To the Max: Flutter buys stake in Serbian bookie
To the Max: Flutter buys stake in Serbian bookieFlutter’s new bolt-on, GAN CEO resignation, Genius’s new vision, NFL hold and handle examined +MoreGood morning. On today’s agenda:
Luck has left me standing so tall. Flutter’s golden bolt-onFlutter has snapped up a 51% stake in the Serbian bookmaker MaxBet for €141m. Stepping up to the podium: Flutter said the purchase of the majority stake in Serbia’s number two operator gave it a “podium position” in a market that it says has a CAGR of 25% for the past five years.
Balkanization: Flutter said that the online operation controlled ~20% of a market that was worth ~€700m in 2022 and is growing at a CAGR of ~15%. The company also operates ~400 retail outlets and employs 2,400 staff.
Nice to have: Flutter CEO Peter Jackson said the addition of MaxBet continued the company’s aim for its international division to “buy and build podium positions in regulated markets”.
** SPONSOR’S MESSAGE ** From pre-check to withdrawal, GeoComply creates a safer and frictionless player funnel to help increase profitability
Don’t lose your customers in the funnel. Visit us at G2E to find out how we can support the entire user journey. Smurfit resignsGAN sees its CEO and major shareholder resign with immediate effect. Hospital pass: Dermot Smurfit is handing over the reins at the OSB platform provider to non-executive chairman Seamus McGill in the midst of an ongoing strategic review and with the company having lost a large customer after WynnBET shuttered the majority of its operations.
Pointing out the obvious: Analysts at Macquarie said uncertainty over the future of the company “remains high”. While noting that McGill’s appointment might steady the ship, the team pointed to the share price performance as suggesting any remaining investors have lost faith.
😱 GAN shares are down over 90% on their float price Vision onGenius unveils its streaming plus betting odds proposition. I can see clearly now: Data and betting supplier Genius Sports has unveiled its BetVision product, which combines live streaming, real-time augmentations and integrated bet slips on the one screen. The offering will go live first with the Caesars and Fanatics sportsbooks.
DatalinesBest yet: Week 3 of the NFL season was “the best week of the season” in terms of hold, on the back of three of the biggest underdogs in the outright markets winning, according to the team at JMP. “Season to date, we believe handle and hold are trending well above expectations,” the team added.
Surprise! Deutsche Bank analysts have suggested the handle numbers from the early stage of the football season have shown a “sudden acceleration” YoY. However, despite this “meaningful uptick”, GGR growth is “slowing considerably in the Q3 to date,” they added.
DownloadsEverything must go: The team at JMP suggested that download data appeared to be accelerating, with app downloads for week 3 of the NFL season rising 35% YoY. The team added that FanDuel led the way with 31% share, with DraftKings on 30%.
** 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 Analyst takes – KindredThe recent hike in Swedish tax rates is a headwind Kindred could have done without. Regulatory pile up: The rise of the Swedish tax rate from 18% to 22% announced last week adds a further incremental headwind to a lengthening list of regulatory headaches for Kindred, including the exit from Norway and issues in Belgium, suggested the team at Jefferies.
Why we fell in love: The Jefferies team pointed to the “reasons to like Kindred”, including its scale in Europe, its regaining of top spot in the Netherlands and its growth in the UK.
More analyst takesEntain: the team at CBRE said that while Entain didn’t specifically cite consumer weakness as a reason for the revenue warning on Monday, the 13% decline in the share price suggested it “seemingly struck that chord with investors”.
** SPONSOR’S MESSAGE ** During the Panthers vs Seahawks game that lasted 3 hours and 6 minutes, Huddle had, altogether, 27 minutes and 58 seconds of suspensions, while the market, on average, had 1 hour and 10 minutes of suspension time. Maintaining top-tier uptime not only enhances the user experience for our clients but also directly contributes to increased customer satisfaction, higher revenue generation, and reducing churn. Explore more: https://huddle.tech/by-the-numbers-huddles-uptime-performance/ NewslinesStar Entertainment: The Australian casino operator has launched a A$750m ($478m) cash call. According to the Australian Financial Review, included in the restructure is a A$450m debt package backed by Barclays and Westpac. Las Vegas Sands: Almost 90% of Sands China’s hotel rooms are booked for Golden Week in Macau but gaming revenue is still expected to fall short of pre-pandemic levels, according to Sands China president Wilfred Wong in Hong Kong’s Sing Tao Daily. Everi says its fintech subsidiary says it has won its patent dispute with Sightline. Everything coming up Rosies: Churchill Downs has opened its newest Rosie’s Gaming Emporium in Virginia. Galaxy Gaming will provide its Galaxy Operating System to more than 50 Carnival Corp cruise ships. Calendar
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