Earnings+More - Gambling’s big news week
Gambling’s big news weekEntain call recall, Penn analyst takes, Flutter share price watch, GAN gets nibbles +MoreGood morning. On the Weekender agenda:
Cold turkey has got me on the run. Big news weekFlutter is trumped by Penn before a whopping fine for Entain steals the show. News flow: Still digesting DraftKings’ news from late last week, Flutter was destined to lead the news this week with its H1 results before Penn Entertainment stepped in with its breaking news about its partnership with ESPN. Yet, without giving much time to let that settle in, Entain’s H1 disclosed that it would be stumping up £585m for past management misdemeanors.
Can’t be clearer: Hoping to move swiftly on, Gibson reiterated Entain’s current modus operandi of only operating in “regulated or regulating” markets. “If a market isn’t showing signs of having a clear road to regulation, then we leave,” he added. “It’s as simple as that.”
Whoa there: Entain was recently subject to investor criticism over its M&A policy, particularly with regard to the £750m acquisition of STS. Nygaard-Andersen said that “after a busy period of strategic M&A”, which also included deals for 365Scores and Angstrom, Entain was expecting a “slower pace of activity ahead”.
👀 Entain’s M&A incremental value after three full years of ownership ** 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 ICYMIIt was a good week for a newsletter to focus on news from the US market. So, Straight To The Point, came out with its debut on Monday and before the week was out was using an emergency newsletter on Wednesday to cover what happens next at Barstool Sports. On the Gambling Files this week, Jon and Fintan spoke to Tony Plaskow from Black Cow Technology. Meanwhile, at the start of the week they also chatted to Kindred's Tom Banks about the company's 0% proceeds from problem gamblers initiative. And of course, in Compliance+More this week the Thursday edition carried the news about Entain’s £585m to HMRC provisioning as well as Penn Entertainment losing the regulatory overhang caused by Dave Portnoy. Ratings winnerIf resetting the narrative was the goal, then Penn’s ESPN Bet tie-up is already ahead. Share and share alike: JMP said Penn’s deal for ESPN Bet boils down to one big question – how much share can Penn gain from the agreement? It has “widened the funnel”, adding millions of ESPN viewers to its internal 27m casino database. But the project will stand or fall by the quality of the product.
The big sky: Much discussed is the comparison with Sky Bet. CBRE said its success “tells us two things”. First, it’s “not too late to be a contender in the space,” they suggested.
It’s a no from me: Notably, it has been reported that the OSB market leaders passed on a deal with ESPN. “It’s unclear the extent to which Penn will upset the apple cart and cause DraftKings and FanDuel to change course,” said Wells Fargo.
Dollar tree: Portnoy bought Barstool Sports back for a dollar. The last resort: Was Penn Gaming ESPN’s partner of last resort? The shares weekThat’s why we’re leaving: Flutter management will no doubt point out the share price reaction to this week’s earnings as justification enough for the decision taken earlier this year to seek a dual listing in the US, ahead of a likely full listing down the track.
🇬🇧 Not buying British: Flutter’s midweek slump ** 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. Earnings in briefGenting Singapore: There is more to come from Singapore given that leisure travel to the island state is still limited by flight capacity issues for travel from Asia, according to the operator of Resorts World Sentosa.
GAN: The prognosis for the company’s B2B operations continues to worsen after it saw a 30% decline in YoY revenues to $9.9m. Putting a positive spin on the figures, CEO Dermot Smurfit noted “continued strength” in international B2C, which saw revenue rise 15% to $23.9m, meaning total revenues were down just over 3% to $33.8m.
Bragg Gaming: The games provider said its 50% YoY rise in adj. EBITDA to €4.7m was aided by the continued shift to higher-margin products, including in-house proprietary content and exclusive content from third parties. Revenue rose 19% to €24.7m.
Acroud: The affiliate provider said it was seeing the benefit from its decision to invest in paid media, with the leading indicator of NDCs hitting a record of 117k while revenues rose 43% to €10.3m. However, adj. EBITDA was down 10% to €1.6m.
** SPONSOR’S MESSAGE ** The geolocation data and device insights you need to fight fraud. Trusted by the world’s leading platforms and operators for over 10 years.
Visit geocomply.com. NewslinesSeven go to post: The seven operators that have applied for a license in Kentucky are DraftKings, FanDuel, BetMGM, bet365, Caesars, Circa and Penn. Wynn Resorts is redeeming $300m of senior notes, launching a cash offer to noteholders. NeoGames’ BtoBet subsidiary is making its debut into the North American market under a long-term sportsbook partnership with Alberta Gaming, Liquor & Cannabis to provide an OSB solution for PlayAlberta.ca. Catena Media has entered into partnership with The Sporting News to strengthen its position in both North and Latin America. The three-year deal will see Catena Media create editorial and advertorial content as the exclusive betting partner of The Sporting News. Calendar
An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Wynn calls online retreat
Monday, August 14, 2023
WynnBet downsized, 888 leads the week ahead, Portnoy shares exit, startup focus – Inside The Pocket's survivor game +More
All eyes on Flutter
Monday, August 7, 2023
The week ahead, DraftKings' call reaction, analyst takes on Bally's, Red Rock and AGS, startup focus – Rithmm +More
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
Hornbuckle: ‘We can grab share back’
Thursday, August 3, 2023
MGM's defense, Rush Street pushes on, 888Africa M&A, Caesars analyst takes +More
Caesars bets on Palace boost
Wednesday, August 2, 2023
Caesars' tough comps, IGT headway, Betr pivot, Golden Entertainment and Melco briefs +More
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