Earnings+More - DraftKings’ hopes in the spotlight
DraftKings’ hopes in the spotlightAnalysts at Roth look at DraftKings’ long-term prospects, UK online for 2022 examined, Caesars’ Illinois claims tested +MoreGood morning and welcome to the debut edition of the latest of our monthly editions. The Data Month hopes to delve further into the copious figures given by operators, analysts and state and national regulators, and to highlight trends away from the headlines.
I can see all obstacles in my way. DraftKings’ profits outlookThe long-term profits forecast for DraftKings is becoming clearer, according to analysts at Roth MKM. Want, settle for, get: CEO Jason Robins said in DraftKings’ Q4 earnings call that the company had a “great trajectory” as it pushed towards hitting EBITDA profitability in 2024. However, the team at Roth MKM suggested that, while DraftKings had accelerated the trimming of its costs, in terms of operating leverage it would still struggle to reach EBITDA margins of even 20%.
🤔 Roth’s forecasted EBITDA long-term profitability ** SPONSOR’S MESSAGE ** Venture capital firm Yolo Investments manages in excess of €600m in capital across 80 exciting fintech, gaming and blockchain companies. The Yolo Investments' Gaming fund, regulated by the Guernsey Financial Services Commission, has taken positions in fast-growth suppliers and operators, including Dabble and Enteractive. Yolo Investments (yolo.io) wants to hear from readers of this newsletter. Get in touch with your pitch, or for a chat about innovative products which can plug into our investment ecosystem. Sensitive soulsMarket share sensitivity: Notably, Roth is arguably on the high side within its market share forecasts, putting forward 25% as an at maturity market share compared to the actual figure in 2022 of 22%.
🍆 DraftKings quarterly revenues ($m) get a Q4 boost Cash calls: DraftKings insisted during the Q4 call that it would not need to make any more demands on shareholders this year before reaching EBITDA profitability next year, saying it was projected to have at least $700m of liquidity at YE23.
🎢 DraftKings has lost some of the ground gained this year UK onlineThe state of play: The latest data from the Gambling Commission gives a view of the UK market ahead of – eventually – the publication of the government’s White Paper on gambling. The data comes from operators worth ~80% of the total market.
🧀 Maturity: The UK in 2022, according to Gambling Commission figures IL windCaesars’ claims to be a national operator rest on limited markets share ex-Nevada. Caesars’ online hopes have also been in the spotlight this week. As the team at Regulus Partners pointed out, ex-promotional incentives the business achieved an actual GGR of $6m in 2022 versus the stated $548m, as promotional and incentive spend of $542m took its toll.
🤮 Caesars struggles to hold its ground in New York
🛑 Caesars national GGR market shares across OSB and iCasino IL behaviour: One market singled out for comment on the recent Q4 earnings call was Illinois, where CEO Tom Reeg suggested the company had seen evidence of market share gains.
🤏 Caesars market share gains in OSB in Illinois in 2022 ** SPONSOR’S MESSAGE ** The Fastest Sports Betting Data In The World: OddsJam offers real-time odds from over 150 sportsbooks in the United States, Canada, Europe, Australia, and more. See why tier 1 operators, affiliates, and DFS companies turn to the power of OddsJam sports betting data & screen to work smarter, not harder. Book a demo or drop us an email at enterprise@oddsjam.com. DatalinesDenmark: Total GGR for 2022 was up 8% YoY to DK6.7bn. Within that, iCasino rose 3% to DK2.9bn while sports betting was up 4% to DK2.3bn. Land-based slots rebounded 48% to DK1.2bn. Italy: iGaming revenue of €323m in November was up 6% YoY. In terms of market share, Lottomatica/Goldbet led sports betting with 16%, followed by Sisal on 15% and bet365 on 11%. Lottomatic/Goldbet also led iCasino on 12.7%. Calendar
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