Earnings+More - Flutter wins FanDuel NY court case
Flutter wins FanDuel NY court caseFlutter’s FanDuel court victory, Acroud’s ‘mystery buy’ revealed, the shares week – DraftKings’ dive, Startup Focus – Fortuna Edge Media +MoreOn the agenda today:
Flutter’s FanDuel court winThe attempt by a group led by Nigel Eccles to persuade a Manhattan court they had been cheated out of the proceeds from the buyout in 2018 has failed. Here comes the judge: The state appeal court found that the group of former FanDuel shareholders had failed to make a valid legal claim under Scottish law, where FanDuel is incorporated. The five-judge panel of the court said that under Scottish law directors’ duties are to the company but not to shareholders.
** 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. Does your company have plans to expand teams to cope with strong growth and demand? Contact BettingJobs.com today where their dedicated team members will help you find exactly what you are looking for. Acroud’s ‘mystery buy’ revealedThe acquisition announced by Acroud last week is part of Catena Media’s paid media division. Pop up and under: Acroud’s €5.1m acquisition announced last week can be revealed to be part of Catena Media’s paid media/ad-buying division. The company mentioned in the Acroud press release last week was Acroud Media Ltd.
Recall, in May Catena Media said it was considering a break-up of its European business after receiving approaches for its AskGamblers brand. It subsequently said it was undertaking a strategic review of the entire European business.
Analyst takes from G2EVegas bulls: Jefferies said trends and forward-looking data remained bullish, with Las Vegas seeing “accelerating volumes” approximating 2019 levels and bookings for 2023 indicating upside. Jefferies said all the executives conveyed a sense of urgency around “participating in digital gaming, whether OSB and/or iGaming”. California bears: The team at JMP said it was clear the “writing was on the wall” for both the ballot measures in California and they have removed the states from their 2023 estimates. But iCasino measures in other states have been gaining momentum, with varying degrees of optimism around Indiana, Illinois, Iowa, New York and even Nevada. Earnings in briefFrançaise des Jeux saw Q3 revenue rise 12% to €592m. Lottery games were up 14% to €478m, sports-betting stakes were down 7.5% to €2.9bn, with revenue flat at €97m due to tough YoY comps. The group said online stakes were up 35%. Startup Focus - Fortuna Edge MediaWho, what, where and when: Fortuna Edge Media was co-founded by CEO Aidan Toolan in 2019 and operates the BettingAmerica.com website. The management team consists of former Paddy Power, Facebook and HubSpot employees. Its focus is on developing “sustainable user acquisition solutions that create value at scale” in the US sports-betting and iCasino market. Funding backgrounder: Toolan says the company is fully bootstrapped and has been profitable from its earliest days. This has given it “huge momentum and allowed us to grow fast and be agile in how we have evolved as a company”. The pitch: Toolan says FEM’s acquisition tech infrastructure will leverage data to drive “hyper-personalized” player interactions that allow for scale, speed and efficiency. He adds that his company’s focus is sustainable acquisition and value generation.
What will success look like? Further growth and expansion is the near-term goal, but Toolan adds that the high levels of interest from both operators and affiliates in terms of what the company is achieving has led it to engage with advisory firm Akur Partners.
Buzzword watchIt’s back, back, back: Yes, the flywheel. To the relief of absolutely no one, Amy Howe, CEO at FanDuel, gave the word a spin during the keynote conversation on day 2. “It’s a flywheel business where scale really matters,” she informed the audience. The shares weekBruising: Despite Jason Robins’ upbeat appearance on the same panel last week being quizzed (gently) by CNBC’s Contessa Brewer, it seems investors were none too impressed with the prospects of DraftKings marketing tie-up with ESPN. Shares were down nearly 24% last week.
The week aheadE+M’s Deal Talk returns tomorrow and takes an in-depth look at potential US exit strategies for a number of OSB operators. On Wednesday, Entain hosts its Sustain conference and Las Vegas Sands publishes its Q3 results. The E+M podcast returns on Thursday and the Weekend Edition wraps up the week. NewslinesLoto-Québec is exploring the possibility of adding retail sports betting at its four casinos and two gaming halls, according to Covers. Novomatic’s Greentube has acquired US games developer Present Creative for an undisclosed amount to expand its presence in North America. Scout Gaming will deliver its DFS and sports-betting products to the Australian operator Apple iSports. Former Betway executives Tim Whyles and Adam Savinson’s esports-focused media company Zealium Media has acquired the Valorant news and stats website Thespike.gg. Brazilian games studio Caleta Gaming has launched Imperial: Operation Rio, a CS:GO-inspired online slot in partnership with Sportsbet.io, Gamdom and esports organization Imperial. Seven Star Digital has acquired sports-betting content provider Moneta Communications for an undisclosed sum. What we’re readingSuccession planning: Murdoch considers merging Fox and News Corp, in order to “explore ways to use the company’s assets for emerging business lines, such as sports betting”. On the brink: iGB says Esports Entertainment is now at the mercy of creditors. On socialCalendar
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