Earnings+More - All eyes on Flutter
All eyes on FlutterThe week ahead, DraftKings’ call reaction, analyst takes on Bally’s, Red Rock and AGS, startup focus – Rithmm +MoreGood morning. On today’s agenda:
Give up yourself unto the moment, the time is now. Managing expectationsFollowing news on profitability from its rivals, the spotlight turns to the US OSB market leader, Flutter. Quantum mechanics: Despite CEO Peter Jackson saying at the time of its FY22 results that Flutter had “never targeted” profitability at FanDuel – suggesting it was merely a “resultant outcome” – the market will be looking for a profit number for the US in H1. The only question is, how much?
Jam tomorrow: In an earnings preview note, the team at Jefferies said the “scope for US upgrades remains on the agenda” but said they would be weighted to 2024 and beyond. “We anticipate that FanDuel could take advantage to drive greater market share gains, increasing profitability in FY24/FY25, rather than driving numbers higher for FY23,” the team added.
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Also reporting this week, Penn Entertainment will update on the progress of the transfer of the Barstool Sportsbook to its own platform and Wynn Resorts will give more insight into the progress at the high end in both Las Vegas and Macau.
Calendar
‘Dialed in and ready’DraftKings prepares for football season. Greasing the wheels: “We feel in H2 we’re going to have the best product in the market,” CEO Jason Robins boasted as he looked forward to the start of the NFL and College football season, “the most important time of the year”.
Lubrication: Noting the necessary hurdles imposed by regulators, he said DraftKings was working on removing elements of the customer journey that would “make you feel like I'm just going to go try somewhere else”.
Dates for the diary: CFO Jason Park added that despite lowering marketing spend in mature states, DraftKings hadn’t “really found a ceiling” and acquisition levels had held. Robins noted that DraftKings would disclose further detail on which states were contribution positive in the Q3 and Q4 calls as well as the investor day on November 14.
Analyst reaction: Deutsche Bank suggested DraftKings had done “more than enough to satiate investors”. The team said the results were “very strong and indicative of DraftKings delivering on many of the promises they have made”. Bally’s omissionThe lack of a breakdown of international online revenues by geography raises eyebrows. Off the map: Deutsche Bank noted that in the quarterly presentation, Bally’s failed to provide, as it has previously, a geographic breakdown of its international online business. Aside from some analysis on UK growth, commentary was distinctly lacking.
Other analyst takesRed Rock Resorts: It’s about time for the snagging list as the company prepares for the bang-on-schedule opening of the Durnago in late November. The team at CBRE noted that “true to the playbook”, Red Rock is already planning a phase 2 for the project; CBRE’s analysts are modeling $75m of EBITDA from the $780m project in 2024.
AGS: What made the gaming machine and content provider’s Q2 “special”, suggested the team at B Riley, was the positive free cash flow inflection and what that means for the reduction of debt.
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The short cut: Lanham says Rithmm has cut down the data analytics work to a matter of seconds, enabling users to get an analysis of the game via a personalized app with recommended picks, predicted score, win probability and expected value bets.
The closer: “We want to build tremendous value on Rithmm for our shareholders by becoming the leading consumer source for predictive sports data,” she says.
Growth company newsPro League Network closed a round of seed funding led by Eberg Capital founder Roger Ehrenberg via IA Ventures and Eberg Capital. Eberg Capital previously led an investment in betr.
Tying the knot: The Unit has entered into a strategic alliance with Red Knot Communications, allowing both companies to align their strategies and expertise across several areas of operations.
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Older messages
DraftKings turns a profit
Friday, August 4, 2023
Debut profit at DraftKings, Bally's relaunch hopes, Red Rock, AGS, Accel and FL earnings in brief +More
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PointsBet's new focus, Boyd's mixed bag, Churchill Downs' Derby boost, analyst takes on BetMGM +More
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