Earnings+More - Exclusive: betr in new fundraise
Exclusive: betr in new fundraiseMicro-betting specialist raises up to $30m, LosIngresos+Mas launch, Betclic’s tax woes, crypto exchanges go mainstream +MoreGood morning. On the Weekender agenda:
When I say I love you, you say you better. betr raiseNew cash raise will value the company at $300m. Better off: The micro-betting specialist fronted by Jake Paul and led by CEO Joey Levy is raising up to a further $30m and valuing the business at ~$300m, according to multiple sources spoken to by E+M. It is thought the new money will go towards an unspecified launch into iCasino.
Break the mold: Recall, betr announced its initial funding round in August last year when it raised $50m for a $250m valuation. It said at the time it was going to “disrupt legacy gambling and legacy media”.
You don’t miss your water: A $30m raise would revive an otherwise moribund startup funding market, where announced deals in the betting and gaming sector have almost come to a standstill.
** 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. ICYMI+More Media launched the Spanish-language, LatAm-facing LosIngressos+Mas this week. In the debut edition, Peru amends gambling and betting laws to prevent money laundering, Codere Online earnings analyzed and, in Mexico, AMLO threatens to revoke all licenses for the establishment of casinos issued in the last four years.
Betclic’s tax beefBetclic parent FL Entertainment’s Q1 results eclipsed by news of tax investigation. An inspector calls: Betclic parent company FL Entertainment’s Q1 results were overshadowed by news that a French court has authorized the county's tax inspectors to continue their investigation into the activities of the online bookmaker’s Malta subsidiary.
Does your dog bite? In October last year Betclic’s offices in Bordeaux were raided by tax inspectors and documents relating to activities by its Malta subsidiary were seized. Betclic filed an appeal against the procedure, but this was rejected in late May.
Earnings: Betclic’s Q1 OSB and iCasino revenues were up 14.5% to €244m and adj. EBITDA rose 8% to €63m. CEO Francois Riahi said the results were in line with guidance and that the World Cup had helped drive sign-ups, with the number of unique active players rising 42%. Earnings in briefIntralot: Revenues were down 8% YoY to €89.5m but EBITDA increased 29% to €33.7m in Q1, helped by the impact from the discontinuation of its Malta operations. Chair and CEO Sokratis Kokkalis said he was proud of the group’s organic EBITDA growth.
Las Vegas bounceSurprisingly strong April data points to continued Strip confidence. Solid as a rock: The Las Vegas Strip enjoyed a 5% YoY increase in GGR to $625m, marking a notable growth at the start of a seasonally slower Q2. The rise came despite visitation being flat YoY and conference attendance falling 2% due to changes in the timings of certain events.
Macau risingBack to life: May GGR rose 5.7% MoM to $1.94bn, representing a huge 350%+ leap YoY, but the rate of increase was a “slight deceleration” from April, according to the team at CBRE. Roth MKM analysts said May was the first month in 2023 where GGR “did not surprise on the upside”.
** 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. Sector watch – crypto tradingThe big banks are looking to muscle in on the digital currency trade. Blue blood: After a string of high-profile failures and collapses, including FTX, Celsius and now the Winklevoss twins’ Gemini, the FT has reported that big banking names are looking to step into the breach.
Winter turns to spring: While the crypto winter claimed some high-profile names, and put pressure on the whole of the exchange sector, the rebound this year has benefited those that remained, including Binance, BtcTurk, Upbit and Bitpanda, which have all seen a substantial rebound in trading volumes.
NewslinesBetMakers Technology is to shed 23% of its workforce as part of a cost-cutting exercise that it hopes will save it A$20m long term. CEO Jake Henson said the changes would provide a “clear path to profitability”. Rivalry has launched its mobile betting and gaming app in Ontario. The group said it will enable residents to bet on esports and traditional sports alike. GiG board member Tomasz Juroszek has purchased 400k GiG shares priced at SEK27 via his Juroszek Holding vehicle. Juroszek is also the majority shareholder at Polish-facing bookmaker STS. Kambi is to provide its mobile-betting solution to Puerto Rico’s betting operator ApuestraPR, part of LMG Gaming. ** SPONSOR’S MESSAGE ** The Huddle Journal: Huddle intensifies baseball model efforts post-2023 MLB rule changes with key enhancements to ensure maximum profitability for our customers:
Explore more: https://huddle.tech/huddle-revolutionizing-baseball-analytics-adapting-models-to-mlbs-ever-evolving-game/ What we’re readingVice: The rise and fall of the hipster. “That guy who used to do bumps of K off a little spoon at parties and once auditioned for the Klaxons is probably a 30-something hypebeast now who works in consultancy and buys CBD candles from Goodhood.” Calendar
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