Earnings+More - FanDuel flexes New York muscles
FanDuel flexes New York musclesNovember data, the week ahead – DK and ESPN Bet, analyst takes – slots, startup focus – BetComply +More
Things ain't the same but I'm back in the game now. FanDuel’s Q4 fightbackThe early Q4 evidence from New York suggests FanDuel is reversing some of DraftKings recent GGR gains. As you were: FanDuel has reasserted its primacy at the top of the market in New York in both handle and GGR, giving an early indication it is fighting back in Q4 after appearing to lose its top-dog status in August.
⚖️ New York weighing machine: FanDuel reasserts handle leadership Gross out: More significantly, FanDuel also extended its lead in GGR terms, up 8% MoM to $83m, while DraftKings was down over 3% MoM to $59m. In Q3, DraftKings moved closer to its rival with $137m of GGR vs. $160m.
Net net: But at an NGR level, the picture was different once again. In the states that report NGR, the team at Jefferies said FanDuel grew its market share in Q3, up 1 ppt to 49% while DraftKings’ improvement was 7 ppts to 32%. The analysts added that the initial signs from New York backs their theory that FanDuel “could drive greater share gains” in Q4.
🗽 FanDuel accelerates away on October in GGR ** 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. The week aheadOn Tuesday ESPN Bet will go live in 17 states: Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia. On the same day, DraftKings holds its investor meeting where it is expected to unveil some new sportsbook products as well as reveal to the market its medium-term revenue and profit targets. Reporting this week
Earnings in briefGenting Singapore: Revenue in Q3 rose 33% to $690m while EBITDA was up 37% to $346m, with the company saying the Resorts World Sentosa IR continued to benefit from a “sustained recovery in travel and tourism” into Singapore. The company also announced a $6bn investment in the RWS expansion, including a new 700-room hotel development. FL Entertainment: The France-based entertainment group and parent to Betclic and Bet-at-home said its betting and gaming units saw growth of 21% in the first nine months of the year to €719m.
The separately reporting Bet-a-home said continued regulatory grief in Germany was largely to blame for the 12% fall in GGR to €34.5m. EBITDA dropped by almost a quarter to €1.7m. The company noted that, as part of its efforts to right the ship, it has outsourced “key corporate functions” for its dotcom operations to EveryMatrix, including its German-facing business. Analyst takesSlots manufacturers: Macquarie’s analysts noted all the providers produced Q3 beats while the regional operator commentary was “better than expected”, which also bodes well for slots. “We don’t think there is imminent risk of operator capex budgets being slashed given that slot product is what drives the business, though there could be a slowdown as we've seen in prior cycles,” the team said.
Light & Wonder: The message of a healthy gaming consumer environment was hammered home last week by Light & Wonder, with Truist saying the company had noted “good visibility” into its placement pipeline into Q4 and beyond while any potential weakness would be offset by “building strong content”. Bragg Gaming: The team at JMP noted the recent two-year extension agreement reached between Bragg and Entain over the provision of its PAM to the operator’s BetCity business in the Netherlands removed a “major overhang”. Meanwhile, the team suggested the “need for quality content and studios” on the part of operators could position Bragg as a takeover candidate. Wynn Resorts: The team at CBRE suggested Wynn has gained an increased financial flexibility off continued Vegas strength and the “rapidly recovering” Macau, as evidenced by the “opportunistic tender” for $400m of senior notes at a discount to par as well as the repurchase of $56m of stock. Startup focus – BetComplyWho, what, where and when: The newly founded London-based compliance solutions provider is, says chief compliance officer Mike de Graaff, “challenging the conventional perception of compliance as expensive, slow and overly restrictive”. Instead, the company is “dedicated to expediting clients’ entry into regulated markets while ensuring compliance and sustainability”.
You’ve got the brawn, we’ve got the brains: “We firmly believe the big opportunity lies in transforming compliance within regulated markets,” he says. “It’s evident that compliance is often seen as expensive, sluggish and overly restrictive, but we’re convinced it’s an indispensable element for any business aspiring to enter a regulated market.”
The company has experienced a rapid take-off, with several clients signing up within the first two weeks, eager to tap into new markets.
The one: “BetComply sees success as becoming the preeminent choice for those seeking to establish an iGaming business or enter a specific market,” he concludes. Growth company newsHappyHour, the Malta-based VC fund focused on early-stage iGaming startups, has made a strategic investment in digital wallet and cashier solution Fluid. BeyondPlay has partnered with Delasport to bring multiplayer and jackpot engagement features to its licensees. ** SPONSOR’S MESSAGE ** Virtually Sports is a supplier of virtual betting games, launched with a sole focus on developing innovative solutions. Career pathsGalaxy Gaming has appointed Matt Reback as president and CEO. He replaces Todd Cravens, who spent six years at the helm. Reback was most recently founder and president of Bravery Gaming. NewslinesBally’s has received permission to relaunch Bally Bet in Indiana from the state’s gaming regulators, according to Covers.com. An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Snowden: ESPN Bet ‘opportunity of the century’
Friday, November 10, 2023
Snowden at ESPN Edge, Wynn Macau bounce, Super Group earnings, MGM analyst reaction +More
FanDuel profits will ‘transform’ Flutter
Thursday, November 9, 2023
Flutter in front, DraftKings' international rumors, MGM full throttle, earnings in brief +More
Hard Rock pushes the button (again) on Florida OSB
Wednesday, November 8, 2023
Florida relaunch, affiliate M&A, GAN sale, Red Rock earnings +More
Down in the dumps: startups’ funding woes
Tuesday, November 7, 2023
Down round analysis, Better Collective M&A extra +More
DraftKings, FanDuel prepare to fight their ground
Monday, November 6, 2023
DraftKings call recall, FanDuel's Howe on CNBC, MGM and Flutter week ahead, startup focus – GuardDog +More
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