Earnings+More - McAfee to desert FanDuel for ESPN
McAfee to desert FanDuel for ESPNBroadcast news, Lottomatica’s strong start, BC's 30% revenue rise, Catena’s hiccup, NE states data +MoreGood morning. On today’s agenda:
Ex-PatPat McAfee is walking away from a $120m deal with FanDuel to join ESPN. Big Mac fee: In only the second year of his four-year contract with FanDuel, the sports broadcaster will be joining ESPN in a multi-million dollar-a-year deal. From September, the show will air on ESPN, ESPN’s YouTube channel and ESPN+. The new deal is reported to be worth eight figures per annum.
McAfee is already a regular on ESPN’s College GameDay and, in conjunction with Peyton Manning’s Omaha Productions, produces College football broadcasts for the channel. Further reading: “Even as the network lays off employees, it’s handing out the richest talent contracts in its history, trusting that a handful of highly paid big names will help it win the streaming wars,” writes The Ringer. Prime mover: Meanwhile, DraftKings co-founder Matt Kalish popped up on LinkedIn yesterday to promote its recently launched 24/7 streaming service in association with Samsung TV Plus.
** SPONSOR’S MESSAGE ** Tried, tested and proven over a decade in the highly-regulated US market, and continuing to expand across Europe, Latin America, Asia and Africa. GeoComply harnesses the power of its market-leading geolocation technology to protect against fraud, including fake account creations, bonus abuse, account takeovers, stolen identities, money laundering, and more. Visit geocomply.com. Lottomatica’s debut quarterThe Italian group said all key indicators were up and maintained guidance. Up, up and away: Having carried out its listing on Milan’s Euronext earlier this month and with online revenues growing 40% thanks to its Betflag acquisition, CEO Guglielmo Angelozzi said the Q1 performance was “not just about the financials”.
Raising the flag: With group revenues up 20% to €422m in Q1 and adj. EBITDA increasing 25% to €156m, CFO Lawrence Lewis Van Lancker noted that the positive trend continued into a “terrific” April.
Target practice: Strategically, Angelozzi said the group had delivered on distribution agreements for AWPs and “smaller online targets”. “We continue to work on potential [larger] targets and think we are in a better position than we were before,” he added.
BC sees growthEven running up against the comparison with New York last year, Better Collective posts strong Q1 earnings. Take my breath away: CEO Jesper Søgaard said he was “truly astonished” by the strength in Q1 as revenues rose 30% with revenue share up 75% YoY. This came even against strong comps from last year in the US. Latin America is emerging as the newest growth region.
Catena Media’s stumbleCatena Media profits suffer against strong comparative. Hiccup: Despite saying the recent launch in Ohio was one of the company’’s “best ever”, Catena said the 5% drop in group revenues was caused by “challenging comparatives” in New York.
Bally’s A’s dealBally’s has teamed up with GLPI to furnish the Oakland A’s with a new Las Vegas stadium. Ballpark figure: The new stadium is being planned on the site of the Tropicana, to be replaced in part by a 30,000-seat state-of-the-art ballpark. The deal is subject to legislation for public financing and relocation approval from MLB.
Trop prop: Bally’s acquired the Tropicana from GLPI in Sep22 for $148m. As part of that deal, it entered into a 50-year ground lease agreement with the real estate investment trust.
DatalinesMassachusetts: DraftKings grabbed leadership by GGR in the first full month of operations with 48% share of the $60m market total. FanDuel was a distant second with 31%, followed by BetMGM (8%), Barstool (4%), WynnBet (4%) and Caesars (3%). This was on a handle of $579m.
Michigan: iCasino GGR rose 20% YoY to $159m while OSB was up 11% to $36m. Combined, MGM claimed top spot with 30%, FanDuel was second (24%) and DraftKings third (19%). MGM’s iCasino share was 32%; FanDuel’s OSB lead stood at 43%. New Jersey: The standout figure was the 44% rise on sports-betting GGR in April, up to $72m, helped by markedly better hold, up ~370bps to 8.7%. It meant GGR rose despite handle being down 10% YoY to $834m.
AGA: Commercial gaming revenue reached a quarterly record of $16.6bn in Q1, the eighth consecutive record-breaking quarter, according to the American Gaming Association’s tracker.
Earnings in briefPlaymaker Capital: Further leveraging of the company’s media and affiliates operations, including the most recent pure affiliate acquisition Wedge, is among the priorities as Playmaker looks to build on its pro forma Q1 revenue of $15.7m.
FansUnite: The now largely affiliate provider has achieved a significant reorganization of the business with the offloading of the BetPrep domain to Stram in Q1 and, post-quarter, the closing of the sale of the McBookie operation for C$5m , as well as a deal that sees micro-betting specialist Betr take on its Chameleon gaming platform for C$10m.
SharpLink Gaming: The affiliate marketing-to-sports-services provider saw revenues rise 79% to $3.4m, with CEO Rob Phythian suggesting the company was now well-positioned to take advantage of US OSB and iCasino opportunities.
Acroud: Revenues rose 33% to €9.3m helped by an all-time high in NDCs to just under 100k, nearly three times the figure from last year. However, organic growth was down over 20% and QoQ revenues were down 7%. The company blamed the revenue shortfall on unfavorable sports results. ** SPONSOR’S MESSAGE ** Existing sports-betting technology and services can be built better for operators. At Metric we’re changing the game by doing things differently, so our customers can too. Inspired to solve the problems and surpass the limitations of existing systems, we’ve employed modern technology and processes to build a ground-breaking sportsbook solution that can handle the needs of any modern operator – whatever they are. Contact us to find out more. NewslinesLeoVegas has relaunched its sports-betting brand Expekt in Denmark after a 10-year hiatus. Gaming Innovation Group has launched 888’s Willam Hill and Mr Green online sportsbooks in Latvia, as well as local brand FeniBet. Calendar
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