Second quarter notches up $2.8bn of deals
Second quarter notches up $2.8bn of dealsTransaction tracker details for Q2, what to expect from the second half of 2024 +More
Welcome to the latest Deal Talk. In this issue we take a look at the activity in the past three months as well as run the rule over the potential activity that might take place later in the year.
You've got to spend money to make money. Q2 reviewDeal flow continued into the second quarter with the highlights including Entain’s bid for STS and Fanatics second-bite winning bid for PointsBet US. You keep on knocking: The monetary value of the deals announced in the second quarter amounted to over $2.8bn as the sector appeared to shrug off worries over accessing finance in a tightening rate environment.
🍆 Money flowed in the second quarter * Rumored sale price ** 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 Big beastsGame, set and match: The most high-profile deal of the quarter – if not the biggest by value – was the sale of PointsBet’s US business, which engendered a bidding war between eventual buyer Fanatics and rival DraftKings.
Rich pickings: However, the biggest deal of the quarter was the $1.2bn acquisition of NeoGames announced by Aristocrat on the same day as the initial Fanatics/PointsBet US news broke.
Spit and Polish: Less welcomed, by investors at least, was Entain’s addition of Poland’s leading bookmaker STS to its portfolio of brands for €750m.
A new GIG: On a related issue, the latest news regarding the owners of STS, the Juroszek family, shows that they have now amassed an 11% stake in Gaming Innovation Group.
To be decidedTwo ongoing strategic reviews will help define the landscape going forward. Waiting room: The other action in the second quarter revolved around still unresolved strategic reviews at Kindred and IGT. At least with the latter, there is an indication of which way the cards will fall, but in the case of the former the future is as clouded as ever.
Gordian: A harder task would appear to confront the advisers attempting to sell Kindred. Having suffered a number of high-profile C-level departures, including CEO Henrik Tjernström, a sale appears to be no nearer a conclusion.
Joint is jumpin’Speculation over the future of the ownership of BetMGM continues. A note from Jefferies earlier this week suggested that “among the most active discussions” for the analyst team was what the “recent deceleration” on BetMGM’s performance might have on the future for the JV partners MGM and Entain.
No means no: Of vital importance here is the extent to which the market should believe MGM Resorts’ official line that it is no longer interested in acquiring Entain, as articulated by MGM CEO Bill Hornbuckle at the start of February. But that hasn't stopped speculation over the future of the JV, given MGM’s not necessarily contradictory statements about wishing it could obtain sole ownership of BetMGM.
☹️ Brewer’s droop: BetMGM’s declining MI iCasino market share Yes, butNo easy games: A resolution to the ownership of BetMGM might help with refocusing the company, although, as one source pointed out, with DraftKings and FanDuel both recently upping their respective games when it comes to iCasino, it is by no means a given that BetMGM can regain that early gaming dominance.
Money tree: Yet, as one source put it, there “clearly needs to be a resolution” to the ownership of BetMGM because “these two just don’t get along”. Or as Chris Grove, partner at Acies Investments, pointed out, the logic that some kind of deal is likely is what’s keeping the flame alive among the multitude of corporate advisors who would see a mega-merger as a payday like no other.
** SPONSOR’S MESSAGE ** What would you do with $100k in cash? Are you game…? M&A chatterKickabout: One of the stranger ways to announce a piece of corporate news came courtesy of an appearance on the online gaming streamer Gamers Update by Stake.com’s co-founder and CEO Ed Craven.
What we’re readingPlastic fantastic: The New Yorker on how a need for newer materials for billiard balls spurred innovation.
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** 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. An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
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