Earnings+More - Activists on the inside at Entain
Activists on the inside at EntainEntain board move, BlueBet/Betr discussions, Penn analyst take, EKG predictions +More
Here we are now, entertain us. Boardroom playEminence Capital’s Ricky Sandler gets a seat on the Entain board. Seat at the table: The activist investor, which previously went public with criticism of Entain’s M&A strategy, has been handed a non-executive directorship and a seat on the board – but expectations of any imminent corporate action might be premature.
Loud and clear: Recall, in June last year at the time of the £750m acquisition of STS, Eminence issued an open letter to the Entain board that complained its M&A strategy was “perplexing on many levels” and accused the management team of being “tone deaf.”
You say tomato: Analysts at Goodbody suggested Sandler’s appointment could “increase pressure” on Entain to “potentially divest all or part of its stake in BetMGM, or consider a full sale of the business.” But the team at Jefferies were not convinced, saying Sandler’s comment about “long-term success” indicated a “short-term solution may not be top of Eminence’s agenda.”
👀Career path: A notable departure this week was Nick Batram, previously head of M&A at Entain, who announced via LinkedIn he has left the company after eight “transformational” years. Sportsbook operators & providers - Are you looking to up your risk management & trading game in 2024? Set a meeting with Matchbook at ICE 2024 February 6th-8th to discuss any of the following:
Matchbook B2B - Because the best price is for everyone. Visit http://www.matchbook.com/promo/b2b or get in touch at b2b@matchbook.com +MoreAustralian minnow BlueBet has confirmed it is in discussions regarding “strategic initiatives” with the Australian Betr and other potential partners. Recall, the Matt Tripp-led Betr has long been rumored to be a potential bidder for PointsBet’s Australian business.
Rush Street has launched OSB and iCasino operations in Delaware under the terms of its five-year deal signed in August with the state lottery. 🎯 Lil’ Littler: This week’s PDC World Darts Championship final between the 16-year-old Luke Littler and Luke Humphries “smashed” betting records. According to Kambi, it was the most bet-on darts game in the company’s history with total bets up 45% on last year’s final. AGTech has won a contract to supply lottery terminals to China’s Sports Lottery Administration in Shanghai and Guangdong Province. In December, the company announced it won the lottery terminal contract for Shandong and Tianjin. By the numbersOhio followed the trend from other major OSB states in November, with Penn’s ESPN Bet solidly placing in the top three despite only being available mid-month. It garnered 8% of the market by handle vs. the 35% and 32% for FanDuel and DraftKings respectively.
🎯 Ohio in November: ESPN Bet makes market share gains Subscribe nowIn LosIngresos+Mas there is more about Brazil’s legislation, while Compliance+More this week looked at the ‘clown car’ California ballot measure effort. Penn analysisCombustible: The analysts at Deutsche Bank are predicting a rollercoaster ride for Penn Entertainment’s shares this year as the “skittish” macro environment, current regional gaming trends and the uncertainty over the trajectory of ESPN Bet provide for a volatile mix.
Gaining: As was previously indicated by DB, the team believed that from the scant data available, DraftKings and BetMGM appear to have lost ground with ESPN Bet’s debut. Across all states – i.e. including those where ESPN Bet is not active – DB said ESPN’s market share is 4.3%, up ~260 bps QoQ and ~170 bps YoY. 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. Market share predictionBall watching: Gazing into their crystal ball, the mystics at EKG said the emergence of ESPN Bet and to a lesser extent Fanatics, bet365 and a Florida-monopoly-boosted Hard Rock will dent the share of DraftKings and FanDuel but won’t knock either from their perches.
Spend, spend, spend: As well as “heavy” spending on marketing and promos from ESPN Bet, EKG believed BetMGM will hope to regain ground lost to the top two in 2023. “It seems likely to spend aggressively as part of a projected EBITDA-negative 2024,” the team added. Five big ones: The market share thoughts are among five predictions for the year, which include the likelihood that TAM expansion will “slow to a crawl”, that DraftKings will be involved in large-scale M&A – with LatAm a likely locus – that iCasino will go “game-show crazy” and RG policy will remain “restrained.” Download data📲ESPN Bet has lost top spot in the download charts for the first time since launch in mid-November, according to the team at JMP, who said that in week 17 of the NFL season DraftKings gained top spot with 27% share. ESPN Bet was second with 26%, followed by FanDuel on 22%.
Date for the diary: Penn Entertainment will release its Q4 earnings numbers on Feb. 15. Share watch – Bally’sNo fizz: The New Year’s champagne fell flat very quickly for Bally’s, which as of COP Thursday was down over 13%. The drop came amid a bad week for regional gaming stocks generally, with Red Rock Resorts off by nearly 7%, Caesars down nearly 5% and Penn just over 4% lower. 👀 Bally’s suffers a post-New Year double-digit drop 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. Calendar
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Older messages
Activist HG Vora rattles the cage at Penn
Tuesday, January 2, 2024
Activists at Penn, by the numbers – Nevada, a big month for Flutter, startup focus – Sporting Risk +More
Brazil finally nods through OSB legislation
Friday, December 22, 2023
Brazilian legislation, DFS upstarts, ESPN Bet assessment, Durango plaudits +More
Affiliate M&A is a buyer’s market – and that buyer is Better Collective
Tuesday, December 19, 2023
Affiliate M&A, activists get active, (not) the month in transactions +More
DraftKings the loser from ESPN Bet’s initial launch
Monday, December 18, 2023
By the numbers – ESPN Bet, Entain board concession, startup focus – UNLV's Black Fire program +More
Doors to manual: Entain chief resigns
Friday, December 15, 2023
Nygaard-Andersen resignation, Brazilian sports betting, by the numbers – ESPN Bet, Hard Rock expands into social +More
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