Earnings+More - NorthStar set for Toronto switch
NorthStar set for Toronto switchNorthStar sets seal on reverse takeover, FanDuel's MLB deal, GAN loses coverage, the week in shares, startup focus – Grin Gaming +MoreGood morning. On today’s agenda:
NorthStar completes reverseThe Canadian gaming group achieves reverse takeover and will shortly move its listing to Toronto. NorthStar Gaming is set to take its place on the Toronto Stock Exchange after completing its reverse into Baden Resources. The company, jointly owned by the Torstar media group and Playtech, operates under the NorthStar Bets name and will trade under the symbol BET.
Linchpin: Playtech bought C$12.3m of convertible debentures in December. NorthStar is another one of its “structured agreements” whereby it takes a financial stake in key partners. Another is CaliPlay, a JV with Caliente in Mexico, which is currently subject to a legal dispute over an ownership option.
** SPONSOR’S MESSAGE ** Founded in 2013, Metric Gaming is based in Las Vegas and London and developed the industry’s first truly multi-tenant sportsbook platform, purpose-built to support operators across multiple territories, regions or States. Metric is proud to be partnered with both Racebook HQ and Lacerta Sports (powered by Starlizard) and will roll out innovative MTS solutions for both racing and sports in 2023, including soccer and four main US sports. To find out more, please visit www.metricgaming.com FanDuel MLB partnershipFanDuel and Major League Baseball have this morning announced a multi-year co-exclusive official betting partner deal across sports betting and DFS. As part of the new extended partnership, FanDuel will get to use official MLB branding and category designations. Further, the deal also sees FanDuel gain rights to stream MLB.TV’s free game of the day through the FanDuel app and its OTT platform FanDuel+.
GAN loses coverageJefferies drops coverage of the B2C/B2B operator/supplier. The sports-betting operator and supplier of backend tech has lost coverage from brokers at Jefferies, which said late last week it would no longer provide analysis of the firm due to a “reallocation of resources”.
Regionals canaryA predicted rise in February GGR masks a downward trend, suggests Wells Fargo. Analyzing visitation data, the team at Wells Fargo estimates the pace of growth in GGR slowed in February to 4.6% YoY from the 12%+ growth seen in January. The team viewed this ~5% growth rate as a more “normalized pace” given the ‘clean’ calendar comparison.
The week in sharesMGM and Caesars enjoy a good week as investors warm to the Vegas story. Riding the wave: Shares in the main Las Vegas Strip operators MGM Resorts and Caesars Entertainment benefitted with a 7% rise last week, helped by the continuing good news on revenues and visitation in Nevada. 🎉 All smiles: Caesars and MGM enjoy the share price boost Supplier boostIGT and Light & Wonder enjoy a positive start to the year. Supply side: The major gaming machine and online suppliers both reported positive earnings last week and were rewarded with each rising 5% over the week. The move helped cement a good start to the year for their shares, particularly IGT, which is up nearly 21% in the YTD, while LNW is up over 11%.
Rocky mountain lowsColorado received a mere $12.5m in sports-betting tax from operators in 2022. Rounding error: As was highlighted by Gambling Twitter over the weekend, revenues for the state of Colorado from sports betting amounted to “budget dust” in the fiscal year to June 2022, according to the recently released state revenue report.
🏔️ The tax take from sports betting in Colorado Newsletters this weekIn Compliance+More: Tomorrow we take a look at the news out of Brazil where the finance minister appears to have given a boost to moves to finally get sports-betting legislation through parliament.
In Earnings+More: Tomorrow sees edition #8 of the startup month released, which features an interview with Dean Sisun from the New Jersey-based betting exchange challenger Prophet Exchange.
Quarterly review: With the earnings season starting to wrap up, Thursday sees the release of a new E+M edition looking at the significant trends and key reaction from the reporting period just gone. Startup focus – Grin GamingWho, what, where and when: The LA-based micro-betting data provider was founded by Nick Bucheleres and serial entrepreneur Doug Kilponen in 2018 and launched two years later. Funding backgrounder: To date, Grin has raised $4.5m in Seed and pre-Seed from BAM Ventures, Operate, Nanban Ventures and a group of angels that includes Lyle Berman. The last round closed in Q3 last year and raised $3m on a $16m post-valuation. The pitch: Kilponen says the Grin idea is to bring the sophistication of high-frequency trading to sports gambling with real-time, in-play wagering, niche odds, the lowest latency and “narrative wagers to keep bettors engaged in every play”.
What will success look like? Kilponen believes GrinData can be a $300m business within the next three years, which would mean it is “well on our way to going public”. Medium-to-long-term goals are to continue to build out the company’s gaming catalog and expand its market presence via partnerships with leading operators. ** 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. NewslinesKambi has signed a multi-channel and multi-year sportsbook partnership with Potawatomi Hotel & Casino, which runs casinos in Milwaukee and Carter, Wisconsin. Australian pubs and pokies tycoon Bruce Mathieson has built up a near 10% stake in troubled casino entity Star Entertainment. Sportradar has signed a sports-betting platform agreement with recently founded Puerto Rico-based Ballers Sportsbook. What we’re readingNow you see it, now you don’t: The Museum of Illusions has pushed back its Las Vegas opening to June. Calendar
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Weekend Edition #87
Friday, March 3, 2023
Flutter going west, Wynn Macau's rebound, Rush Street shares drop, sector watch – payments, Jobsboard +More
Flutter looks beyond FanDuel ‘just being profitable’
Thursday, March 2, 2023
Flutter's profit leap, Rush Street's 'great strides', Light & Wonder on the up, bet365's Ohio progress +More
PointsBet plunges on widening losses
Wednesday, March 1, 2023
PointsBet half-year results disappoint, Australian Betr raises cash, Ohio debut numbers, Las Vegas highs +More
DraftKings’ hopes in the spotlight
Tuesday, February 28, 2023
Analysts at Roth look at DraftKings' long-term prospects, UK online for 2022 examined, Caesars' Illinois claims tested +More
Caesars’ $6m question
Monday, February 27, 2023
Caesars' promotional spend analyzed, Ohio debut apps tested, gaming REITS review, startup focus – Splash Tech +More
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