Earnings+More - GiG buys AskGamblers for €45m
GiG buys AskGamblers for €45mGiG acquires chunk of Catena Media’s European ops, XLMedia considers divisional sale, Bally’s Chicago support +MoreGood morning. On today’s agenda:
GiG buys AskGamblersGiG has augmented its gaming affiliates business via the purchase of AskGamblers and other European-facing assets from Catena Media for €45m. The deal for AskGamblers.com, JohnSlots.com, NewCasinos.com and other “smaller” domains resolves Catena Media’s strategic review overhang and sees Gaming Innovation Group substantially bolster its gaming affiliate revenues.
The nuts and bolts: GiG will pay €20m in cash on closing, with a further €10m coming after 12 months and a final €15m tranche after two years. The deal is expected to close in Q123. GiG will take on ~90 staff as well as two of Catena’s companies in Serbia and Malta.
What they say: Morten Hillestad, director of business development at GiG Media, said “the time was ripe to act” when the opportunity to buy AskGamblers emerged earlier this year.
**Sponsor’s message** Venture capital firm Yolo Investments manages €550m in capital across 80 of the most exciting companies in fintech, gaming & blockchain. The Gaming Fund, regulated by the Guernsey Financial Services Commission, a dedicated 29-company, €183m AUM portfolio has invested in fast-growth assets including Dabble, Kalamba, SimWin & ThriveFantasy. Yolo Investments has just opened its fund to new investors as it looks to scale new cutting-edge concepts, including its exclusive high-roller land and live casino brand, Bombay Club, global banking network & OTC desk Aims Group. XLMedia explores slimming potentialThe largely gaming-focused affiliate provider says it is “exploring” the potential sale of its personal finance division. Slimfast: XLMedia said it is restructuring its personal finance division and is already in the process of looking for a buyer for the business. It added that it is “engaging with a number of potentially interested parties”.
Inspired’s machine winAnalysts applaud Inspired Entertainment’s extended deal with Paddy Power in the UK to provide 1,400 new Vantage gaming machines. The view from here: The team at Roth suggested the new capital-lite Vantage gaming machine supply deal with Paddy Power will improve Inspired’s free cash flow. The deal is similar to another recent announcement to supply Betfred with the same machines.
Bally’s Chicago voteBally's Corporation says it has achieved a “major victory” after Chicago's City Council voted to approve zoning for its planned casino in the city. Bally’s has received authorization for its flagship Bally’s Chicago Casino following a planning meeting earlier this week. The first phase of this project will include the 1 million square foot casino building, a 500-room hotel and a 3,000-person event space.
Gaming Realms’ Bally’s debt repaymentEvery little helps: Separately, Gaming Realms has paid back Bally’s Corporation £3.4m in cash in respect of the £3.5m secured convertible loan notes borrowed from the then independent Gamesys in 2017. The loan has now been repaid in full.
DatalinesMaryland: Sports-betting GGR for the first eight days following launch on November 23rd was $25.9m, with handle at $186.1m. Retail handle was $33m, with GGR of $4.8m. Margins were high at 13.9% and promo spend totalled $63.8m. This resulted in NGR losses of $38.3m for the books.
Denmark: GGR was up 12% YoY to DK595.5m in October, with online casino GGR rising 2.5% to DK245m and sports betting up 62.6% to DK210.3m. Land-based casino GGR was down 23.6% to DK28m. Analyst takesChurchill Downs: The team at Wells Fargo have tweaked their estimates to reflect more fully the integration of the recently acquired Peninsular Pacific HRM assets. However, the team added that they view the company as a “tweener” because investors see it as relatively less attractive in a potential downturn. Downloads: According to JMP, app downloads were up 112% in week 14 of the NFL Season at 424k for the operators that control 90% of the market, helped by the World Cup and Maryland’s OSB launch. Morgan Stanley reported that bet365 leads the November charts in Ontario. NewslinesFlutter has confirmed that Paul Edgecliffe-Johnson will replace Jonathan Hill as CFO effective 20 March 2023, with Hill taking up the position of COO as of the same date. The Ohio Casino Control Commission is assessing whether to fine Barstool Sportsbook $250k for advertising near a college campus and potentially targeting under age customers. David McDowell, CEO and co-founder of sports-betting solutions provider FSB Technology, is stepping down from his role to join the group’s board of directors. What we’re sayingRhodes to nowhere: Scott Longley on whether the UK Gambling Commission will take a more conciliatory tone with the sector. For EGR. CalendarDec 20: Due Diligence #2 Contact
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