Earnings+More - Weekend Edition #72
Weekend Edition #72Genius Sports’ NFL in-play bounce, Endeavor open for business, NeoGames’ iLottery hopes, sector watch – crypto exchanges +MoreGood morning. In today’s weekend edition:
Bring me a day full of honest work. Genius SportsThe NFL data provider sees in-play bounce as revenues rise 13.8% YoY to $78.7m while adj. EBITDA moves into positive territory at $7.7m. Rising tide: A significant improvement from in-play handle (up 70% YoY) and GGR (up 200%) in the first three weeks of the NFL season helped contribute to a 70% YoY improvement in US revenues and towards a 12.6% rise in betting tech and content revenues to $49.2m.
Hold that thought: Over the period Genius also signed a deal with Amazon to provide video and data technology to Amazon for its Monday Night Football streamed broadcasts. Taken together with a recent exploratory deal with bet365 for AV tech, CEO Mark Locke said the task of both deals was to make sports more engaging for the fans.
No change: Genius recently reached a settlement with Sportradar over English and Scottish football data, which will see Genius sell a secondary highlights package to its rival. The agreement is confidential, but Lokce did add that “for us, it doesn’t change how we operate”. 🚨Genius Sports has shipped over 16% in the past week ** SPONSOR’S MESSAGE: BettingJobs is the leading global 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. Our industry-recognised recruiters will be attending SiGMA Malta, from 14th - 18th November 2022. Contact info@bettingjobs.com to arrange a meeting with our consultants during the event, who will be delighted to discuss any queries you may have. Endeavor open for businessHaving completed its acquisition of OpenBet during the quarter, Endeavor CEO says he sees ‘secular tailwinds’ in the sports-betting sector. Getting it on: CEO Ari Emanuel said he expected to see “meaningful synergies” from adding OpenBet to its existing IMG Arena business as of next year. He said that both businesses were profitable and noted the tailwinds of further regulation of sports betting, both in the US and internationally.
NeoGames opening doorsIn its first full quarter incorporating Aspire Global, NeoGames says it sees early signs of iLottery, iCasino and OSB providing the gateway for each other with regulators. Winner, winner: On its Q3 earnings call yesterday, CEO Moti Malul said the company was already seeing the benefit of offering an end–to-end solution from iLottery to iCasino and sports betting, and suggested it had already seen instances of its iLottery helping it win new iGaming contracts.
Recall: NeoGames said on Wednesday revenues rose 262% to $73.3m, while adj. EBITDA more than doubled to $17.6m. The existing lottery business saw revenues climb 22%, while sports betting and iGaming was up 8%. MGM’s Macau loanHandout: MGM has announced it has made available a $750m revolving credit facility to majority-owned subsidiary MGM Macau. MGM said the loan reflected its “confidence in the long-term growth potential of Macau and bolstered MGM Macau’s “already strong financial position”.
Earnings in briefGalaxy Entertainment: Staying with Macau, GGR for Q3 fell by 75% YoY to HK$918m and adj. EBITDA fell into negative territory at minus HK$581m as restrictions continued to bite; Galaxy Macau revenues fell 62% YoY, with StarWorld Macau down 76%. Genting Singapore: In contrast, revenues at Genting rose over 100% to SG$520m, driven by the continued recovery at its Resorts World Sentosa property in Singapore. Adj. EBITDA rose over 140% to SG$294m. Bragg Gaming: Q3 revenues rose 62.3% to €20.9m while adj. EBITDA was up 51.6% to €2.2m. In September, Bragg raised $8.4m in convertible debt via investment from Lind Global Fund. Analyst takesWynn Resorts: The team at CBRE noted the share price rally after ews broke of Tilmann Fertitta’s 6% stake in Wynn and suggested some of this enthusiasm represented “broader speculation of further activity from Fertitta”.
Sector watch – crypto exchangesCrypto exchange FTX’s near-death experience this week has implications for some names in the betting sector. Going down: With troubled crypto exchange FTX apparently on the verge of collapse and founder Sam Bankman-Fried having issued a public apology via a Twitter thread, the potential for wider contagion from the latest crypto crisis will be furrowing brows in the betting space. OSB impact? FTX was directly invested in the decentralized betting exchange startup BetDEX, which at the start of this month announced it had received a license from the Isle of Man and was set to launch in the coming months.
The bright side: Also likely to suffer FTX fallout is PlayUp. The Australian-based betting operator might be said to have had a close shave after a legal dispute with former CEO Laila Mintas blew up a takeover attempt. FTX is thought to still be an investor in the company, which has since sought to pursue a merger with the IG Acquisition Corp SPAC. Crystal clear: The FT has reproduced a graphic of the Bankman-Fried empire and, well, best of luck anyone untangling this lot. This week on E+M
DatalinesMissouri: GGR hit $154.4m in October, down 4.7% YoY, while visitation was down 8.6%. The figure represented a 9.1% uplift on Oct19. Penn’s Missouri properties led the market with GGR of $54.7m, down 1.3% YoY. Indiana: GGR was down 3.2% YoY at $207.6m. Sports-betting GGR was up 69.5% to $46.9m, while handle dropped 3.2% to $446.2m. Iowa: Casino GGR was down 3.9% YoY to $145.8m, Caesars led in GGR market share with 26%. Sports-betting GGR rose 192% YoY to $19m from a handle of $238.8m, down 15% YoY. Online margins were 7.7%, retail hold came in at 10.5%, said Wells Fargo.
NewslinesSightline Payments has launched its mobile loyalty platform Mobile+ at the Talking Stick Resort and Casino Arizona venues in Scottsdale. Battles hardened: Lottery.com has announced Matthew McGahan as its new chairman and two new board appointees, Barney Battles, a former senior advisor at Rank, and Naila Chowdhury. The UK Gambling Commission’s ‘Young People and Gambling 2022’ report has found that 3% or respondents had gambled on fruit or slot machines, 2% on eSports and 1% on RMG websites (1%). The study found that 0.9% of 11-16 year-olds are classed as problem gamblers. What we’re writingNIESR to see you: Scott Longley on the UK Gambling Commission’s use of settlement funds, for iGB. What we’re readingChina Pivot: Beijing appears to have signaled a Covid measures pullback. On socialI have a dumb question. If I bought bitcoins through FTX and FTX goes belly up where do they go?Like Bitcoins are finite right? Does anybody have access to them or are they just lost in the ether or something forever? #ddtg Calendar
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