Earnings+More - 888 grim tidings; Fubo quits
888 grim tidings; Fubo quits888 revenues decline in Q3, Fubo says it is shutting its sportsbook +MoreGood morning. On today’s agenda:
888’s grim tradingTotal Q3 revenues were down 7% YoY to £484m, with William Hill in the UK down 14% and 888 down 5%. 888 blamed enhanced player protection measures in the UK and the exit from the Netherlands for a poor third quarter. Total online revenue – including 888, William Hill Online and Willian Hill International – was down 10%.
Forward outlook: Looking ahead, the company said it expects Q4 to represent an improvement on Q3, though likely flat YoY. It said it “expects” adj. EBITDA for H2 to “meet the current market expectations”.
Quick analyst takes: The team at Regulus suggested 888 has “gone long on UK macro, UK policy retail and debt risk at a time when each has soured beyond anyone’s expectations”.
Diary note: There was no accompanying call. 888 is hosting a capital markets day on November 29. **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 Fubo axes sportsbookIn a statement overnight, the TV streaming platform cited “macroeconomic conditions” for the decision to cease all sports-betting operations immediately. Cord cut: Fubo only launched its sports-betting operation earlier this year but by August it had embarked upon a strategic review of the business. The company said then it was taking steps to de-risk the business and had made the decision to “no longer go down the wagering path independently”.
Where now? When it launched in late 2021 in Iowa, Fubo said its sports-betting business would be at the “unique intersection of two expanding markets: sports wagering and digital sports entertainment”.
Deal TalkIn the latest issue, we discuss the potential for US market exits. Read the latest insider insight when it is sent this afternoon. Analyst takesPenn Entertainment: Jefferies said after meeting management that regional demand remains robust and that favorable digital trends were evident. The analysts noted that Penn management believes digital remains a “key differentiator” as the company sees cashless functionality driving higher visitation and spend.
Las Vegas: Responding to G2E last week, the team at Macquarie said it was “not naive” to believe the story of continuing consumer strength in gaming. But they noted that “every management team is on heightened alert”. Golden Entertainment: Jefferies also remained positive here, suggesting that, notwithstanding seasonal weakness in August, trends remain “historically high”. Post the Rocky Gap sale, shareholder returns “should accelerate while reviewing incremental growth opportunities”. DatalinesNew Jersey Sep22: Casino GGR was up 1.3% YoY to $251.7m, iCasino GGR was up 10.3% to $135.2m and sports-betting revenue was up 18.9% to $98m. Handle dropped 14.3% to $866.7m, while margins rose to 11.3% vs. 8.2% in Sep21.
Michigan Sep22: GGR at Detroit’s three commercial casinos dropped 6.3% YoY to $103.4m. Slots and table games revenue was down 5.7% to $100.8m. Sports-betting handle at the resorts was down 42.8% to $18.5m. NewslinesBetting content provider Tallysight has signed Minute Media as its latest publishing customer. The company will provide betting content, tips and monetization services to Minute Media’s sports news outlet FanSided. Bally’s Corporation has agreed a union deal with the Chicago & Cook County Building & Construction Trades Council for the supply of the trades workforce for the construction of its $1.7bn casino in downtown Chicago. Greenwood Gaming’s Parx Casino and BetParx have extended their casino and betting sponsorships of the Philadelphia 76ers. L7 Entertainment is the latest operator to obtain an Ontario license for its LuckyDays iCasino brand. On socialCalendar
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