Earnings+More - OSB dominance comes in threes
OSB dominance comes in threesBig states May data examined, Bally’s Rhode island opportunity, Better Collective’s impressive 2023 shares performance +MoreGood morning. On the Weekender agenda:
In threesHeading into the quieter summer months, the big three in the three biggest OSB and iCasino states continue to dominate. The rest are nowhere: FanDuel, DraftKings and BetMGM continued to dominate in OSB in New Jersey, Pennsylvania and Michigan in May, with joint market shares of between 81% and 90%.
🥧 The big three’s 84% average OSB GGR share in NJ, PA and MI Hope springs eternal: More optimistically for the competition, the iCasino markets in these states continued to show a more wide open field of play in May. The average iCasino market share for FanDuel, DraftKings and BetMGM combined was 67%; in Pennsylvania the market share left on the table was 41%.
🔪 What a carve up: iCasino shares for the top four in NJ, PA and MI Big Apple flip flopNew York minute: The latest weekly data from New York shows the flip flop at the top of the market was no fluke as DraftKings maintained its lead by GGR for the second week in a row.
On the RhodeBally good news: A fillip for US iCasino hopes comes via the passing of legislation in Rhode Island. However, the good news is confined to two companies, Bally’s and IGT, which would be the sole operator and supplier respectively.
** 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. ICYMICompliance+More on Thursday led with the shock news that the co-founder of 1xBet, Sergey Karshkov, is reported to have died this week in a hospital in Switzerland.
Los Ingresos y Mas this week focused on the gaming market in Chile and took a look at how the lottery and casino sectors are recovering post-pandemic and how new regulations for online could be in the works this year. +More Media added the Esprouts newsletter to its roster this week. The latest edition focused on Félix “xQc” Lengyel and his deal with new streaming service Kick. Macau upgradeVisa restrictions for visitors to Macau are seen as the key to summer growth. Precautionary principle: A government tightening of restrictions for visitors from the mainland during the latest wave of Covid infections accounts for the recent disappointment in trading in May, according to the analysts at Roth MKM.
The shares weekBetter Collective: The betting and gaming affiliate giant has upgraded its financial targets for the year as revenues from the Americas came in at about expectations in Q2.
🍆vs 🤮 Better Collective shareholders enjoying 2023; Catena’s not so much Sector watch – financial tradingOdious: The London-listed CFD and spread-betting provider Plus500 found itself having to buy its own shares in the wake of the scandal affecting the now-disgraced Crispin Odey and his eponymous asset management firm.
Crud: The most recent trading news in the sector came with the early June earnings from CMC Markets, which showed revenues up 2% to £282m but pre-tax profits nearly halving to $52m.
** SPONSOR’S MESSAGE ** Inside the Pocket is the acquisition, retention, and conversion platform for ANY brand looking to use gaming as its hook. With 20+ partners, we aggregate content across the P2P and F2P universe, serving up dynamic, tailored gaming experiences in any language for any sport or event. With an easy integration (under three weeks, typically), best-in-class data provision, and AML/KYC capabilities coming soon, we are the fail-safe partner for free-to-play and pay-to-play acquisition. Visit insidethepocket.biz or connect with CEO Hussain Naqi to learn more. Career PathsKindred has promoted Patrick Kortman to be interim CFO. Kortman has been with Kindred since 2018. The company also named Usha Ganesan as interim chief finance operations officer and Neil Banbury as interim chief commercial and marketing officer. Ex-Sightline and AGA executive Jonathan Michaels has launched a strategic consultancy focusing on the gaming sector. His first clients include Sightline and cloud-based information systems provider Axes.ai. NewslinesPlaytech has priced €300m of senior secured notes due in 2028. The proceeds will be used to redeem all of the outstanding €200m senior secured notes due this year, pay accrued interest and to repay outstanding debt under the revolving credit facility. Casual gaming provider Skillz has approved a one-for-20 reverse stock split to return the company to compliance with the New York Stock Exchange. Getting Messi: Everi’s Venuetize platform will serve as the foundation for MLS soccer club Inter Miami’s mobile app. What we’re readingMythbusting: Dustin Gouker points out that it would be hard to say that there is any state where online gambling is effectively banned. ** 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. Calendar
An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
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