Earnings+More - Jersey’s handle declines continue
Jersey’s handle declines continueDatalines – New Jersey, GAN’s Wynn deal, Rank analyst takes, startup focus – SimWin Sports +MoreGood morning. On today’s agenda:
Datalines – New JerseyNearing year-end FanDuel reasserts its dominance in sports betting, while Caesars’ mid-year push for GGR share fades away. Duel-tide greetings: The market leader FanDuel is back up to 54% sports-betting market share YTD after grabbing 58% of the $80.4m in GGR in November. DraftKings was second with 18%, followed by BetMGM on 10%, and Caesars and PointsBet with 3% each.
🍆 FanDuel sustains its Fall rebound as Caesars falls back
🎢 New Jersey suffers its seventh successive month of YoY handle declines ** SPONSOR’S MESSAGE: BettingJobs is the global leading 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. Does your company have plans to expand teams to cope with strong growth and demand? Contact BettingJobs.com today where their dedicated team members will help you find exactly what you are looking for. World Cup ballsVery messy: Owning up to technical issues during the best World Cup Final ever… bet365 GAN’S Wynn winThe supplier adds a stellar name to its roster, even if actual revenues are less elevated. Wynn at all costs: GAN has announced it will be the new sports-betting backend supplier for retail and online operations to WynnBet, including the launch of a sportsbook at the Encore Boston Harbor, Massachusetts. GAN replaces Endeavor’s OpenBet.
🔥 GAN shares receive a boost on the Wynn sports-betting supply news Coming soonRank analyst takesThe casino-to-bingo operator’s statement on Friday balanced good news online with a worsening backdrop for land-based gaming. Breaking rank: Arguments about the land-based gaming sector having an element of recession resilience suffered a blow after what Rank said last week about both its Grosvenor Casino and Mecca Bingo estates, according to the team at Regulus Partners.
🦆🦆 Rank suffers a near 10% decline following its Friday warning Macau concessionsOn the dotted line: The six Macau licensees have all signed their new concessions, ending a years-long process and finally bringing some certainty for investors. Between them, the six are now committed to spending a combined $15bn, with the largest contributions coming from Sands China and Galaxy.
FSB’s US retreatThe sportsbook backend supplier says it will be “de-prioritizing” the US as it refocuses on the UK, Europe and Africa. Pivot: Following a strategic review, FSB Technology’s chief revenue officer Ian Freeman said the prohibitive cost of the US market had led to the decision not to pursue US opportunities. It will now concentrate on its “bedrock” of the UK, Europe and Africa.
Analyst takesAGS: Analysts at B Riley suggested consensus estimates for the machine supplier for Q4 and next year are likely on the conservative side. They noted that the new Spectra UR43 cabinet continues to outperform and could help accelerate market share. Las Vegas searches: Macquarie analysts said November search data saw an acceleration, with overall searches up 8% MoM. They added that current demand bodes well for Q4. The week ahead
Startup focus – SimWin SportsWho, what, where and when: The LA-based SimWin is a fantasy sports operator founded by CEO David Ortiz in early 2019. It offers daily, season-long and in-play tournaments that also allow players to collect as they play by ‘selling’ sports franchises as NFTs owned by a host of celebrities. Funding backgrounder: Funding to date has not been disclosed but its backers include 1 Up Ventures, Animoca, YOLO, Magic Johnson Enterprises, David Levy and Fubo’s CEO David Gandler. The pitch: Ortiz says SimWin is a “first-of-its-kind” around-the-clock league allowing players to engage in contests without waiting on leagues to actually commence, while leveraging Web3 tech and the whole concept of sports in the metaverse.
What will success look like: Ortiz says SimWin is still working on closed beta with American football simulations and 24/7 fantasy sports contests set to launch early in 2023, and he is looking forward to “virtual player and asset drops” as well. NewslinesHard Rock International’s acquisition of MGM’s Mirage on the Las Vegas Strip is expected to close later today after receiving final approval from the Nevada Gaming Commission. Scout Gaming finalized a restructuring process of its B2B operations, with 13 B2B operators under contract, eight of which are integrated and five others planned to be in full operation in the first quarter. Make your mind up: The Norwegian gaming regulator Lotteritilsynet has once again paused daily fines against Kindred having decided the company’s Unibet operation has not been targeting Norwegian customers. What we’re readingEvolution gets a vote of confidence from a substack analyst. On socialVote early, vote often. CalendarDec 20: Due Diligence #2 Dec 23: Last E+M newsletter of the year Jan 2: E+M is back Jan 3: The startup month #6 Contact
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