ESPN Bet on course for second-tier status
ESPN Bet on course for second-tier statusESPN Bet numbers, LiveScore earnings, analysts outlooks +More
Said, if you feel like giving me a lifetime of devotion. ESPN Bet progressState data and app numbers suggest ESPN Bet has established a second-tier position. In the mix: The first full month of data from ESPN Bet’s efforts in Maryland and Iowa show Penn Entertainment has seen its new OSB brand establish ~8% share of their market by handle, putting it equal with Caesars and ahead of BetMGM.
The JMP team added that promos as a percentage of total handle, “the more important metric at this point”, was 14% and in line vs. their expectations of +/- 10%. “Therefore, 7% to 8% handle market share could be viewed as the true baseline as spending subsides in the coming months,” the team added. 🔍 ESPN Bet ‘established’ as a second-tier player in Maryland and Iowa WoW factor: The team at JMP also noted that DraftKings and FanDuel regained the top two spots in terms of downloads in week 17 of the NFL season, with 24% and 28% respectively. It left ESPN Bet in third with 19% share, down 49% WoW.
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. +MoreMatchbook (an E+M sponsor) has announced its latest partnership with Unabated Sports, which will now add Matchbook’s odds to its odds screen where users can see and compare real-time odds and prop lines from sportsbooks across the market. Hop off: Richard Flint, ex-CEO at Sky Bet before it was bought by the then Paddy Power Betfair, has opted not to seek re-election to the board at Flutter and will step down at the conclusion of the AFGM in May. Churchill Downs has raised the purse for this year’s Kentucky Derby to $5m, the largest in the history of the race. The winner will receive $3.1m, with second place to be awarded $1m. Online sports betting is live in Vermont with three operators – Fanatics, DraftKings and Flutter’s FanDuel. Genting Malaysia is to inject an additional $100m into its US-facing subsidiary Genting Empire Resorts. The proceeds will go towards paying off an existing bank facility of approximately $58m and general working capital purposes. On the ball: VaideBet has penned a front-of-shirt sponsorship deal with Corinthians worth $75.9m over the next three seasons. The deal is the largest in Brazilian soccer history. Betfred will continue its sponsorship of the Derby Festival at Epsom through to 2026. Elys Game Technology has changed its corporate name to Elys BMG Group. GAN will hold a shareholder meeting on February 13 to approve the proposed $108m acquisition by Sega Sammy. Catena Media has received approval from bondholders for a year extension on its 2021/2024 outstanding bond loan, which is now due June 9, 2025. How much? MGM Resorts has bought a 1.62-acre lot between its Bellagio and The Cosmopolitan properties that was previously being used as a parking lot for $54m. Challenger brandLivewire: The Noel Hayden-owned gambling-to-advertising business LiveScore – the company behind LiveScore Bet and Virgin Bet – saw revenues rise 49% to £130m, with the gambling segment rising 57% to £108m, as the group continued to seek to expand its footprint in the UK and Ireland alongside the Netherlands and Nigeria.
Firepower: The company received £50m of investment for a 9.99% stake in the business in September and October 2022, and in September last year shareholders provided a loan facility of $20m repayable in September 2027. Never too late: The team at Regulus noted LiveScore has become a “significant UK online gambling challenger in just four years” after being left behind by what is now Bally’s. They added it has done “a lot of expensive heavy lifting”, however, with a cumulative net loss of over £200m
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. Earnings in briefMeridianbet saw revenues rise by 25% in 2023 with EBITDA growth of 10%, though it did not state any actual figures. The company said it expected to complete the $300m reverse takeover of Golden Matrix in Q124 under the amended terms announced in July last year. 2024 outlooksFanatical: Looking ahead, the team at Morgan Stanley suggested one potential “surprise” for 2024 would be for Fanatics to grow market share at the expense of DraftKings and FanDuel.
Mean reversion: The team at Truist believe the stabilization of interest rates – and the prospect of lower rates in the not too distant future – could benefit “some of the more levered names” in the sector.
Sector watch – financial tradingBTC ETF: The approval of a spot Bitcoin ETF is a signal moment for the crypto world, even if the SEC made it plain it remained distinctly skeptical over the whole idea.
Gritted teeth: In the statement accompanying the news, SEC chief Gary Gensler said that “while we approved the listing and trading of certain spot bitcoin [exchange traded product] shares today, we did not approve or endorse bitcoin.”
Hope you’re happy now: Grayscale Bitcoin Investment, BlackRock, Fidelity Investments, Invesco and Ark/21Shares may begin trading as soon as next Thursday.
Operators, how's your risk management for NFL or March Madness? Utilize the trading screen used by top operators in the US, Europe, and Australia. Book a meeting with Optic Odds at ICE and receive complimentary access to our trading screen for one month - no strings attached. Includes:
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Older messages
Startup funding slumps by two-thirds in 2023
Tuesday, January 9, 2024
Startup funding in 2023, startup picks for 2024, Yolo funding, Inside the raise – Pro League Network +More
Bet365 completes pandemic bounceback
Monday, January 8, 2024
Bet365 annual results, 2024 outlooks, New York by the numbers, startup focus – Game Safety Institute +More
Activists on the inside at Entain
Friday, January 5, 2024
Entain board move, BlueBet/Betr discussions, Penn analyst take, EKG predictions +More
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
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