Earnings+More - PointsBet’s NBC 'realignment’
PointsBet’s NBC 'realignment’PointsBet has changed the terms of its NBC deal, XLMedia issue trading update +MoreGood morning. In today’s Earnings Extra:
PointsBet’s new dealThe deal with broadcaster NBC has been extended by two years, with the remaining marketing commitment now spread over seven. Commercial break: PointsBet said its marketing commitment over the course of the remaining four years of its deal with NBC is US$269m after it renegotiated the deal with the broadcaster, with the maximum spend each year reduced to US$56m. CEO Sam Swanell said the new arrangement was “mutually beneficial” and marked a move to more targeted advertising.
The news came with the company’s FY23 H1 trading update where it said net win for the group rose 34% YoY to A$103.4m. US marketing expenses this financial year will be US$90m, down 24% from US$118m in FY22. In Q2, marketing fell 17% to US$24.5m. US net win rose 68% YoY to A$40.6m; iGaming net win was up 183% to A$15.2m.
Turning circle: “This is the turning point,” Swannel said of the trading performance, which included a return to growth in Australia (up 9%) and a 192% rise in net win in Canada to A$5m. “With operational scale now having been reached, the impact of our growing revenues will begin to be seen in H2 as cash burn reduces by ~35% from H1,” Swanell added.
No comment: Swanell said the company couldn’t comment on the bid from Australian rival Betr, which came in December. Asked about how integrated the Australian business was with the North American arms, he said the operations “share a common code base”.
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/ XLMedia updateThe digital media company forecasts a close to $74m increase in revenue for 2022. In line: XLMedia expects FY22 consolidated results to be in line with expectations and deliver a ~55% rise in adj. EBITDA of $16.1m-$16.6m, with revenues rising 11% to $73.7m. US sports revenues grew 72% to $54m, while group revenues from sports and gaming were up 27% to $69.6m.
Macau updateVisitation numbers rise 297% YoY to 451k for Chinese New Year but remain way below 2019 figures. Rabbit hole: Figures from the Public Security Police show that the number of visitors who made the trip to Macau for Chinese New Year is far lower than the 1.2 million tourists who visited the jurisdiction for CNY in 2019.
Operators such as Las Vegas Sands have expressed confidence that Macau will rebound strongly in the coming months as China reopens, but the team at B Riley cautioned against “longer-term stock valuations maintaining pre-Covid levels”.
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