Earnings+More - Entain calls the shots
Entain calls the shotsBarstool makes youth advance, Rivalry also mines younger demo seam, shark news +MoreGood morning. On today’s agenda:
You’ll never go in the water again. Entain eyes US profitabilityGroup NGR up 2% for Q3 with online up 1%, while it guides to FY22 NGR of $1.3bn as NFL NGR soars. Confidence game: NGR in Q3 from the NFL soared ~90% to $400m with same-state revenues rising 50%. The company said it remained confident of “reaching sustainable positive EBITDA” in 2023. BetMGM now has 23% OSB market share and 31% iCasino share.
White heat: Nygaard-Andersen said the recent political turmoil in the UK meant “the new government has lots of pressing issues facing them”, but that it was “very much pro-industry, pro-choice and against nanny-state prescriptions”.
Bets of luck with that one: In Germany, Wood said Entain was waiting on a regulator clampdown on unregulated gaming. “It should be all upside from here,” he said, presumably crossing his fingers. ** 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. Nardini’s youth pitchThe CEO of Barstool Sports says the media disruptor is a part of a generational change that includes a brand-new sports-betting audience. Help save the youth of America: During yesterday’s keynote chat with then AGA’s Bill Miller, Erika Nardini, the CEO at Barstool Sports, said Barstool Sportsbook was “creating the first generation of legal sports bettors”.
More from G2E day 3Not in my name: The number of “rejectors” of the NFL’s embrace of sports-betting is a very small number, according to Jonathan Nabavi, VP public policy and government affairs at the league. “It’s maybe not as problematic for them as they once thought,” he said.
G2E investor takeawaysPositive energy: After a series of management meetings, the team at Wells Fargo have issued a series of updates for Bally, Caesars, Penn, Wynn and Churchill Downs. The continued strength of the Las Vegas revival is a common theme with Caesars saying international visitation has come back even stronger than expected.
Rank feels the heatHeating costs rise by nearly 50%, though total revenues are up by 2% helped by digital and Spanish operations. Climate change: Rank warned it “will be exposed” to the full impact of rising energy costs in March when the UK government’s energy support comes to an end. It said it would be focusing on initiatives to mitigate these cost pressures “as much as possible”.
Analyst slashes target price: The team at Peel Hunt responded to the trading update by cutting their price target by more than half, saying they expected underlying EBIT to fall to £21m. Acroud’s mystery buyThe affiliate company buys an unnamed affiliate rival for €5.1m. Seeking clarification: Acroud said it has bought 60% of a target company – which the press release confusingly appears to name as itself – for €5.1m, which will add €9m to annual revenues and €4m of EBITDA. Acroud will then have an option to buy the remaining 40% of the ‘target company’ by 2028.
Rivalry’s esports driverQ3 revenues rose 93% YoY and 35% QoQ to $7.1m on handle that rose 203% to $70.3m. Big youth: The esports to traditional sports-betting operator pointed to the demographics of its users to suggest it was proving its model of appealing to Gen Z and Millennials. CEO Steven Salz said that 82% of Rivalry’s active users were under 30.
About that sharkIt bites: According to the floor manager at the Palms, the San Manuel Band of Mission Indians has been landed with a five-year $275k per annum lease for Damian Hirst’s ‘The Unknown (Explored, Explained, Exploded)’ three-piece shark. “Is that art?” the discerning employee mused. **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 DatalinesIndiana: September land-based casino GGR hit $191.7m, down 1.5% YoY and 15.3% above 2019. Sports-betting AGR rose 49.5% to $51.2m on handle of $382m, up 7.7% YoY and up 61% MoM. NewslinesThe UK Gambling Commission has fined GGPoker £672,000 for social responsibility and anti-money laundering (AML) failures. MGM Resorts is investing $100m for the remodeling of Mandalay Bay’s convention center. Jumbo Interactive said it expects to complete the £18.3m acquisition of UK lottery manager and digital payment business Starvale next month. IGT has signed a seven-year contract extension with the Georgia Lottery to continue operating its class lottery and iLottery products. The Pollard Banknote-NeoGames joint venture NeoPollard Interactive also announced that it had signed the Georgia state lottery as its latest iLottery client. On socialFantini Research: "Do we see a North American listing of Catena Media?"
$CTM CEO Michael Daly: "Yes."
Clear statement of what the strategic review is all about.
@catenamedia IR: what about informing the public market about it? 🙃
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