Earnings+More - Oct 3: Endeavor boosts its entourage
Oct 3: Endeavor boosts its entourageEndeavor completes OpenBet acquisition, GeoComply sues XPoint, gaming debt analysis, Startup focus – TopProp Fantasy +More
Good morning. On today’s agenda:
I ain’t no square with my corkscrew hair. Endeavor completes OpenBet dealThe $800m deal for the sports-betting backend provider was formally completed on Friday. Over the finish line: After one price renegotiation, which knocked $200m off the price tag, Endeavor finally completed the deal to buy Light & Wonder’s sports-betting backend provider OpenBet for $750m in cash and $50m in stock options.
Slimline tonic: For its part, Light & Wonder said the sale was the final step in its strategic process of streamlining, with the cash raised helping towards the aim of moving towards a leverage ratio target range of 2.5x-3.5x. Jefferies estimated year-end leverage of 3.1x moving to 2.6x by the end of FY23.
**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. GeoComply sues XPointGeoComply files patent infringement suit against rival XPoint. X marks the spot: Geolocation market leader GeoComply has filed a complaint alleging that startup rival Xpoint has infringed its US patent. GeoComply said it has resorted to legal action in order to protect its proprietary technology. XPoint said the move was meritless.
XPoint no-background: Formed in 2019 and officially launched at G2E last year. It is operational with clients in New Jersey and Ontario. Just last week it announced a new funding round led by Acies Investments and Bettor Capital. Gaming debt analysisCrunch: The impact of rising Fed rates on the debt situations across gaming is examined in a note issued late last week from Deutsche Bank, with the analysts identifying the firms where the impact will be most felt on discretionary cash flows.
DatalinesRevenue for September in Macau was down 49.6% YoY but the highest figure since May. Slight return: Ahead of Golden Week this coming month, Macau showed signs of emerging out of its summer doldrums with GGR hitting $371m for the month. The figure was a 35.3% sequential improvement but was down by 86.6% on Sep19.
NetherlandsChannel checks: According to the Netherlands Online Gambling Association, channelization in the Netherlands is estimated to have hit 85%, as the Dutch regulator released its H1 data showing GGR hit €486.1m.
The week aheadThe startup month: The latest startup month will be sent on Tuesday. In this issue we produce a roundup of fundraisings in the quarter, including blockbuster raises from betr and Underdog Fantasy.
In pod we trust: Later in the week the podcast will return, where we will take a look ahead to the upcoming G2E as well as discuss the recent slew of events in Europe. The month ahead: E+M will be at G2E next week. We will bring you our preview of the best of the keynotes and panels to come in next Monday morning’s newsletter. The week in sharesInvestors were left cold by XLMedia’s half-year earnings last week, sending the shares down nearly 38%. Unconvincing: Despite posting a 38%+ rise in revenues in the first half, the discussion around the shift away from volume-led casino affiliation towards brand-led growth in the US and Europe didn’t reassure the market.
🚨XLMedia was punished despite posting a rise in first-half earnings E+M+TelegramNarrowcast news: As Earnings+More continue to explore new ways to communicate with our subscribers we have opened up a Telegram channel, which everyone can sign up to. We can be found @Earnings+More. Join us, read us, shout back at us. Startup focus – TopProp FantasyWho, what, where and when: TopProp Fantasy is a Boston, Massachusetts-based DFS and next-gen social operator, formed by Michael Zavagno, Griffin Kurzius and Matthew Freedman with the aim of simplifying the DFS experience with head-to-head contests and a “revolutionary swipe-based interface”. Funding backgrounder: The company has raised $500k with a pre-seed round from strategic angels in the fantasy sports and eCommerce industry. The pitch: Zavagno says TopProp set out to be the easiest way to play daily fantasy sports “to ever hit the industry”, suggesting that with the recent release of its swipe-based mobile app on both the Apple and Google Play stores, it has “met that standard”.
Second screen: Zavagno says such sports consumers are more likely LeBron fans rather than Lakers fans, hence TopProp saw an opportunity to be the second-screen experience for this generation of fans. “Now, Patrick Mahomes fans can swipe to take him over Tom Brady in seconds, check out his best plays on TikTok and know whether they won cash on TopProp.”
What we’re supportingRingside: The SBC Charity Boxing Championship is taking place on November 11. We’re reliably informed that tickets are selling fast to see some of the industry's most well-known faces get pummeled in aid of good causes.
NewslinesThe MLB and the American Gaming Association will run responsible gambling public service announcements across the MLB’s media channels from the end of the 2022 season. Abelson Info will supply its pricing and settlement of football goalscorer markets to French bookmaker Zebet, the sports betting brand of pari-mutuel horse racing operator Zeturf. The Carousel-owned MaximBet has launched in Indiana, its second live state after Colorado. The company also has plans to launch in Iowa, New Jersey, Pennsylvania, Ohio and Ontario. What we’re writingThe truth hurts: Scott Longley writes for EGR on how the public health lobby is distorting the facts over gambling harms to suit their prohibitionist agenda. What we’re readingCalling it: LegalSportsReport.com suggests it is all over in California. “It seems like both are going to meet the same fate,” the piece quotes one industry insider about Props 26 and 27. On socialGreat Dane: The greatest public transport ad ever made. Denmark's public transit agency has made the greatest transit advertisement of all time. No notes. (Din Offentlige Transport) Calendar
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Sep 30: Weekend Edition #66
Friday, September 30, 2022
Scandi analyst initiation, XL Media H1, Aristocrat/Roxor, XPoint fundraise, Macau analyst update, Nevada data +More
Sep 26: Allwyn calls SPAC halt
Monday, September 26, 2022
Allwyn opts out of Cohn Robbins deal, the week in shares, iGaming NEXT preview, startup focus – Sparket +More
Sep 23: Weekend Edition #65
Friday, September 23, 2022
Playtech H1 call, PlayUp SPAC merger, SBC Summit Day 2, analysts in brief, Twitch slots ban +More
Sep 22: Segev – betting only a piece of DAZN puzzle
Thursday, September 22, 2022
SBC Summit Day 1, Playtech H1, US gaming analyst update, California Prop. spend, Inspired analyst update +More
Sep 20: German regulator’s 100% channelization goal
Tuesday, September 20, 2022
Gaming in Germany Day 1, SBC Summit Barcelona preview, California tribal gaming analysis +More
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