Sep 22: Segev – betting only a piece of DAZN puzzle
Sep 22: Segev – betting only a piece of DAZN puzzleSBC Summit Day 1, Playtech H1, US gaming analyst update, California Prop. spend, Inspired analyst update +More
Good morning. On today’s agenda:
SBC Barcelona Day 1
No bet: Despite having recently launched a betting offering in the UK, the CEO of DAZN Shay Segev said betting would only ever be a part of the full DAZN offering. “We don’t want to be bet365 from a product perspective,” he added.
Setting sights: Segev identified the US as a market that would be particularly open to a more casual betting proposition because it is “much more accepted, much more social”, especially among younger demographics. Add ons: Similarly, hoping to give their consumers more value is LiveScore, which recently completed a £50m strategic investment from Swiss media group Ringier. Speaking alongside Segev on a panel, CEO Sam Sadi said the company’s sports-betting proposition was about delivering value to its Livescore app consumers.
**Sponsor’s message** Venture capital firm Yolo Investments manages €550m in capital across 80 of the most exciting companies in fintech, gaming & blockchain. The Gaming Fund, regulated by the Guernsey Financial Services Commission, a dedicated 29-company, €183m AUM portfolio has invested in fast-growth assets including Dabble, Kalamba, SimWin & ThriveFantasy. Yolo Investments has just opened its fund to new investors as it looks to scale new cutting-edge concepts, including its exclusive high-roller land and live casino brand, Bombay Club, global banking network & OTC desk Aims Group. SBC panel highlightsMissing in action: Absent a UK gambling White Paper (see below), the sector still has to deal with the interventions of the UK Gambling Commission and its latest advice of vulnerability – published last week – has been the cause of some consternation.
Gambling ♥️🇺🇦: Maksim Liashko, CEO of the Ukrainian firm Parimatch Tech, said after the invasion of his country by Russia in February the group decided to pivot to a B2B model, with the challenge being to provide stability. “Our values have changed significantly, maybe even dramatically, and have led us to think about transformation.” House of fun: Commenting on the social elements that retail betting outlets provide in its home market of Serbia, Darko Zivanov, CEO of MaxBet Group, said the company sells 3 million beers and cups of coffee every year. “That’s our strategy for omnichannel,” he said.
Value for money: Asked whether there was too much data on the market, Eireann Kelly, product director at IMG Arena (part of Endeavor), said rights holders are “in on sports-betting and will continue getting involved with it”.
Heard on the floor
Playtech H1
Through restful waters and deep commotion: As previously communicated when Playtech informed the market at the time of TTB’s failed takeover attempt, the company traded well in H1. CEO Mor Weizer, who was on the TTB ticket but has stayed in place with Playtech, said the company had “navigated significant disruption and uncertainty”.
E+M will report on Playtech’s call with analysts in tomorrow’s Weekend Edition. California Prop spend
Record-breaker: With seven weeks to go until the election on Nov. 8, the campaigns for the Prop. 26 and Prop. 27 ballot initiatives have between them at least achieved one thing – they have pulled in a record amount of nearly $400m of funding and counting.
Recall: Prop. 27 is the online option and is backed by the commercial operators, notably FanDuel, DraftKings and BetMGM, while Prop. 26 offers retail-only betting and is backed by most of the tribes.
Gaming analyst update
Good news/bad news: Looking at Michigan (see Datalines below), New Jersey and Pennsylvania, the team at Deutsche Bank suggests that while iCasino is proving to be a “very good business, at scale and with very good margins” there is now evidence that it has a negative effect on bricks-and-mortar operations.
Expansions: While iCasino expansion can be seen to have an expansionary effect on the total market, it doesn't distribute itself evenly. Specifically, they suggest the outcomes for MGM, Penn and Caesars across the iCasino states differ significantly.
Earnings in briefEBET: The company said it had made “significant progress” in reducing net losses to $3.8m and increasing adj. EBITDA to breakeven in the two months to August. The company noted that in the prior quarter net losses came in at $9m and adj. EBITDA was a negative $4m. The company said the measures undertaken included focusing on revenue-generating wagering products, eliminating non-material contracts and a general reduction of operating costs. Analysts in briefInspired Entertainment: Truist said Inspired was seeing some FX impact from UK/Europe but with positive trends heading into Q3. On M&A, the group said its main goals would be to accelerate online growth and expand into North America, but did not provide further detail on its recently failed bid for PlayAGS.
DatalinesMichigan: Evidence of cannibalization of land-based gaming revenues in iCasino states continues to build after Michigan said bricks-and-mortar GGR fell 6.9% YoY, down 12.8% on Aug19. Deutsche Bank analysts noted that in the neighboring gaming states of Indiana, Ohio, Iowa and Missouri the YoY comparison for August was up between 6.5% and 19.2%.
🚙 BetMGM continues to lead the way in Michigan’s iCasino market Betway UKGC fine
Betway is West Ham’s shirt sponsor and the Commission found that between Apr20 and Nov21 its logo appeared on the page and included a link to the group’s betting website.
** SPONSOR’S MESSAGE** GiG is a leading gaming platform and sportsbook provider for online and land-based operators with digital aspirations. We deliver a full end-to-end solution through our award-winning iGaming and sportsbook solutions. Built for regulated markets and a top-class customer experience, GiG is pioneering the multi-platform era. If you are looking to expand your operations into new, profitable markets, our strategy is the solution. Find out more at sales@gig.com. NewslinesBetMGM and NBC have announced a new partnership that will see odds and betting content integrated across all NBC platforms for the 2022 NFL season. BetMGM will be featured on FNIA, which NBC claims is the most-watched studio show in sports, in a variety of content including a weekly segment hosted by former NFL quarterback Chris Simms and sports-betting and fantasy pioneer Matthew Berry. Xtreme sport: Player acquisition and retention platform Xtremepush has announced a partnership with leading platform provider GiG. Got my mojo working: Former startup focus subject Mojo has launched a sports trading app in New Jersey. Mojo uses tracking to reflect changes in the value of players by focusing on team outlooks and player statistics that become available as the season unfolds. Kambi will supply its sportsbook platform to the Ilani casino in Washington State. Ilani is backed by the Cowlitz Tribe and Salishan-Mohegan tribal groups. Sleeps with the fishes: Elys Game Technology will supply its land-based sports-betting platform and services to Rod ‘N’ Reel Resort in Chesapeake Beach, Maryland, which has a license from the Maryland Lottery and Gaming Control Agency. What we’re readingStretch Armstrong: Inside the world of leg lengthening in Las Vegas: “All the height gain obviously comes from your legs, so your proportions can look a little weird, especially when you’re naked.” SPACing it in: SPAC King Chamath Palihapitiya is shutting two SPACs after failing to find companies to invest in. On socialCalendar
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