Aug 30: IGT settles DoubleDown class action
Good afternoon. On today’s agenda:
IGT settlement
Paying the price: IGT and former subsidiary Double Down Interactive have agreed to pay a combined $415m to settle the class action suit Benson v DoubleDown Interactive et al brought against the two in 2017. IGT will pay $269.7m while DDI will stump up the remaining $145.3m.
Backgrounder: The case was brought at the same time that IGT sold DoubleDown to South Korean social gaming company DoubleU Games for $825m. The case argued that social casino gaming with tokens constituted illegal gambling in the state of Washington. **Sponsor's message: Spotlight Sports Group is a leading technology, content and media business specialising in sports betting. Working with the largest media companies in the world, including AS.com and Advance Local, Spotlight Sports Group, offer fully managed solutions that allow publishers to maximize revenue across their highly valuable sports betting audiences. For more information visit: spotlightsportsgroup.com Gambling.com Q2
Heads and tails: With Q2 revenues coming in at 18-20% of annual group revenues, CFO Elias Mark was asked if the group was being too conservative with regard to its FY guidance, especially with the NFL restart and strong H2 seasonality to come.
CAC economics: Asked if it was feeling the pressure from US operators to drop its player acquisition prices, Gillespie said: “Honestly, it’s the opposite”.
Shelf life: The group filed a shelf offering during the quarter, which CEO Charles Gillespie said was to give itself “maximum optionality, in the event that we need to raise some additional resources for M&A”.
Allwyn Q2
Limited impact: Management said the current inflation and rising energy prices had a limited impact on its cost base. Macroeconomic and political developments had some impact on consumer sentiment, but the “impact on demand for our products has been limited, reflecting their low price point and low average spend per customer”.
Current trading was in line with expectations and H2 seasonality is expected to be particularly strong this year with the upcoming World Cup in November. CEO Robert Chvatal said he was particularly pleased with the group’s focus on online. Over the period the group increased its shareholding in OPAP to 50.05% and reached an agreement to acquire OPAP’s 36.75% interest in Kaizen Gaming, the parent company of sports betting brand Betano. NJ exchange launchDirect to consumer: Prophet Exchange, the startup betting exchange operator, has gone live in New Jersey and a first for the US. The company says it can offer “better prices directly to the customer”. Four-year project: Prophet Exchange was founded in 2018 by CEO Dean Sisun and COO Jake Benzaquen. The company’s most recent funding round was in October 2021 when it raised an undisclosed sum from investors including Sharp Alpha Advisors and Berlin-based LeAD Sports & Health Tech Partners.
Earnings in briefFansUnite: Q2 revenues were up 461% to $5.4m while net losses came to $15.9m. At June end, FansUnite had $8.8m of working capital.
Analysis in briefCentury Casinos: JMP reiterated its Market Outperform rating and $15 PT for Century Casinos following a meeting with the group’s senior management. The JMP team said the acquisition of the Rocky Gap Casino & Resort for $56m “made sense from an accretion standpoint at 4.9x for the OpCo, even using a REIT as a form of financing”.
DatalinesColorado Jul22: Casino GGR up 6.9% to $101.5m, slots revenue was up 4.8% to $86.7m, table games revenue was up 21.1% to $14.7m Rhode Island Jul22: Casino GGR was up 3.6% to $54.4m, sports betting handle was up 14% to $25.2m but revenue was down 14% to $2.8m. NewslinesHaving recently obtained licenses in the US and Canada, sports betting platform provider FSB has opened an office in Medellin, Colombia, to develop its south American activities. Pari mutuel and social wagering provider Colossus Bets has appointed Paula Cara Farcas as its new CEO and will focus on developing US activities. On socialAs I mentioned Friday on @vsin with Gill Alexander (@beatingthebook) I spent the weekend in NJ betting sports on the Prophet Exchange (@prophetexchange) and for sports bettors who live in NJ or have access to the market, it's truly a game changer.
Here's a 🧵of my experience: Calendar
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