Earnings+More - Kindred shutters North America
We hope you enjoyed your stay. End of the roadKindred pulls the plug on its never-more-than-nascent North American business. Signal the retreat: As part of its ongoing strategic review, the company behind the Unibet brand has announced it will shutter its loss-making US and Ontario operations by the end of Q2 next year, subject to due regulatory processes. On the block: The company added that the board now believed shareholder value “will be maximized” by a sale of the business. It said closing the US business and a reduction in headcount and cost base would be “complementary” to the process.
Unsustainable: In explaining the closure, Kindred said the long-term outlook for North America had “changed since entry”. “The competitive nature of the market means significant resource is needed to close the gap to the market leaders and, at our current capacity, this is untenable.”
In the accompanying Q3 results statement, Kindred said its North American operations generated gross win of £6.4m, down 11% YoY. Market spend was cut back by 19% in dollar terms.
😱 Kindred’s North American horror show Sales patter: Talk of a potential sale of Kindred has been doing the rounds since a strategic review was announced in April. Crucial to any decision will be 15% shareholder Corvex, which has been pushing for a sale since it acquired its stake in Aug22. Profit squeeze: The North American news came with Kindred’s Q3 earnings, which saw revenues fall 2% to £284m, and, while underlying EBITDA was up 6% to £42.6m, pre-tax profits dived 75% to £15.1m. The company blamed underlying sports margins for the revenue fall.
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. +MoreAdelson unloads: Miriam Adelson has announced she is selling down a $2bn portion of her Las Vegas Sands shares via a secondary offering, with the company stating she intends to use the cash to buy a 57% stake in the Dallas Mavericks from current owner Mark Cuban.
Lottomatica has announced a €500m floating notes offering, which it says will partly go towards funding the recently announced €639m acquisition of SKS365. The company also added a further €50m headroom to its revolving credit facility. Australian-based OSB startup Picklebet has announced a A$15m (~$10m) Series A funding round led by Discerning Capital, with participation from Drive by DraftKings, Manifest Investment Partners and wagering and media investor Jeff Sagansky. EveryMatrix has agreed to a partnership with Caesars Digital to bring its casino content to Caesars Palace Online Casino and Caesars Sportsbook & Casino in North America. What we’re readingRIP Charlie Munger: “The world is full of foolish gamblers and they will not do as well as the patient investors.” A Soho house: What Noel Haydon did next. PointsBet updateStreamlined: Meanwhile, the chair of another potential sale prospect, PointsBet’s Brett Paton, said in the company’s AGM statement that the newly streamlined PointsBet had an “exciting new chapter ahead” following the sale of the US business to Fanatics for $225m.
Recall, E+M recently reported on rumors circulating of a potential bid for PointsBet from Matthew Tripp’s Australian Betr operation. Sources suggested at the time that a “subscale” Australian business and a ”very subscale“ Canadian arm were ripe for a takeover. Analyst takes – ESPN BetPay retention: The team at JMP suggested the history of downloads-to-player retention implies ESPN Bet will achieve between 7-9% and 5% player retention from its record-breaking download total depending on the efficiency of the app.
Beyond the first click: The JMP team said DraftKings’ retention data implied that 83%/88%/96% of those FTDs are retained in years one to three, respectively.
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