The price of black market activity: £615m
The price of black market activity: £615mEntain settlement, UK taxes, earnings in brief, Startup focus – The Racing App +More
You make up your mind, you choose the chance you take. Entain settlementSettlement highlights “stark differences” between the company of today versus old GVC, says chair. Not me guv: Spinning an explanation for the £585m cost of the deferred prosecution agreement (DPA), Entain chair Barry Gibson was keen to stress the “legacy” nature of the wrongdoing, which the company said involved the failure of the old GVC to have “adequate procedures in place to prevent bribery”.
Wild Turkey: The DPA relates to Entain’s previous activities in the Turkish black market when the company was known as GVC and had a different management team under the leadership of chair Lee Feldman and CEO Kenny Alexander.
Clearing the path: The settlement removes one obstacle to any potential bid for Entain. As reported on Friday, activist investors are lining up to express disappointment with the company’s progress, with suggestions the company’s own bolt-on acquisition strategy has run out of road. ** SPONSOR’S MESSAGE ** EveryMatrix delivers iGaming software, solutions, content and services for casino, sports betting, payments, and affiliate/agent management to 300+ 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. +MoreGiG: The company has announced it is meeting with fixed income investors this week with regard to a new €75m floating rate bond. If agreed, it would replace its existing €45m bond due to expire in June next year. A better offer: ESPN Bet’s new sign-up offer of up to $250 in bonus bets is ahead of promos from the rest of the market, according to Jefferies. The analysts say FanDuel and DraftKings are currently pegged at $150 and pointed out the offer expires at the end of December. The week aheadKindred finally gets round to releasing its Q3 results on Wednesday. Meanwhile, esports-focused operator Rivalry lays out its latest figures after a week during which its share price was on a tear, up over 34%. 🔥 Rivalry sets the pace On Tuesday and Wednesday the Jefferies Sports Betting & iGaming Summit takes place in New York, with contributions from Flutter, DraftKings, Entain and many other leading sector lights. Career pathsMarina Andersson and Patrick Jonker have been appointed to the board at Raketech. Andersson is an expert in corporate development and M&A, working previously at Stillfront and Deloitte. Jonker was previously managing director at Betsson and international MD at William Hill. Continent 8 has appointed Carl Bonner as its new regional sales executive. UK taxesA rising tide: An innocuous enough comment in the UK Treasury’s Autumn Statement document regarding a rationalization of the tax rates applicable for gambling could signal an imminent rise in the online gambling tax rate.
Stealth check: As it stands, remote gambling is covered by remote gaming duty, general betting duty and pool betting duty switch rates running between 15% and 21%. Analysts from Regulus suggested the likelihood is that any move to combine the taxes is almost certain to result in the new tax being set at the higher rate of 21%.
Earnings in briefIntralot: Improvements in trading for the Turkish and lottery business and the new contract in Taiwan helped push Q3 revenues up by 8.1% to €105m, only partially offset by declines in the top-line growth in Argentina. EBITDA was up 16% to €38.2m. Genting Malaysia: Revenues rose 19% YoY to $579m while adj. EBITDA was up 23% to $159m, with the company saying the UK and US businesses both saw higher volumes over the period. The operator continues to pursue the potential for gaining one of the downstate casino IR licenses in New York. Analyst takesMGM Resorts: The stable or declining rate environment will provide a favorable backdrop for MGM given it has a debt maturity next year, suggested the team at JMP. They added that companies, particularly with online exposure, “will look for opportunistic M&A after several quarters of shareholder returns and internal growth projects”. Light & Wonder: Despite the $485m acquisition of the 17% of SciPlay it didn’t already own adding to its debt total, the analysts at Fitch Ratings suggested the added half turn in the leverage ratio is still manageable. The team expects leverage of 3.7x EBITDA by the end of this year, falling to 3.3x in 2024. Startup focus – The Racing AppRacing ahead: Disruption comes in many forms and sometimes it simply represents a return to an old forgotten model. “The app is a modernized version of the racing newspapers of old,” says Mark Fellows, commercial director at Quantum Leap Solutions, which has developed the app in conjunction with Fitzdares.
Modernist: Fellows says the word ‘modern’ is important in the context of the app, which he believes breaks new ground in the way it distills data into a visually accessible way, but he adds the current version of the app is only on its first go around the track. For the many: “Just being noticed represents success at this stage,” Fellows says. But he adds that the company is working on three “significant and unique pieces of development to enhance the user experience on the app”.
Growth company newsSports-betting and iCasino development company The Unit has unveiled a designed and developed front-end system for data odds provider TXOdds. Sports-betting tool provider Tallysight has launched a partnership with Soccerbetusa.io to provide innovative tools and real-time odds to enhance visitation to the Super-Soccer-Saturday.com offering. Next-generation fantasy sports platform GameOn has reached a software development and support agreement with Sportsology to develop a fantasy sports infrastructure called $GAME. ** SPONSOR’S MESSAGE ** BettingJobs is the global leading recruitment solution provider for the iGaming, Sports Betting, and Lottery sectors. Backed by a 20-year track record of successfully supporting the iGaming industry, it's no surprise BettingJobs is experiencing rapid growth and outstanding results. Does your company plan to expand its teams to cope with strong demand and growth? Contact BettingJobs today where their dedicated team members will help you find exactly what you are looking for. Calendar
An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Shall we vote? Hedgies harry Entain, badger Bragg
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