Earnings+More - Ohio opens – without Fanatics
Ohio opens – without FanaticsBetFanatics fails to launch in Ohio, other Betr makes PointsBet bid, Genesis Global goes belly up, startup focus – Players Lounge +MoreWelcome to the first newsletter of the year. On today’s agenda:
Ohio seems like a dream to me now. OhSBOhio opened up to sports betting yesterday with all the big names available but with no sign of BetFanatics. No show: The much-hyped opening of the Ohio sports-betting market went ahead yesterday with all of the big names going live at the stroke of midnight, including the Jake Paul-fronted micro-betting specialist betr, which made its sports-betting debut in a suitably social media-friendly fashion.
You have to meet Mike: A notable absentee on day one was much-anticipated market entrant Fanatics. But the failure to hit the opening day deadline in Ohio is unlikely to dent confidence at the sports apparel turned betting operator. A late December article in the Washington Post quoted CEO Michael Rubin as suggesting “people say that I’m nuts” for suggesting Fanatics will be No. 1 in sports betting a decade from now.
On social: Man places a bet. Rokker’s Business Design services deliver global gaming clients with research and insight alongside actionable strategy, clarity and alignment. We research, analyse and ideate to address the challenges and opportunities that affect our client’s product, proposition, people and process. Our work aligns clients’ boards and teams in building businesses people love. To find out more visit: https://www.rokker.co.uk/ PointsBet Oz sale talksPointsBet has confirmed it is in talks with NTD, the company behind the Australian Betr, over a potential buyout of its Australian business. Starting point: PointsBet issued a statement last week confirming a story in the Australian press over a reported A$250m bid from the company behind the Australian Betr (which is not to be confused with the US betr),
Getting Betr all the time: The bidder is a joint venture between New Corp, BetMakers and Tekkorp and is led by ex-BetEasy boss Matthew Tripp. It previously made a A$1bn bid for the Western Australia TAB that came to nothing. The same consortium also made a ~A$220m bid for PointsBet Australian in June. Genesis endThe iGaming operator filed insolvency proceedings on the last working day before Christmas, affecting 140 Malta employees. Beginning of the end: In a letter published by the Times of Malta signed by Genesis Global co-founder Yoav Dotan, the company informed its Malta-based employees they had been made redundant and that it might struggle to pay their December salaries.
Regulatory failure: In Jan22 the company was levied with a £3.8m fine by the UK Gambling Commission and a warning about future behavior after “significant” AML and social responsibility failures were uncovered.
Spel it outThe Swedish government should sell its interest in Svenska Spel’s sports-betting operations, according to online gaming association chief. Hoff with his head: In a letter published by Sweden's largest circulation daily Dagens Nyheter, Gustaf Hoffstedt, secretary general of the Swedish Trade Association for Online Gambling, suggested it was “difficult to find arguments” in favor of having the state’s continued involvement.
What he says: “It’s high time for the government to cut (its) ties as a commercial betting and casino operator and focus on its unique role as legislator and rule setter.” Meanwhile in Finland: According to a LinkedIn posting from gaming lawyer Antti Koivula, Finland’s minister of European affairs Tytti Tuppurainen has told local media “there is a unanimous view within the government on abandoning Veikkaus’ monopoly on digital games”. EE’s new bossEsports Entertainment has appointed Alex Igelman as its CEO. Out with the old: Grant Johnson’s replacement in the hot seat at Esports Entertainment has been named as the gaming lawyer and former founder of FairP2P and Esports Capital Corp.
Analyst takesVICI: The gaming REIT capped off a “transformational” year with deals with Century Casinos, a new lease agreement for the Mirage with buyer Hard Rock, and the sale and leaseback of two properties from Foundation Gaming.
DatalinesTough crowd: Nevada revenues were down 7.6% overall to $1.22bn and Strip revenues dropped by 11.3% to $669.5m in November against a tough comparative from last year. Visitation was up 4.9% YoY, while convention attendance rose 45%.
Macau: Under the auspices of now passed zero Covid restrictions, Macau suffered its worst year since 2004 with revenues down over 50% to $5.25bn. December GGR came in at $435m, down 56% YoY. Delaware: Online casino GGR dropped 1% YoY and 17.6% MoM to $987k, its lowest monthly total since February. Sports-betting GGR was down 16.7% YoY to $1.5m, while handle rose 17.2% to $10.2m. Startup Focus – Players LoungeWho, what, where and when: The Brooklyn esports-based wagering operator was founded by Zach Dixon and Austin Woolridge in 2014. The company has two products available via the iOS App Store enabling gamers to win money playing AAA games such as Madden, NBA2K and FIFA. Funding backgrounder: The company raised $10.5m from a Series A round in July this year led by Griffin Gaming Partners, with participation from Comcast Ventures, Samsung Next, Vice Ventures and Sharp Alpha Partners among others. The pitch: Players Lounge has already become the largest skill-games operator in AAA video games in the North American market, says Dixon. “Our first product has done $150,000,000 in bets over the past few years. Our new product is going to blow past that very quickly.”
What will success look like? “Over the short term, success to us means building the next Twitch,” says Dixon. “We're on the road to building a profitable unicorn and are very narrowly focused on executing within our sub-genre for now.” The Week AheadComing up: The Startup Month #6 will be sent tomorrow. Included in the latest edition:
NewslinesThe Macau authorities have further eased travel restrictions, now no longer requiring people from overseas, Hong Kong or Taiwan to quarantine upon arrival. The Hong Kong-Macau ferry was set to resume operations on December 30. Bleau is the no-color: Fontainebleau Development and Koch Real Estate Investments have secured a $2.2b loan from a lending consortium including JP Morgan, Blackstone and VICI Properties to complete construction on the Strip. The Ohio For Responsible Gambling group has launched the ‘Pause Before You Play’ campaign ahead of the launch of sports betting this month, while Ohio Casino Control Commission director of problem gambling services Amanda Blackford encouraged consumers “to have fun” but “be responsible”. Maverick Gaming has acquired Evergreen Gaming’s four casinos in Washington state for $80.5m. What we’re readingCarry on at your convenience: Gaming’s struggles against the advance of videogame gambling. CalendarJan 3: The Startup Month #6 Jan 10: Deal Talk #6 Jan 17: Due Diligence #3 Contact
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Weekend Edition #78
Friday, December 23, 2022
UK regulation review, Massachusetts licensing, Churchill Downs' Exacta deal, iCasino pivot, the esports betting year +More
Due Diligence #2
Tuesday, December 20, 2022
The pivot to iCasino in the US, plus recent analyst takes
Jersey’s handle declines continue
Monday, December 19, 2022
Datalines – New Jersey, GAN's Wynn deal, Rank analyst takes, startup focus – SimWin Sports +More
GiG buys AskGamblers for €45m
Friday, December 16, 2022
GiG acquires chunk of Catena Media's European ops, XLMedia considers divisional sale, Bally's Chicago support +More
Deal talk #5
Tuesday, December 13, 2022
SPAC's highs and lows, 888's debt woes, Tilmann Fertitta's Wynn move +More
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