Earnings+More - Weekend Edition #88
Weekend Edition #88Genius Sports’ NBA tracking, analysts’ online doubts, sector watch – fan tokens, +MoreGood afternoon, welcome to your weekender. In this edition:
We're charging our battery and now we're full of energy. Tracking and fieldGenius announces a deal with the NBA to build an automated player-tracking platform ahead of its earnings showing it notched up a small adj. EBITDA profit. Second sight: Subsidiary Second Spectrum is set to develop a next-generation platform for tracking basketball data points in select NBA arenas. Genius has also become an official NBA team basketball analytics partner.
Trim trail: The news came ahead of Genius’s Q4s, which saw it move into positive adj. EBITDA territory with a $2.7m profit compared with a $12.5m loss in the prior-year period. Revenues came in at $105m, up 25%, but they were outpaced by net losses, which were up 140% to $128m.
**SPONSORS MESSAGE** Pretty Technical provide software, bespoke development and flexible development resource solutions to deliver products and platforms players love. The business is built on years of collective online gaming knowledge in technology delivery and operations across all verticals and main global jurisdictions. Read more about solutions for resourcing issues: https://prettytechnical.io/ New market opening klaxon📣 Critical Mass: The Massachusetts online sports-betting market opens today with six competitors coming out of the gate, including FanDuel, DraftKings, BetMGM, WynnBet, Caesars and Barstool. No slam dunkThere are more negative catalysts than positives coming down the track for DraftKings, according to Roth MKM. Always look on the bright side: The team at Roth MKM pointed to the relatively empty sporting calendar post-March Madness for their pessimism. The team highlighted that DraftKings’ share price – in its short lifespan as a listed entity – tends to underperform during the tournament itself.
Stripped outThe recent “considerable strength” on the Las Vegas Strip is set to continue into February and March, say analysts. Red rag: The combination of multiple basketball conference tournaments, a construction expo, a UFC event and a NASCAR race is set to drive “outsized demand”, suggested Deutsche Bank, adding: “The bull case remains firmly intact.”
🐂 Bull: Las Vegas Strip in the past year, YoY % GGR change ICYMIIn Compliance+More on Thursday the big story was a piece looking into the news this week about PokerStars’ legacy bribery issues in Russia as uncovered by the SEC. The article asked whether the revelations would have any impact on Flutter’s recently announced consultation around a dual US listing.
In Earnings+More this week:
In Sharpr this week:
JobsboardJosboard reminder: See down the page for positions in finance control, affiliate management and product development. Earnings in briefAGS: CEO David Lopez said the “premium business was really in its infancy” in 2019 and had come a long way since, after the company reported higher yields from premium machines that drove a 16% rise in both Q4 revenue and adj. EBITDA to $82m and $38m respectively.
Century Casinos: The operator said revenue fell 3% to $104m while adj. EBITDA was off by 13% at $22m, due largely to disruption at its Mississippi property. The company noted the Nevada authorities had approved its acquisition of the Nugget Casino in Reno-Sparks. Playstudios: CEO Andrew Pascal said the focus will be on further integration of the Brainium library into its playAWARDS program as the group saw revenues rise 10% to $79m in Q4 with adj. EBITDA flat at $12m. Payments earnings in briefPaysafe: A softness in European gaming saw revenues at the digital wallet segment drop by 4%, though much of it was caused by currency fluctuations. Total revenues rose 3% to $384m in Q4, adj. EBITDA was up 2% to $106m. Nuvei: New business activity away from the volatile cryptocurrency market rose 23% YoY, helped by new enterprise agreements including, within the gaming sector, DraftKings, Holland Casino and Unibet Italy. Total revenue rose 4% to $220m, dragged down by crypto. Sector watch – fan tokensLab incubator: Chiliz, the blockchain platform that powers the Socios fan token ecosystem, has announced a $50m incubator program called Chiliz Labs. The program is backed by Jump Crypto and will focus on Web3 projects in the sports and entertainment fields.
Regulatory process: In the UK, the government has issued a call for evidence on crypto assets following concerns that fan tokens could act as a gateway for unsophisticated investors to enter into speculative cryptocurrency investments.
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