Earnings+More - Kindred sale plans ‘accelerating’
Kindred sale plans ‘accelerating’Sale or breakup now more likely, Super Group’s US pledge, Playtech on course, Rivalry’s viral success +MoreGood morning. On today’s agenda:
Breaking up is never easy, I know. Breaking upReport suggests disagreements over strategic review and subsequent high-profile departures make a Kindred sale more likely. End game: A report from Bloomberg said Kindred is looking for first round bids to be lodged by the end of the month and that it was disagreements over the strategic review that were the cause of the high-profile executive departures.
The getaway: Recall, in the wake of the strategic review announced in late April, Kindred has lost its CEO, CFO, CCO and CMO in quick order. Commenting on the recent departures, analysts at Goodbody said that the supposition is that the process is “moving quite quickly”. 🎢 Kindred spikes on sale rumors report ** SPONSOR’S MESSAGE ** The Huddle Journal Driven by increased focus on profitability and economy at scale, the recent surge of M&A activity in the sports betting and iGaming industry aims to capitalize on potential opportunities and leverage disruptive technologies. Strategic partnerships and ambitious expansion are reshaping the future of this dynamic market, where companies unite to optimize operations, enhance user experiences, and unlock new avenues of growth” (Francesco Borgosano, CEO in Huddle). Staying onSuper Group says US investments are ‘easily funded’. Across the great divide: The Betway and Spin brands operator will push on with its attempt to crack the US despite losing almost €17m at an EBITDA level in Q1. It currently operates in eight states and has market access to five more, and COO Richard Hasson said the US opportunity remained “too big to be ignored”.
You spin me round: Still, Hasson admitted Super Group’s focus globally remained iCasino, accounting for over 60% of Q1 total revenues of €339m, and would concentrate on OSB and iCasino states in the US. To that end it will be launching Spin brand iCasino operations in New Jersey and Pennsylvania in the coming months.
Oh Canada: Revenues from North America were down 13% YoY to €130m, with the company blaming the transition to regulated operations in Ontario and FX fluctuations. EBITDA was €35m, down 46% YoY, or €51.4m ex-US.
Silence in court: Super Group said nothing on the call regarding the legal action launched by investors last week over its SPAC merger in 2022.
Playtech upbeatNorth America remains in focus for iCasino and sports-betting supplier. Feeling the beat: “Strong growth” at Caliente and the announcement of a new partnership with Hard Rock were the highlights from a first quarter that also saw tailwinds, according to a brief Q1 trading statement.
Rivalry goers viralEsports-focused operator enjoys record Q1 revenues, helped by iCasino launch. Evidently chickentown: Extolling Rivalry’s own version of cash out, called ‘chicken out’, Rivalry CEO Steven Salz said the promotion had gone viral in CS:GO circles where chickens are a “visual motif”. The company successfully hijacked a CS:GO event in Brazil after dressing someone up in a chicken suit.
Salz was talking after Rivalry delivered revenues up 150% YoY to C$12m, while net losses were halved to C$3m. He said the company was demonstrably executing on its strategy of reaching millennials and Gen Z consumers.
Earnings in briefCIRSA said debt reduction remained the top priority as its leverage ratio dropped from 4.1x to 3.9x EBITDA within net debt at €2.25bn at quarter end. Revenues rose 29% to €482m and EBITDA was up 28% to €118m.
Scout Gaming: Revenues fell 3% to SEK6.5m while EBITDA losses were trimmed by 24% to SEK9.4m. B2B revenues rose 225% to SEK5.4m. ** 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. NewslinesLottery.com said it had received notice of non-compliance from Nasdaq over its failure to release Q1 earnings. Calendar
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