Earnings+More - Entain snaps up Angstrom
Entain snaps up AngstromEntain buys Angstrom, 888 calls a halt, quarterly earnings preview, Las Vegas Sands in the week ahead, startup focus – Ultimate Odds +More
Good morning. On today’s agenda:
You should watch, watch your step. Entain’s next bolt-onEntain snaps up specialist next-gen sports-betting odds provider Angstrom Sports for up to £122m. Ang your hat: Entain has added a further bolt-on acquisition with the buyout for an initial £81m of the UK-based but US sports-focused pricing and analytics startup. The buyout price could rise to £122m depending on performance over the next three years.
Red rag: The move comes after Entain was on the wrong end of some shareholder pressure over its £750m STS acquisition. Major shareholder Eminence Capital said it was “outraged” by that deal. ** 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. Crash, bang, wallop888’s shares dived 25% on Friday after it admitted to UK licensing review, called halt to FS Gaming talks. The Damned United: 888 said on Friday it has terminated discussions with FS Gaming regarding its plan to install Kenny Alexander as CEO, in part due to concerns raised by the UK Gambling Commission over his suitability for the role.
Express yourself: 888 said it contacted the UKGC in the wake of receiving FS Gaming’s proposal, at which point the regulator “expressed its concern” over the potential appointments and told 888 it was in “close dialogue” with HMRC over the ongoing investigation.
You leave me no choice: Lord Mendelsohn, executive chair at 888, said the company was hopeful the review would now be brought to a conclusion “expeditiously”. He said the board had devoted “significant time” to consideration of the FS Gaming proposal but that it had “no option” but to terminate lest it risk its license in its biggest territory.
This ain’t over: In response, a spokesperson for FS Gaming said they were “completely surprised” by 888’s statement and “perplexed” by how 888 had “orchestrated this”. “We were engaged in dialogue regarding the best strategy to maximize the value of these world-class assets,” the statement added.
🚨 Hateful eight: 888’s shares hit the skids on Friday Q2 previewUS online gaming’s inflection point is upon us. Show don’t tell: The main contenders in US OSB and iCasino are all predicted to achieve breakeven in Q2 with adj. EBITDA profitability just a whisker away, according to the analysts.
The Weight: With EBITDA profitability a “foregone conclusion” sooner rather than later, the team at JMP suggested attention would now turn to the magnitude of the inflection to come later this year and into 2024.
MacauA resurgent Macau will also be a prominent subject in the coming weeks. Catalysts converter: Bullishness has replaced nervousness in Macau as the long-term picture has improved markedly in the first half. Monthly GGR totals are gaining ground on 2019 levels.
Pump me up: In an initiation note on Galaxy Entertainment, Melco Resorts and SJM, DB said the gap with 2019 levels of GGR merely points to “plenty of room” for a further recovery with continued evidence of pent-up demand in China visitation.
The week aheadQ2 proper gets underway with Las Vegas Sands on Wednesday. London calling: Continuing with the Macau theme, the team at Macquarie suggested the newly opened Londoner property should help LVS grab market share. According to Deutsche Bank, LVS controlled ~25.5% in Q2 up to the end of May but this is down slightly on the 27.5% achieved in Q1.
Turkish delight: Betsson pre-announced its Q2 numbers just last week, saying revenues were expected to come in at €235.5m-€237.5m, up 27% YoY. Much of this growth came from the central and eastern Europe and central Asia region. Calendar
Datalines – New JerseyOn the up: Total GGR rose 14% to $457m, helped by a 69% YoY leap in sports-betting GGR to $67m, while iCasino rose 12% to $149m and land-based gaming was up 5% to $240m. In OSB, Wells Fargo estimated FanDuel’s share fell to 39% – a new low – while DraftKings was almost neck-and-neck on 38%. Analyst takesLight & Wonder: The journey towards 2025’s adj. EBITDA target of $1.4bn depends on exploiting key growth opportunities, including in live dealer, further iCasino content, more cabinet sales, casual games (largely via the proposed SciPlay envelopment) and, finally, systems transformation. AGS: The team at Bain believes the machine manufacturer is continuing to take market share as it prepares the way to announce its 13th quarterly EBITDA beat.
Startup focus – Ultimate OddsUltimate Odds launched its real-money sweepstake product across 42 states in late June. Ready to rumble: Co-founder Jonathan Bierig says it has taken his company over a year to “go through the ins and outs of what we were really looking to build”, including UX iterations, user testing and research into what the market is currently offering.
Clean sweep: Noting the sweepstakes sector of gaming has “actually been around for a while”, Bierig answers head on the legality question.
Kings of the wild frontier: While still being in a “learning stage”, Bierig says the company wants to “conquer this space” before branching out into media with a few really exciting partners, which we will announce before NFL.
Growth company newsBetr is set to launch in Virginia in the coming weeks, according to CEO Joey Levy. It was granted a mobile-betting license in March. Crab Sports has received an OSB license from the Maryland Lottery and Gaming Control Commission and will become the 11th operator in the state. ZeroFlucs has agreed a partnership with Australian-based sportsbook platform provider GenerationWeb to provide same-game multis to its own clients. ** SPONSOR’S MESSAGE ** What would you do with $100k in cash? Are you game…? Career pathsRuby Yam has stepped down as an independent non-executive director at Playtech with immediate effect due to personal family reasons. NorthStar Gaming has elected Vic Bertrand, Brian Cooper, Chris Hodgson, Dean MacDonald, Chris McGinnis, Michael Moskowitz, Sylvia Prentice and Barry Shafran to its board of directors. Marco Trucco is the new CMO at Videoslots. NewslinesPenn Entertainment says the migration of the Barstool Sportsbook to its own proprietary tech stack has been completed, moving off the Kambi platform. The switch has been completed across all 16 of the jurisdictions where the app is live.
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