Earnings+More - Talk of the town: G2E gets under way
Talk of the town: G2E gets under wayG2E preview, Florida fail, Luckbox calls B2C halt, startup focus – We The Bookie +MoreGood morning. On today’s agenda:
It's got honks, it's got squeaks, it's got dings, and it's got me. The week ahead – G2EThe industry’s premier jamboree gets underway this week. Know the formula: If the roadworks caused by the ongoing Formula 1 preparations allow (H/T to Chris Grove for the local traffic report), then the gaming industry showcase will get under way this week with a couple of headline-grabbing appearances.
FanKings: Equally fascinating will be Wednesday’s Playmakers keynote, with the Ginger Rogers and Fred Astaire of US OSB: Amy Howe, CEO at FanDuel, and Jason Robins from DraftKings. The pair have a decent track record when it comes to predictions on the direction of the market, saying this time last year that the centrifugal forces in US OSB would continue.
Also on the agenda this week: On Monday, the question of whether the sector is in any way inoculated from regional bank failures – likely not – will be discussed by, among others, Justin Armstrong from UBank and Patrick Munkholm from Fifth Third Bank.
E+M@G2E: Earnings+More’s Scott Longley will be moderating a panel on the hot topic of cybersecurity on Monday afternoon at 2.40pm. Calendar
** SPONSOR’S MESSAGE ** EveryMatrix delivers iGaming software, solutions, content and services for casino, sports betting, payments, and affiliate/agent management to 200+ global Tier-1 operators and newer brands. The platform is modular, scalable, and compliant, allowing operators to choose the optimal solution depending on their needs. EveryMatrix empowers clients to unleash bold ideas and deliver outstanding player experiences in regulated markets. Florida assessmentA single-operator system in Florida will be sub-optimal in terms of revenues, suggest analysts. Lost opportunity: Despite the potential for Floirida to add 22m (7%) to the number of the US population with access to OSB within a matter of months, the team at JMP suggested the likely single-operator solution means yearly GGR could be up to 30% lower than would otherwise be the case with a multi-operator outcome.
JMP noted that states that have gone with the limited-operators model, including Oregon, Connecticut and Rhode Island, have underperformed the average US OSB spend-per-adult. They add that the “core reason” is that without competition there is “less incentive to invest in players and the product”.
Out of luckLuckbox halts all B2C activity with immediate effect after failing to secure funding to continue. Timed out: The esports-focused betting operator said late last week it had failed to secure the additional funding needed to continue, as it also admitted talks over a potential merger or acquisition had come to nothing.
Analyst takesPlaytech: The news of Caliplay’s legal action in Mexico “only makes sense” as a ploy to get Playtech to negotiate a resolution to the dispute about the strategic partnership, the team at Peel Hunt said. “Given the profit in Mexico and the challenge of instantly replacing a technology supplier, [a split] makes no sense,” they added. MGM Resorts: The analysts at Macquarie assessed MGM’s update from late last week as suggesting any damage will be limited to Q3. The $100m of EBITDA losses from disruptions was “in-line to slightly higher than expectation” but the impact to Q4 should be lower judging by their positive occupancy forecasts.
Full House: The team at CBRE said with the overhang of the legal dispute in Illinois surrounding the Waukegan property, and with economic conditions as they are, the prospects for the Full House share price are limited. “There is just too much up in the air right now,” they added. M&A notebookSpin cycle: FantasySpin has bought rival DFS operator BettorFantasy, which, according to the press release, provides a “thrilling slots-like experience” that “sits at the intersection of iGaming and fantasy sports”.
News Corp sold its A$70m ($44.5m) stake in the Australian Betr back in February, about four months after launching the company, according to the Australian Financial Review. Startup focus – We The BookieWho are you? The Irish online B2C sports-betting operator was founded in 2019 by Malcolm Wilkinson, who has harnessed his actuarial skills to reimagine the sports-betting industry. He has enlisted social media guru Dr Steve Steck as CMO to help realise the brand’s mission and vision. Funding backgrounder: An initial family/friends raise trousered €150k in 2021, which funded a beta/proof-of-concept launch in January 2023. Subscribing to the ‘only raise what you need’ mantra, it is currently targeting up to €200k to help fund the transition to a superior platform.
What’s the game? We The Bookie operates as a conventional bookmaker but redistributes 50% of monthly gross gaming revenue back to customers in direct proportion to each one’s net loss.
What will success look like? Over the next six months, this will include a new-and-improved platform, and demonstrating the model’s customer acquisition and retention powers.
** SPONSOR’S MESSAGE ** Venture capital firm Yolo Investments manages in excess of €500m in capital across 100 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. Growth company newsUnderdog Fantasy has launched GuardDog, a pioneering investment initiative dedicated to fostering innovation in responsible gaming. The initiative has received $1m of initial funding.
Spectrum Gaming has launched the Spectrum Gaming Capital Tech Exchange, a first-of-its-kind platform to bring together early-stage, revenue-producing gaming-technology companies and pre-qualified venture capital. One of E+M’s disruptors to follow, odds provider Huddle has announced a partnership with Sportradar allowing it to access the latter’s portfolio of data sources. Another disruptor from the most recent Startup Month is BeyondPlay and it followed this up with the announcement of a strategic partnership with Play’n GO. Novig has secured an Internet sports-betting operator license from the Colorado Division of Gaming. The commission-free sports-betting exchange plans to launch next month with Full House Resorts. Challenger sports-betting backend provider SB22 and BetLeroy have joined forces to launch a mobile app aimed at boosting engagement among sports bettors through leaderboards, a range of betting options and a patent-pending Apple Watch app. Sports analytics provider Moneyline Sports has announced the launch of SportstraderAI, a consumer-facing platform for predictive analysis and providing value bets for its subscribers. File under ‘is this really the time?’: Challenger – or just challenged – bank Layup, which provides prize-linked savings accounts for sports fans, has raised $2.3m in a seed round led by Chicago’s Continental Investment Partners.
Career pathsMartin Collins has joined Soft2Bet as chief business development officer. He moves from GiG where he was director of sales and business development. BMM Innovation has appointed Laura Olsen-Reyes as chief marketing officer. She comes with more than 20 years of gaming industry experience, most recently at Eclipse Gaming. Victor Rocha has joined Chalkline as a strategic advisor. Rocha is conference chair for the Indian Gaming Association and leads Victor Strategies, an advisory service to the gaming industry. Strive Gaming has hired former Kambi deputy general counsel Tommaso Di Chio as chief legal and compliance officer. Yolo has appointed Matthew D'Emanuele to the new position of CEO of Yolo Entertainment, amid a wider corporate reorganisation. D’Emanuele was previously CEO of B2B software provider Eastrock Group and director of operations at GiG.
PlayStar Casino has named Peter Ekmark as CEO, ahead of going live in several US states next year. Ekmark, who has served as a board member since September 2022, replaces Per Hellberg at the helm. ** SPONSOR’S MESSAGE ** BettingJobs is the global leading recruitment solutions provider to the iGaming, Sports Betting and Lotteries sectors. Boasting a 20-year track record supporting the iGaming industry, and with a team of experts and world class knowledge, it’s no surprise BettingJobs is experiencing rapid growth with outstanding results. Does your company have plans to expand teams to cope with strong growth and demand? Contact BettingJobs.com today where their dedicated team members will help you find exactly what you are looking for. NewslinesKambi has signed a sportsbook backend provision deal with Dutch iCasino challenger brand 711. An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Playtech’s tequila crisis
Friday, October 6, 2023
Caliplay deal goes before court, MGM hack losses, sector slowdown, Kambi shares uptick, Ohio data +More
The change makers
Tuesday, October 3, 2023
How sector disruption can happen, six disruptors, Q3 funding roundup, inside the deal – WagerWire and Betr +More
Bidding war erupts over PlanetWin365
Monday, October 2, 2023
Italian bidding battle, Strip dynamics, analysts notes, startup focus – Verse Fantasy +More
888 in the doghouse – again
Friday, September 29, 2023
888 share price slump, analysts talk up DraftKings, shares watch – GAN +More
888 issues a profit warning
Thursday, September 28, 2023
Operator blames regulatory restrictions, XLMedia's poor H1 +More
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