Earnings+More - FanDuel’s media plays
Good morning. On the agenda for today
FanDuel extends Ringer dealFanDuel and the Spotify-owned sports podcaster have extended their multi-year deal to include further content tie-ins. Put a ring on it: FanDuel and the Spotify-owned sports podcast provider The Ringer have extended their exclusive sports-betting partnership, according to Axios. The deal will see FanDuel betting options “increasingly integrated” into Ringer content.
The great society: Earlier in the month, the company announced a partnership with the Gaming Society, a community-focused sports-betting media startup that achieved a seed funding round in April.
Flutter CFO successionOver the Hill: The team at JMP believes the naming of Paul Edgecliffe-Johnson as CFO, who will join Flutter from InterContinental Hotels next year, will translate well to the company’s global footprint. Current CFO Jonathan Hill will move to the role of COO.
**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 DatalinesNew York: OSB handle for the week ending Oct 16 was flat at $323m, but GGR rose 103% WoW to $37.2m, margins remained high at 10.5%.
Mississippi: Sports-betting GGR was flat at $8.8m but handle dropped 21.4% YoY to $43m. Casino GGR for central and northern resorts was down 3% YoY at $81.2m, coastal casino GGR increased 5.2% to $132.1m. Oregon Sep22: Sports-betting GGR was up 358.3% at $5.5m on handle that rose 57.2% YoY to $39.3m. DraftKings replaced the Oregon Lottery’s Scoreboard website in January and recorded $28m in single and teaser bets and $11.2m-worth of parlay bets during the month. New Jersey analysisBridge and tunnel: Looking at the most recent data from New Jersey, the team at Regulus suggested New Jersey “seems to be succumbing to two inevitable forces: New York and maturity”.
The week in sharesRoom with a Fu: It might have been expected that FuboTV would have been a gainer this week after it shuttered its betting and gaming business last week. However, as can be seen, the shares continued their downward trajectory, off by nearly 10%. While they enjoyed a slight bounce on Friday, YTD the shares are off by over 77%. 👀FuboTV shares gets no relief despite calling a halt to betting and gaming losses Analyst takesBoiling a frog: The team at Wells Fargo suggested the big question for the upcoming third-quarter earnings statements was “when, not if, the US gaming consumer will crack”. The team indicated regional gaming had already “softened marginally”, with Q3 same-store state revenues running at 6% up YoY vs. 8% in Q2.
Churchill Downs: Jefferies said there was broad industry interest in incorporating horse racing on digital betting platforms with more deals possible over the next few quarters following its deal to provide horse racing markets to FanDuel. Penn Entertainment: The same team said Penn’s Q3 digital losses are expected to rise due to marketing spending ahead of the NFL season and investments in California legislation efforts. REITs: Truist said VICI and GLP were “seeing relative outperformance”, with gaming REITs trading better than most given the relative safety of rent vs. other REIT assets and gaming operators/suppliers. Rising interest rates were “somewhat understood by the market”, although consensus was for rates “to be lower next year from a recession”. The week aheadThe third-quarter reporting season gets into full swing this week with PointsBet, Betsson, Kambi, Evolution and Kindred providing the highlights. Some Scandi talking: The major Stockholm-listed operators and providers all come to the table this week with various degrees of angst attached.
Kindred board moveAgitation: Kindred might face questions this week about the move by activist investor Corvex to install one of its partners on the board via a resolution to be put before the company’s EGM. Corvex has recently upped its stake in Kindred to 15% and is thought to be agitating for a sale of the business.
NewslinesBetr has withdrawn its bid for the WA TAB at the eleventh hour despite being the preferred bidder just two weeks ago. According to The Australian, the group had a late dispute with the West Australian government over the use of the TAB brand in the state and across the rest of the country. Tabcorp owns and operates the TAB brand in all other Australian states. Underdog Fantasy has received a temporary license in Colorado and is set to launch next year in the state. The OSB startup is also planning to launch in Ohio and Massachusetts. Gibraltar is set to introduce tiered licensing fees that will set operator costs based on their annual GGR levels. Belgium has introduced a €200 weekly loss-limit for players. The previous weekly limit was €500. Kaizen Gaming’s Betano OSB brand is now live in Ontario, while Pinnacle is set to launch in the province this week. What we’re writingOn film: Scott Longley on the betting potential offered by advances in videotech for Covers.com. What we’re readingMirror, mirror on the wall: Business Insider looks at the illegal online gambling market in China. Coming on stream: The NBA and Microsoft have slashed streaming latency to 12 seconds on the NBA app. Soul mining: Producing cryptocurrencies harms the environment, but what of US banking and major corporations? On socialRiley Regan, who attends the @AVFCFoundation’s Ability Counts disability football sessions, walked out with @IngsDanny this afternoon and the striker joined his mascot in wearing headphones to block out the noise. 💜
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