Earnings+More - PointsBet US sale gets the go-ahead
PointsBet US sale gets the go-aheadFanatics Betting & Gaming buyout waved through, streamer Kick is the subject of sector watch, Nevada’s tough comps +MoreGood morning. On the Weekender agenda:
I wave goodbye to Mammon and smile hello to a stream. Fanatics on pointPointsBet shareholders overwhelmingly back sale of US business to Fanatics. All those who say aye: Shareholders at PointsBet have voted overwhelmingly in favor of the sale of its US business to Fanatics Betting & Gaming for $225m, bringing to an end the Australian company’s brief American adventure.
New kid in town: FBG fought off a rival offer from DraftKings, which had looked to hijack the deal with a non-binding offer of $195m that trumped Fanatics’ initial offer of $150m.
Commonwealth: The sale of the US operations leaves PointsBet with a rump Canadian business and its Australian operations, which were also the subject of takeover interest at the turn of the year, including from the Australian Betr and rumored interest from Entain.
** SPONSOR’S MESSAGE ** What would you do with $100k in cash? Are you game…? ICYMIIn Compliance+More this week, the possibility of another push for iCasino in New York in 2024 and the rush towards a gambling ad ban in Australia dominated Thursday’s edition. In Earnings+More this week, The Data Month featured analysis from Propus Partners of pricing in the US, which showed that market leader FanDuel doesn’t stand out with either its pricing or via low margins. LosIngresos+Mas reported this week that the Brazilian government is set to publish online betting regulations imminently. Oz ad ban impactA familiar dynamic will play out if Australia goes down the gambling ad ban route. A word from our sponsors: The news of a potential ad ban in Australia will likely be a net positive for incumbent brands, according to the analysts at Jefferies.
Yin yang: Jefferies said the expected dynamic would be slower market growth but greater market share for the incumbents as challenger brands would struggle to get noticed without the help of above-the-line advertising.
The shares weekWell, that wasn’t meant to happen: Super Group suffered a 20% fall in its share price this week after announcing it had been admitted to the Russell 2000 Index.
🎢 Super Group has an adverse reaction to achieving Russell 2000 inclusion ** SPONSOR’S MESSAGE ** The Huddle Journal – On Leadership
Visit Huddle website: https://huddle.tech/ Sector watch – streamingTo circumvent streaming rules, create your own streaming platform. The Amazon Gambling Commission: October 18 last year saw Twitch, the Amazon-owned live-streaming behemoth, tighten its terms of service to prohibit streaming of “listed sites that contain slots, roulette and dice games and aren’t licensed either in the US or other jurisdictions that offer consumer protections”.
Chutzpah: Stake’s huge influencer, celebrity and premier sport-led advertising campaigns have turbocharged the company’s growth. An investigation by the FT earlier this year suggested it generated $2.6bn in GGR in 2022.
Kickabout: Stake shares some ownership – including Craven – with self-dubbed “industry disruptor” Kick.com, a streaming platform similar to Twitch. The platform has a few notable big name streamers, Tyler ‘Trainwreckstv’ Niknam and Aidin Ross, two of the largest gambling streamers by viewers.
Further listening: Ollie Ring from Esprouts talks to Jon & Fintan from the Gambling Files this week. Nevada dataAnalysts predicted May would prove a tough comp and so it proved. Tough comp: Strip revenues were down 2% YoY to $716m (+1% QTD) and slot revenues were flat YoY (+4% QTD). Downtown revenues were down 7% YoY, but up 7% YTD. Despite the expected slippage, JMP noted that Q2 was the slowest quarter of the year, but the improved handle “highlights the continued demand in the Nevada gaming market”.
Local heroes: Locals up 4% YoY compared favorably against regionals, which were down 2% in May. “We are encouraged [by] the long-term population and job creation trends as the valley continues to expand,” added JMP.
Icon for sale: CBRE added that Blackstone could be looking to sell its stake in the Bellagio and that despite “tight credit markets and higher rates”, its iconic status means “any real estate investor with the financial means would likely be at the table”.
DatalinesSpain: GGR in Q123 shot up 51% YoY to €305m, with sports betting up over 100% to €131m or just under 43% of the total. iCasino remains the largest segment, however, up 29% to €143m or 47% of the total. Earnings in briefGroupe Partouche said H123 GGR came in at €341m, up 18% YoY, while operating profit rose 100% to €19m, with the increase ascribed to a post-pandemic rebound across its land-based properties. ** SPONSOR’S MESSAGE ** Underdog: the most innovative company in sports gaming. At Underdog we use our own tech stack to create the industry’s most popular games, designing products specifically for the American sports fan. Join us as we build the future of sports gaming. Visit https://underdogfantasy.com/careers NewslinesPlaytech has closed a €300m bond issue announced earlier in June. The new money will go to redeeming previous outstanding bonds and revolving credit facilities.
IGT and FDJ’s B2B division FDJ Gaming Solutions have signed a cross-licensing agreement enabling them to access each other's full suite of eInstant games. Rank has sold the Grosvenor Casino in Leicester to an undisclosed family office buyer for $11m. Calendar
An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
PointsBet accepts improved $225m bid from Fanatics
Wednesday, June 28, 2023
M&A extra: PointsBet accepts new offer from Fanatics, DraftKings pulls out of the race, betr fundraise
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The US iCasino supplier sector examined, AI in gaming, recent analyst takes +More
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