Earnings+More - PointsBet chases super heroes
PointsBet chases super heroesPointsBet identifies super users, Boyd beats but profits dip, Betsson buys B2B, Kambi falls +MoreGood morning. On the agenda for today
PointsBet promotes ‘super-user’US turnover rises 50% YoY to A$523.8m but falls 24% QoQ, while group gross win falls 2%YoY to A$115.1m on poor Australian performance. Walks like a duck: PointsBet US CEO Johnny Aitken was keen to emphasize the “super-users” target audience wasn't simply high rollers renamed. “They are highly engaged users who bet three times a week,” he said. “They’re not high rollers, as such, and not to be confused with professional or sharp players.”
Down, down under: Australian operations saw gross win fall 17% YoY and 8% QoQ to A$73m as the period lapped a tough lockdown-affected comparative period. Andrew Catterall, CEO Australia, said the business was following a similar strategy of “reactivating higher-value clients”. ** 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. Boyd remains confidentBoyd points to resiliency as revenues rise 4% to $873m but adj. EBITDA falls 1% Flat bat: Facing questions about the pressurized consumer backdrop, CEO Keith Smith was keen to stress Boyd was not seeing any negative change in behavior. “Performance has been right in line with previous quarters,” he noted.
Get go: Boyd said it hoped to close the $170m Pala acquisition in the next several weeks. Smith said he hoped Boyd would be able to build a “profitable regional online casino” business and spending marketing dollars “isn’t the goal”.
Betsson seeks B2B boostThe acquisition of a majority share in sportsbook provider KickerTech comes with the pre-announced Q3 revenue rise of 18% to €200.3m, while EBITDA is up 19% to €48.6m. What’s the Fuß? Betsson acquired 80% of the Vilnius-based sports-betting tech provider KickerTech for €14m. Kicker recorded LTM revenues of €2.6m and EBIT of €1.3m. The deal comes after Betsson said Q3 growth, as pre-announced at the start of this month, was helped particularly by LatAm and the CEE region (read: Turkey).
Kambi slipsA “challenging” Q3 sees revenues drop YoY 12% to €36.7m, while EBITDA dives by 47% to €10.7m. Give my remains to Broadway: Kambi said the “tail end” of DraftKings business in the third quarter last year added to the strain on the year-on-year comparison, with multiple mentions for seasonality on the call. Kambi also recently made public the details of the severance deal with Penn for which it has received $12.5m post-quarter end.
Betmakers buys form guideThe Australian-based betting backend provider has bought Punting Form for A$3m in cash in order to bolster its global horse-racing offering. Background: Punting Form uses proprietary IP and AI to create sectional times and benchmarks for horse racing, which are used for time-based ratings systems and by professional wagering syndicates, wagering operators, content creators and form analysts.
Analyst takesMacau: The latest data suggests daily revenues are now range-bound at around MOP100m a day excluding holidays, suggested the team at Jefferies. They expected the market to break out from this new norm eventually, but the timing of that remains, as ever, as clear as mud with the start date for the new eVisa scheme yet to be announced. Recession watch“The impending recession” is how the team at Truist termed the short-term future facing the gambling sector. Noting Monarch’s upbeat messaging last week, they suggested the market would soon find out whether “larger, more diversified” operators convey the same message.
Fan no moreFanatics CEO Michael Rubin has completed the sale of his 10% stake in Harris Blitzer Sports & Entertainment, the parent company of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils franchises.
NewslinesEsports: In a vote earlier this week, the Nevada Esports Technical Advisory Committee passed the regulations for expansion of esports wagering in 2023. OddsJam has appointed Benjie Cherniak as a strategic advisor. Meanwhile, DFS operator SimWin has appointed ex-DarftKings sportsbook head Jamie Shea as a non-executive director. Genius Sports has extended its data partnership with bet365 and will seek to integrate its Second Spectrum tracking technology into the sportsbook’s tech infrastructure. Contrary to other press reports, it should be noted on NCAA betting data, the deal only covers the data from the Mid-American Conference (MAC). On socialCalendar
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