Earnings+More - GiG goes for a split
GiG goes for a splitGiG strategic review, Flutter’s US listing idea, Caesars admits to Nevada app outage, Betty raises $5m +MoreGood morning. In today’s edition:
If you don’t slow down, you’re gonna crash. GiG’s strategic splitGroup initiates strategic review to split its affiliate and platform divisions into distinct businesses as it reports “stellar” Q4 numbers. Fix up, look sharp: The group said the split will form two publicly listed “industry leading businesses” and will “sharpen their focus” by enabling them to grow faster and optimize their “distinctive business models”.
GIG’s record Q4 numbers were led by its media division, but CEO Richard Brown also pointed to the growth trends that have been underpinning progress over recent months. The platform and sportsbook division performed strongly thanks to progress in Latin America, and Brown pointed to upcoming US launches and an upcoming client launch in Ontario.
Record breakers: The strategic review came as GiG reported a 44% YoY rise in Q4 revenues to €26m, while adj. EBITDA was up 71% to €10.8m. The company said media revenues rose 40% to €17.8m, with adj. EBITDA up 50% to €8.9m. Platform revenues increased 54% (35% organic) to €8.2m and adj. EBITDA shot up 350% to €1.8m. **SPONSOR’S MESSAGE** Random Colour Animal specialise in motion-first design and production. We create advertising graphics, video trailers, and brand assets for B2C operators and B2B providers in iGaming. This spans animated campaigns, banners, social promo series, hero and explainer films – we also bring movement into brand identity design. Read how to go motion-first with your marketing: Flutter US listingAnalysts suggest the potential dual-listing for Flutter makes sense even though the news receives a lukewarm reaction from investors. Fan-Dual: The team at Jefferies noted that with US revenues likely to be three times that of the rest of the world by 2030, the move to potentially seek a secondary listing in the US was logical. They noted that such a move, which would come with the optionality of making the US the primary listing, “contrasts with the previously proposed FanDuel IPO”.
Yeehah: In a wider sense, the JMP team added that having Flutter listed in the US would “improve trading levels” for US online gaming stocks. “Flutter’s global reach, technological capabilities, balance sheet, earnings diversification and improved liquidity will be well-received by US investors,” JMP added. 🥱 Investors show a muted reaction to the US dual listing news Nevada ’Bowl cutsThe William Hill app crashing during the Super Bowl might help account for the near 15% fall in wagering activity for the Super Bowl. Crash landing: The total amount wagered on Sunday’s game in Nevada fell 14.8% to $153.2m while the win was down 26% to $11.3m, which wasn’t helped by margins dropping to 7.4% from 8.6% last year.
Earnings in briefMonarch Casino: Q4 revenue rose 8.5% to $120.5m while adj. EBITDA was up 6.6% to $41.6m, a result that CEO John Farahi said demonstrated “healthy underlying trends”. Macquarie analysts said that in Black Hawk, Monarch “continues to gain share, especially among the market’s more valuable customers”. SkyCity: The New Zealand-based casino operator expects FY22 EBITDA to come in at NZ$305-NZ$320m. It added that January is trading in line with the first half, with no indications of macro impact. Betsson-liteCEO Pontus Lindwall reveals very little during the company’s Q4 analyst call. No comment: With a Q&A that lasted barely a few minutes and was less than insightful, CEO Pontus Lindwall offered very little color to what was in the report yesterday, which showed central Europe – Turkey in particular – and LatAm to be its growth regions.
Analyst takesDraftKings: Ahead of tomorrow’s earnings announcement (call on Friday), Wells Fargo has upped their estimates for the company based on the latest state level data. The team now believe DraftKings’ Q4 revenues will be $828m, up 5% on their previous estimate, with EBITDA losses now pegged at $100m vs. $117m previously.
Inspired Entertainment: The team at Roth MKM noted that Entain’s recent upbeat news on UK high-street retail sports-betting trading provided “important read-throughs” for the gaming machine supplier. In particular, commentary around newer machines outperforming bodes well for Inspired’s new Vantage cabinet. Startup fundraise – BettyThe betting startup sits at the intersection of iCasino and casual gaming and aims to provide a “safe and inclusive space” for women and LGBTQIA+ players. Ooh Betty: Real money and casual mobile gaming operator Betty has raised $5m in a seed round led by Karlani Capital. The group obtained a license to operate in Ontario in January and the funds will be used to finance its launch in the province later this month.
** SPONSOR’S MESSAGE** BettingJobs is the global leading recruitment solutions provider to the iGaming, Sports Betting and Lotteries sectors. Boasting a 20-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. NewslinesEvolution has announced a supply agreement for its live casino products with Futter’s Sky Betting & Gaming. IGT has expanded sports-betting operations in Mississippi via a deal with the Treasure Bay Casino in Biloxi. Mohegan Tribal Gaming Authority has extended the maturity of its existing credit agreement to November 1, 2025. Incentive Games has launched its free-to-play game Live Score 6 on LiveScore’s mobile app. What we’re readingWhat Musk wants, Musk gets: CEO juices the algorithm to boost his tweets. Pannik stations: The lawyer leading the fight for Man City. On socialBREAKING: Twerking monument unveiled at Marriage License Bureau. https://t.co/ytWKoJBsFC Clark County Nevada @ClarkCountyNV Calendar
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