Earnings+More - Lottomatica’s big splash
Lottomatica’s big splashSKS365 buyout, Entain takes a hit, Seminole launch, Bally’s tumble, slim-fit Sportradar, RSI profits +More
I’m gonna send him to outer space. Another PlanetLottomatica has reached an agreement to buy the operator behind PlanetWin365. Bolt on and on: The operator, which just this week claimed market leadership with its collection of online brands in Italy, has added a further name to its portfolio in a deal that values SKS365 at €639m. It will pay for the move using cash at hand and an already pre-arranged bridging loan of €500m.
Winning the race: Lottomatica emerged as the winner after rival Playtech – which owns the Snai brands in Italy – had previously confirmed rumors it was “participating in a process” to buy SKS.
** 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. Remedial measuresDownturn train: Entain has confirmed the previously announced revenue downturn and has revealed a £100m cost-saving program in the hope of driving EBITDA margins back to 30% by 2028. But it said poor sports margins in October would mean an ~£45m hit to EBITDA.
Pre-op: The company will be hosting a meeting with analysts later today where, as the team at Peel Hunt suggested, it will need to produce a “big rabbit” to satisfy nervy investors.
Seminole Florida launchLaunch date: The Seminole tribe has announced it will launch retail betting across all its six properties in Florida in early December, starting with the Seminole Hard Rock Hotel & Casino Hollywood, the Seminole Classic Casino Hollywood and the Seminole Casino Coconut Creek in south Florida.
History makers: "With the expansion of the new scope, we are creating over 1,000 new jobs made possible by the Compact," Jim Allen, CEO of Seminole Gaming and chairman of Hard Rock International, said in a press release. "This is a historic milestone that immediately puts Florida in the same league with the world's great gaming destinations."
Bally’s tumbleHeadwindy city: Bally’s share price fell 18% at one point on Wednesday after the company lowered its revenues and adj. EBITDA guidance for the year, blaming the delayed opening in Chicago and issues around the A’s stadium/Tropicana development in Las Vegas. The shares ended the day down nearly 15%.
🤮 Unhappy Bally’s By the numbers: Helped by the eventual temporary property opening in Chicago, casino revenues rose 9% to $359m, while international interactive was up 7% to $244m and a relaunched North American interactive division saw a 34% leap to $29.6m. Adj. EBITDA fell 6% to $142m.
Colossus of Rhodes: CEO Robeson Reeves said “all hands were on deck” for the launch of iGaming in Rhode Island where Bally’s will be the sole provider. With online, Reeves said the company was “committed to growing our Bally Bet OSB business with prudent financial approaches and disciplined marketing investments”.
Killing me softly: Papanier said Bally’s was seeing “softness overall” across its regional estate, remarks that were likely taken badly by investors. Analysts at Deutsche Bank also noted the claim that followed about taking market share in 10 out of 13 markets.
Rush Street profitabilityHead above water: Ahead of plan, Rush Street expects to be profitable at an adj. EBITDA level for the full year this year after producing its second consecutive quarter of profitability, at $4.1m, compared with a loss of $12.5m in 2022.
LatAm remained a focus, with Colombia continuing to expand “at a rapid pace” and with the Mexico ramp continuing on schedule, with the business being more aggressive in the past quarter with 90% sequential growth.
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Stop falling behind your competitors! Matchbook pricing and brokerage service is your connection to the sharpest pricing and global liquidity, helping you to manage risk and fortify your margins. Matchbook pricing is proven to be resistant to market changes. Matchbook B2B, because the best price is for everyone. Find out more at http://www.matchbook.com/promo/b2b or email b2b@matchbook.com Sportradar’s slim fitPruning season: Asked about the reasons for shrinking the global workforce by 10% despite a healthy top-line Q3 revenue improvement, CEO Carsten Koerl said it was about ensuring the company was fit for the future. “We are looking to allocate our resources on the right products, to focus on those which are driving growth,” he added.
The next dance: The NBA deal, which kicked off with the recent tip-off, has seen Sportradar sign up its US client base to new content deals, including DraftKings, BetMGM, bet365, FanDuel and Caesars.
Revenues were up 12% to $201m but, with lower than expected MTS revenues, the company said FY23 revenue would be slightly lower than previously forecast at between $870m and $880m, which at mid-point still represents a 20% YoY increase.
Analyst takesCaesars: Looking at the lackluster investor reaction to Caesars’ earnings – down just over 1% yesterday – the team at Deutsche Bank suggested what had been a bullish story about F1 and the Super Bowl in Vegas, regionals growth and improvements to online had become one of “concerns around the impact of a looming recession and a deteriorating US consumer”. Macau: The team at Macquarie said the October GGR numbers were “particularly significant” due to mass revenues “clearly surpassing” 2019 levels but with VIP remaining well below previous peaks. The team noted all operators have said they can reach pre-pandemic profitability levels without reaching pre-pandemic revenues.
DatalinesUK: Online GGY increased 0.6% YoY to £1.2bn in Q3, while retail betting GGY decreased by 0.4% to £539m. NewslinesDoubleDown Interactive has completed its purchase of Nordic-facing iCasino operator SuprNation for $36.5m. The acquisition marks DoubleDown’s diversification into the real-money gaming market. ** 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. Calendar
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