Earnings+More - Entain DPA ‘not the end of dotcom’
Entain DPA ‘not the end of dotcom’Entain DPA repercussions, DraftKings’ Pick6 launch, sector watch – financial trading +More
Don't think about it too much, too much, too much, too much. Dotcom blowbackSuggestions that Entain’s Turkish travails mean the end of UK operators’ gray market businesses might be wide of the mark. Chronicle of a death forestalled: Comments from the crown prosecutor regarding how the gambling sector should conduct itself in the future in light of Entain’s deferred prosecution agreement are in danger of being over-interpreted, according to sources.
Message in a battle: Further, chief crown prosecutor Andrew Penhale said the “wider gaming industry may wish to reflect on the implications of this agreement for their own corporate compliance procedures and, where appropriate, take action to address and report any failings they identify”.
But these conclusions have been questioned elsewhere. “Nowhere does the DPA say that dotcom operations are incompatible with obligations imposed by British laws and regulations,” said Stephen Ketteley, partner at Wiggin.
Just the facts, ma’am: Legal sources pointed out it is only once the statement of facts involved in the DPA are made public that the market will find out exactly what happened with Entain’s Turkish business and what led to the prosecution in the first place. Don’t follow the leader: As one lawyer argued, while the DPA “contains a commitment” on the part of Entain to only derive revenues from current or soon-to-be locally-licensed markets, “it does not, in our view, automatically follow that dotcom operations must be shuttered for everyone”.
Want to unlock new revenue using sports-betting tools engineered by an experienced team of data scientists? A real-time API provides accurate predictions & actionable insights at your fingertips, covering more than 15 sports and in excess of 20,000 events each year, each of which is simulated over 10,000 times. +MoreStart spreading the news: Flutter has confirmed it will begin a dual-listing of its shares on the New York Stock Exchange on January 29. It has also confirmed the cancellation of its Dublin listing on the same day.
The Seminole’s Hard Rock Bet on Thursday announced itself as fully live in Florida via an ad campaign. The tribe also launched craps, roulette and retail sports betting at its casino locations in the state. VICI is further broadening out from gaming with a $212m mezzanine loan investment to Kalahari Resorts & Conventions to fund the development of a Kalahari indoor waterpark resort in Thornburg, Virginia. The affiliate provider GiG has confirmed the issuance of a new €75m senior secured bond, which will go towards paying off its previous SEK550m (€49m) bond as well as partly finance the recent KaFe Rock acquisition. Career pathsMike Rumbolz has been elected as chair of the American Gaming Association. He replaces outgoing chair Jim Allen, Seminole Gaming CEO. What we’re readingBrewing scandal: Ex-Jaguars employee who allegedly stole $22 million bet on football, daily fantasy, attorney says. In The Athletic. ICYMIIn Sharpr this week, there is news that Riot Games has expanded its relationship with esports data company GRID and also acquired an equity stake in the esports-data supplier. DraftKings DFS movePick a winner: Announcing the launch of a P2P Pick6 game in six states this week, DratKings hammered home the message that for the past 10 years it had “defined innovation in fantasy sports”.
Recall, during DraftKings’ recent investor day event, CEO Jason Robins said the company’s only limit was its “imaginations”. “We’re able to innovate at an extremely high velocity,” he said at the time, noting the ~1,500 product engineers who were “driving a better customer experience”. By the numbers – New YorkHow d’ya like them big apples? Handle for New York was over $2bn for the second month in a row in November. At $2.11bn it surpassed the $2bn garnered in October. Meanwhile, GGR was down 9% to $150.9m. FanDuel maintained its market share lead at 46%, followed by DraftKings (35%), Caesars (7%) and BetMGM (5%). 🗽 FanDuel and DraftKings maintain Empire State leadership Analyst takesMore pie: The team at Wells Fargo suggested FanDuel recapture of its overall OSB market leadership in October was helped by gains in New Jersey over the month, where the analysts noted the company held on to 62% of GGR versus DraftKings’ 17%.
Time on device: The team added that the app data for ESPN Bet was better than expected. “We were surprised by the sustained level of app engagement, based on usage/time spent on app (download data can be noisy),” they added.
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. Sector watch – share tradingHearts a-quiver: The US share trading app and meme-stock frenzy enabler Robinhood finally launched in the UK last week at the second attempt; its first run at the UK having been kiboshed by the pandemic back in 2020. The question, however, is whether the app will attract the same Millennial and below generations as it has at home in the US.
Moreover, there are questions over how Robinhod plans to make money. In the US, it makes cash from the order flows it sells to big brokers. But that practice is banned in the UK, leaving Robinhood with only the potential to make money from the interest income on cash balances maintained by its customers.
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