Earnings+More - Cali tribes slam Prop 27 rivals
Cali tribes slam Prop 27 rivalsDivergent Californian narratives emerge at G2E, Betr preferred bidder for WA TAB, Fanatics OSB launch, FanDuel and DraftKings keynote comments +More.Good morning, on today’s agenda:
Thinkin' I'm gon' stop, givin' L.A. props. Goin’ back to CaliTribal leaders pour scorn on FanDuel and DraftKings CEOs promise to return to ballot battle in 2024. Some dreamers of the golden dream: During their keynote chat at G2E, Amy Howe, CEO at FanDuel, and her counterpart at DraftKings Jason Robins both committed to having another go at getting sports betting on the ballot in California when questioned about it.
Donner party: The war of words between the two camps erupted after The Wall Street Journal reported that the backers of Prop 27, in favor of an OSB option, had pulled $11m of advertising scheduled to run between now and the vote in early November.
Background: The latest polls suggest Prop 27 and the retail-only Prop 26 supported by the tribes are heading for defeat in November, with the responses indicating only 27% intended to vote ‘yes’.
**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 offers fully managed solutions that allow publishers to maximize revenue across their highly valuable sports betting audiences. For more information visit: spotlightsportsgroup.com Betr in the lead in WA TAB bidBetr Australia division reported to be leading bidder for regional TAB. Preferred bidder status: Australian media is reporting that the Tekkorp-News Corp backed startup Betr is “the preferred bidder” to acquire the Western Australia TAB in a deal worth AU$1bn.
Super TAB bid: Betr is also said to be in talks with the government in Victoria with a view to acquiring its horse racing TAB, known as SuperTAB, with negotiations due to start in Aug24. SuperTAB also provides odds and markets to the WA TAB.
Going to Carnival: Recent reports suggested that Betr was set to receive its WA wagering license, today it announced its official launch to coincide with the Everest and the spring racing carnivals this weekend. Media player: Betr reportedly gained the support of the dominant media group in Western Australia, Seven West Media, which also has racing interests, but it is unclear whether it has an active role in Betr.
Further reading: Newcomer raises the stakes | E+M spoke to Betr co-founder Joey Levy for the Startup Month. Fanatics confirms Jan23 launchCEO says group will launch in every major state except New York. Ready for launch: Fanatics CEO Michael Rubin told an audience at the CAA World Congress of Sports in New York that his company will launch its real-money sports betting offering in Jan23 to coincide with the NFL playoffs.
Fanatics OSB plans: In June reports suggested the group was in talks to acquire the German betting group Tipico, but the parties hit a block over pricing. More from G2E day 2The culling of the herd: Still with Howe and Robins, they both predicted that the centrifugal forces in the US OSB market would continue. “It’s not inconceivable that the top two or three in the market will control 60-70% of the market,” said Howe.
Glazing over: On an earlier keynote Soo Kim, chair at Bally’s Corporation, suggested it was clear the economy had overheated, but he suggested that short-term slowing would be succeeded by a “long-term growth pattern”.
Playtech debt movePlaytech has announced an amended €277m revolver and has redeemed €330m of a €530m October 2023 debt facility. Take that to the bank: The combined refinancing moves will save Playtech €12m in annual interest payments and when the rest of the bond is paid off, either at or before the October 2023 due date, the savings total per year will amount to €20m.
Macau concession scareDetails of the concession renewal demands means the process is not as straightforward as was previously hoped. Mr Devil, meet Mr Detail: Analysts at Credit Suisse suggest that demands around non-gaming investment will be worse for some operators than was thought to be the case. “Most operators need to lift their proposed spending when they meet with the government this week,” the CS team wrote. “We see pressure on already stretched balance sheets and long-term margin.” 🚨LVS, Wynn Resorts and Melco shares respond to the Macau news DatalinesMissouri: Casino GGR in September was up 3.6% YoY to $157.4m. Market leader Penn Entertainment’s properties reported combined GGR of $55.1m, up 4.5% YoY. NewslinesGeoComply has announced that Resorts Digital will become the first operator to launch its chargeback integrator product to deal with the escalating problem of credit card chargebacks. KeyStar Corp has acquired OSB and esports operator, digital currency and ID software provider ZenSports for an undisclosed amount. KeyStar said the transaction would enable it to expand B2C and B2B sports-betting offerings in the US. BetMGM has been announced as the official sports-betting partner of the Cincinnati Reds. ** SPONSOR’S MESSAGE: BettingJobs is the global leading recruitment solutions provider to the iGaming, Sports Betting and Lotteries sectors. Boasting a 19-year track record supporting the iGaming industry, and with a team of experts and world-class knowledge, it’s no surprise BettingJobs is experiencing rapid growth with outstanding results. Our industry recognised recruiters will be attending G2E Las Vegas, from 10th - 13th October 2022. Contact info@bettingjobs.com to arrange a meeting with our consultants during the event, who will be delighted to discuss any queries you may have. What we’re readingMatt Levine on the trend for anti-ESG: “You can walk into Peter Thiel’s office wearing a clown suit and say ‘high-frequency trading, but anti-woke’... or whatever, and he will write you a big check.” Politico: “The so-called ‘Operation Rolling Thunder’ of announcements has jokingly become ‘Operation Shitstorm’ and is not kicking off today as planned because [UK Prime Minister Liz] Truss wouldn’t agree to the most radical deregulation plans drawn up by Business Secretary [Jacob] Rees-Mogg.” The Economist on Truss: “Take away the ten days of mourning after the death of the queen, and she had seven days in control. That is the shelf-life of a lettuce.” On socialCalendar
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