Earnings+More - Jun 27: Gaming stocks stage a rally
Jun 27: Gaming stocks stage a rallyThe shares week, New York weekly data, Las Vegas analyst update, startup focus - ParlayBay +MoreGood morning. To start your week:
Money trees. Sign up now: The shares weekRelief rally: Friday was a good day for the gaming sector on the major indices as all the leading names enjoyed the benefits of the general optimism over equities and posted double-digit gains. Renaissance: The leading US OSB and igaming operators also enjoyed something of a rebound led by DraftKings, which rose over 8% on Friday and was up nearly 28% for the week and Rush Street Interactive, which enjoyed a 9%+ gain on Friday and was up nearly 21% for the week.
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Leaders: FanDuel all but generated the entire handle for the week at $12.4m or a whopping 89%. DraftKings trailed in with $1.08m followed by PointsBet with $773k, BetMGM ($352k) and BetRivers with $329k.
ESPN and sports-bettingAcross the great divide: Speaking on a podcast from the Athletic last week, ESPN chairman Jimmy Pitaro suggested that the answer to the question of what's next for ESPN and betting was that the sports broadcaster thinks it could “potentially be doing more” and said, “is there a next frontier?” A big help: For Disney, he said a move into sports-betting would be neutral for the brand but for ESPN in particular, it was (something we need to be doing).
He added that ESPN had opportunities to “be a bit more aggressive in the space”. “But we’re just not there yet. We are being very thoughtful here. We have to get this right.” Bally share repurchaseMoving parts: Bally announced on Friday a $190m tender shares offer, lower than the previously suggested range of between $300m-$500m.
Low Fidelity: Wells Fargo’s decision follows the news last week that Bally’s lead investor Fidelity Investment had hired a law firm to investigate the group’s financial strategy in relation to the financing of its $1.7bn River West project in downtown Chicago. Las Vegas analyst updateDependencies: In Las Vegas, MGM’s, Caesars’ and Wynn’s 2023 figures will depend on the revenue mix from three segments: group/convention business, casino and US/international leisure, added the Wells Fargo team.
High-end: Wynn will fare best because relative to peers, the Wells Fargo team believes “it skews higher-end and more international,” even if Macau remains Wynn’s primary stock driver.
Macau updateHarsh: The DICJ said on Sunday that gaming companies must “strictly implement” all Covid prevention measures including reducing the number of casino personnel. This was in response to the news on Sunday that the number of cases in Macau has risen to 299 from 170 on Friday.
Further reading: The South China Morning Post ponders whether Macau’s gambling days are numbered. IGT investor worriesWake-up call: Investors are “exploring” the pending transition of the UK lottery from incumbent Camelot and its partner IGT to the Allwyn, the soon-to-list provider which is set to merge with the Cohn Robbins Holdings Corp SPAC.
Startup focus - ParlayBayWho, what, where and when: The ParlayBay idea was conceived in 2018 as a provider of sports-betting games which hopes to be commercializing its product suite as of this summer. The company has its hubs in Poland, Sweden, Malta and the UK. Funding backgrounder: ParlayBay has a list of private investors from the igaming sector. A capital raise is planned for Aug22. So what's new? In early June, ParlayBay formed an alliance with GRID Esports which will see the sports-betting games deployed in the esports vertical with data supplied by GRID. Under the arrangement, esports will be made available in the Fall across ParlayBay’s gaming catalog which includes Streak, Boss and Gekko. The longer pitch: Patrick Nordwall, CEO, who joined ParlayBay in February this year, says the company is “on a mission” to design real-month sports-betting games, all with an eye on the micro-betting area. “At the core”, he says, sit odds engines enabling the creation of betting games across single matches, single-player and cross-matches betting markets, as linear parlays, or “Tinder-like swipe left/right-to-engage experience”.
Keep it sweet: Nordwall says operators may “sweeten the deal” for the players even more by promoting this experience using free bets to “try new games and betting markets”, and use in-game promotional tools. NewslinesSpotlight Sports Group will supply its Superfeed content engine to Catena Media’s horseracing-focused sites GG.co.uk and racingtips.com as part of a new multi-year deal between the two groups. NeoGames has completed its $480m acquisition of Aspire Global whose shares will cease trading in Stockholm on July 4. Knockback: The Star Sydney’s bid for a further 1,000 gaming tables has been rejected by the New South Wales regulator which ruled that an expansion was not appropriate right now due to the pending report into its suitability as a licensee. Outta here: Ulrik Bengtsson is set to leave his position as CEO of William Hill as the group prepares to be integrated into 888’s corporate structure. Bengtsson joined William Hill in 2018 as chief digital officer and created the William Hill International division later that year and drove the acquisition of Swedish online casino MrGreen in 2019. What we’re readingLobby like you mean it: The Hard Rock is a big contributor to New York Gov. Kathy Hochul’s election fund. ‘We’re not a crypto conference’: NFT.NYC organizer is in denial. Easy tiger: Fintechs face a reckoning. On socialThe Stanley Cup has already been damaged by the Avs. According to our stats, this is the quickest a Stanley Cup has ever been damaged Calendar
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Jun 24: Weekend Edition #52
Friday, June 24, 2022
Fanatics/Tipico rumors, Bally legal threat, Jackpot.com funding news, sector watch - streaming, US gaming update +More
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
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