Hard Rock pushes the button (again) on Florida OSB
Hard Rock pushes the button (again) on Florida OSBFlorida relaunch, affiliate M&A, GAN sale, Red Rock earnings +More
Florida OSBHard Rock Bet has relaunched OSB operations in the Sunshine State. You must remember this: Floridian consumers who previously signed up to Hard Rock Bet during the month-long window when the app was previously available in 2021 or who are Hard Rock loyalty program members are once again being invited to place their legal bets in the state.
Let that be an end to it: The relaunch of OSB operations comes despite the ongoing lawsuit over the legality of the compact, which is currently in front of the US Supreme Court. After more than two years of legal to and fro, yesterday’s move would suggest the Seminole believe they are set to win the case against West Flagler. New York casinoMeanwhile, in Gotham: Steve Cohen, owner of the New York Mets, has released plans for an $8bn entertainment park including a casino and hotel to be situated in the parking lot at the Met’s Citi Field. The casino would be operated by Cohen in partnership with Hard Rock. ** SPONSOR’S MESSAGE ** Calling all sportsbooks! Are you:
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 Affiliate M&ARock the record: GiG confirmed ahead of this morning’s results it has snapped up fellow gaming affiliate KaFe Rocks for €15m upfront, with a further €20m to be paid in four instalments over the next two years with an earnout element included.
The big mo: Following on from Tuesday’s news about Better Collective’s €176m deal for Playmaker Capital, it means the affiliate M&A ball keeps rolling. While Better Collective has now made five transactions this year, GiG itself late last year bought for €45m – and has since revived – the AskGamblers brand from Catena Media. GiG’s Q3 earningsThe KaFe Rocks news came ahead of GiG’s Q3 earnings, which saw revenues rise 39% YoY to €31.8m, of which 23% was organic growth. EBITDA rose to €23.4m, helped by the reversal of an earnout provision. Ex-that provision, EBITDA rose to €13.6m.
GAN saleLife and times: The short and eventful life of GAN as a US-listed entity has been brought to an end after debt-holder Sega Sammy Creation announced a deal to acquire the business for $108m. The price represents a 120% premium to the closing GAN share price on November 7.
Mountains into molehills: The deal brings to an end a tumultuous period for GAN during which it announced a strategic review, lost its analyst coverage and saw the departure of former CEO Dermot Smrfitt under a cloud.
⛷️ Up the hill and down the slope: GAN’s less than illustrious listed life Durango delayGood things come: Those waiting on the opening of the new Durango Casino will have to be a bit more patient after Red Rock said it was delaying doors by a fortnight to Dec 5. The news came as the company reported Q3 revenue down 1% to $408m with adj. EBITDA down in lockstep to $175m.
Valley highs: Scott Kreeger, president, added “there’s no one more bullish than us about the Las Vegas market”, with its long-term thesis about migration to Las Vegas very much intact.
Earnings in briefAGS: Revenue rose 14% to $89.4m with adj. EBITDA at $40.1m, up 16% YoY. On the call with analysts, CEO David Lopez said the recent G2E constituted a “coming out party” for the R&D team, suggesting the recent transformation of the company’s products “did not go unnoticed” by its customers.
Melco Resorts: Q3 revenues rose over 300% to $1.02bn, reflecting the improvements since the start of the year, the relaxation of pandemic-era restrictions in Macau and the opening of phase 2 of the company’s Studio City project. Adj, EBITDA rose to $281m from $34.9m this time last year. Accel Entertainment: Revenue was up 8% to $288m while adj. EBITDA rose 7% to $44.1m, as the company saw the number of locations for its gaming terminal rise 5% to 3,687. CEO Andy Rubenstein said the “consistent growth in the face of uncertain economic times is a testament to the resilience of our business model”.
EveryMatrix: The sports-betting and iCasino supplier said Q3 revenue rose 62% to €27.2m, while EBITDA soared by 113% YoY to €14m. EBITDA margins were above 50% for the second straight quarter.
** SPONSOR’S MESSAGE ** Propus Partners is a consultancy business specialising in sports betting with a specific focus on trading, trading technology, product, operations and the supplier marketplace. Since launch in 2017, Propus has worked with clients across five continents, including operators, platforms, feed providers, regulators, data rights holders and sporting organisations. NewslinesSportradar will provide its player account management and sports-betting solution to the RLJ Companies’ Caribbean and South American route operator Caribbean Cage. Pro League Network has partnered with the US Carrom Association to develop and launch the Pro Carrom Tour in the US, and hopes to have the tabletop game approved for sports betting in select states early next year. Calendar
An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
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