Earnings+More - Evolution’s ‘crooked path’ on RNG
Evolution’s ‘crooked path’ on RNGEvolution’s pathway, PlayUp shuts up NJ shop, 888’s share price spotlighted, sector watch – financial trading +MoreGood morning. On the Weekender agenda:
Follow all the signs and they'll lead us away. No straight lineEvolution says it sees RNG progress, despite stalling revenues even while live casino continues to pull ahead. Up the hill and down the slope: Evolution CEO Martin Carlesund said the "road to good growth in RNG is not a straight line" after the company saw a 4% decline in revenues for the segment. He insisted the unit was making progress and promoted the potential for new games launches in H2.
Focus on the positives: Still, live casino continued on its inexorable growth path, up 34% YoY to €372m, with growth in Europe and, in particular, Asia. However, across the business, revenue from the US stalled at €55m, up 20% YoY but down 3% sequentially.
M&Maybe: On Evolution’s capital structure and its increasing cash pile, Carlesund suggested that, besides the dividend, the money could go towards further M&A and that there “could be opportunities”.
** SPONSOR’S MESSAGE ** What would you do with $100k in cash? Are you game…? ICYMISharpr this week puts Roblox in the spotlight as Cody Luongo uncovers a number of black market casino sites that are aggressively targeting an underage audience. In the spotlight are the predatory marketing practices of a site called Bloxflip, which Sharpr reveals pays creators regardless of age to promote the site.
LosIngresos+Mas this week reports on the news from Paraguay that the competition commission has decided to investigate the National Gambling Commission for allegedly having favored Daruma Sam in the 2022 tender for a further five years of its exclusive sports-betting franchise. In Compliance+More this week, the news from Maine is that the state’s gambling board has submitted its final sports-betting regulations. Meanwhile, in the UK another regulatory settlement was announced, this time involving infractions at Betfred’s retail operation, which cost the company £3.25m. PlayUp downThe troubled operator’s New Jersey site is offline. The end is nigh: Visitors to the PlayUp.nj site are being told that the “difficult decision to pause our operations temporarily has been taken”. It goes on to say that outstanding balances and pending bets will be honored.
M&A in briefInterblock has acquired Aruze Gaming America’s electronic table game assets for an undisclosed sum. The news comes a day after it was announced that Play Synergy had snapped up Aruze’s US slot operation. Analyst takesCaesars Entertainment: The launch of the new standalone iCasino app got the analysts excited at CBRE, who said it was a “key moment”. “The standalone iCasino app should serve as a much better direct customer acquisition tool for Caesars’ database of 65m+ brick-and-mortar customers,” they added.
Betsson analyst recallIn through the out door: On the call with analysts CEO Pontus Lindwall commented that despite withdrawing its license application in the Netherlands, the group “has not shut the door” on getting licensed there.
The shares weekRelief, rally: After initially expressing their disappointment that the bid by FS Gaming to get Kenny Alexander installed as CEO at 888 was rejected, shareholders managed to see the bright side by the end of this week as the shares regained much of their initial 25% drop.
🎢 Oops upside your head Sector watch – financial tradingTaste test: IG’s US subsidiary tastytrade undertook a national ad campaign for the first time this year as the options trading business also opened a tastycrypto digital asset wallet product.
The move into the US marked a move to diversify away from IG’s traditional base of UK spread betting and CFD trading. Core market revenues fell 1% to £816m while the share of revenue from the UK fell back to 33% from 42% in FY22.
** 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. What we’re readingThe EKG Line says Circa Sports is looking to develop its own sportsbook platform and has acquired a copy of the Amelco’s Stadium source code to build upon. A spokesperson for The Connecticut Lottery Corporation says it is pleased with the “quality and quantity” of applicants to replace Rush Street as its OSB partner, according to SportsHandle. NewslinesSimplebet has rolled out Same-Inning-Parlays, which allow bettors to place pre-made, multiple leg parlay bets on individual instances of a MLB game. LeoVegas’ sports-betting brand Nye Expekt has entered into a sponsorship agreement with Denmark's top soccer league. GiG is to provide its online platform for Spanish betting operator GoldenPark in Portugal. Calendar
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