gaming compacts. North Carolina will not regulate sports-betting this year after the state House rejected key measures linked to gambling on professional sports and out-of-state horse racing by 51 to 50 votes. Virginia’s OSB operators will not be able to exclude bonuses and promotions from their tax obligations after the state amended its regulations to ban them from doing so. Crypto notesShorting bitcoin: Proshares offers an ETF to bet against the digital token. NewslinesBetter Collective will provide betting and gaming content to The Philadelphia Inquirer as part of the latest media partnership announced by the Danish affiliate group. Caesars’ horse-racing app Racebook is now live in Oregon and Montana. The launch follows those in Ohio, Florida and Indiana. The group also unveiled its retail sportsbook adjacent to the Arizona Diamondbacks’ Chase Field. BetMGM has launched a private live-dealer studio in Michigan in partnership with live casino market leader Evolution. Mybet and Tipwin have joined Mernov as license holders allowed to operate online slots in Germany. Both groups were issued their licenses this week. The Ontario Lottery and Gaming Corporation’s Proline sportsbook is now the official betting partner of the NBA in Canada. OLG already runs similar partnerships with the MLB, NFL and NHL. What we’re readingSadio Mane: The most generous man in football. I can see for miles: The James Webb countdown to July 12 begins. What we’re sayingPodcast summer break: We’ll be taking a break in July and returning in early August. Due to a technical hiccup we’re unable to provide the links to this week’s episode on the WE+M Spotify and Apple podcast pages, please accept our apologies. On social
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Jun 23: Earnings+More pod #13
Thursday, June 23, 2022
Watch now (25 min) | Here comes summer...
Jun 23: 888 raises debt to fund WHI deal
Thursday, June 23, 2022
888 trading update, Jefferies conference day 2, Fanatics owner sell NBA and NHL stakes to focus on OSB
Jun 27: Evolution to swallow Nolimit
Wednesday, June 22, 2022
Evolution acquires No Limit City, Jefferies conference takeaways, Macau's woes +More
Jun 20: Rank's UK storm warning
Monday, June 20, 2022
Rank profit warning, PointsBet's new investor, BetMGM signs on with Carnival, Kindred exits Germany, startup focus - Parlay Bay +More
Jun 17: Weekend Edition #51
Friday, June 17, 2022
Playtech delay, Allwyn Q1, Acroud M&A, sector watch - sports data, startup funding news +More
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