Earnings+More - Debt drags 888 to a loss
Good morning. On today’s agenda:
You load 16 tons, what do you get? Carry that weightThe increased cost of servicing its £1.66bn debt load causes 888 to fall to a first-half loss. At a loss: 888 fell to a net loss for the first half of £32.5m. Although 888 reduced its debt load by £68m during H1, it was still left with £1.66bn albeit with the leverage ratio reduced to 1.1x from 5.6x at the end of December. Net financing expenses cost £69.6m in H1. The company said the reduction in net debt was largely due to beneficial FX movements.
UK and Ireland online saw revenue fall 9% to £336m on the back of the implementation of player safety measures, while retail revenues rose 6% to £279m. International online revenues fell 14% to £266m, which the company said was partly due to a “slower than expected recovery” in the Middle East offsetting double-digit growth in Italy and Spain.
Washes whiter: Lewis said 888 was well-positioned for the introduction of the UK government’s Gambling Act Review White Paper, noting that it had shifted its efforts to attracting high volumes of lower spending customers.
Barely worth a mention: The US. 888 gave no specifics about the US and Lewis repeated the previous message about focusing on gaming. He noted the company had pressed ahead with a concerted iCasino push in Michigan – and has achieved 1% market share.
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Earnings in briefPlaymaker: Pro forma revenues rose 53% to $12.6m as user sessions across the various media properties surged to 653m. It said its North American-produced video podcasts generated a record 5.1m streams in Q223.
FansUnite: Following the sale of the McBookie B2C sports-betting business and the Chameleon OSB backend system to betr for a combined C$7.4m, FansUnite said it is now a more fully focused gaming affiliate provider.
Galaxy Gaming: The land-based and iCasino table games developer signed a 10-year deal over the quarter with Evolution Gaming, which CEO Todd Cravens said “cemented” its relationship with its largest customer “well into the future”.
Career pathsB90 Holdings: Former Sportingbet boss Andrew McIver is now a non-executive director at the newly launched iGaming operator. This follows the appointment of Mark Blandford as a strategic advisor earlier this year.
GiG: Former SBTech boss Richard Carter has been appointed as the new CEO for GiG’s platform and sportsbook division. Carter’s most recent position was a CEO at Bragg Gaming, which he left in Nov21.
Zeal Network: The lottery reseller has appointed Sebastian Bielski as the company’s new CFO to take over from Jonas Mattsson. Mattsson’s final duties came last week when Zeal released its H1 earnings showing revenue up 11% to €54.8m after attracting 349k new customers, a 20% increase.
** 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 Datalines – New YorkFanDuel and DraftKings were neck and neck in July at $41.1m of GGR or 39% market share each. In third place was Caesars with $10.6m or just over 10% share, followed by BetMGM with $6.8m or just over 6.5% share. GGR for the month came in at $105m, up 43%.
What we’re readingLove the one you’re with: ESPN was asking for double what it got from Penn – and it wasn’t its first-choice partner. From Front Office Sports. M&A newslinesBetter Collective has bought four flagship sports media brands from Everysport Group including SvenskaFans.com, HockeySverige.se and Fotbolldirekt.se for €3.7m payable in three yearly installments. Calendar
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