Earnings+More - 888 promises bright new dawn
888 promises bright new dawn888 trading update, DraftKings downgrades, Flutter and Caesars takes +More
While the chief puts sunshine on Leith. 888 trading update888 points to sequential improvement as Q4 shows overall revenue decline. I see the light: Revenue of £424m in Q4 was 5% higher than the Q3 total but still represented a 7% YoY decline as 888 suffered from compliance-related setbacks in the UK and globally. FY23 revenue was down 8% to £1.71bn.
Remake, remodel: In the UK, 888 said revenues of £165m were 4% down, affected by “customer mix changes” caused by the further implementation of RG measures as well as a change in marketing focus. FY23 revenues were down 8% to £658m.
Roll with the punches: New CEO Per Widerström said the figures represented “foundations for sustainable and profitable growth.” But he added the company needed to be “more proactive in adapting to changes in regulation and technology.”
Through a glass darkly: Looking ahead, 888 said adj. EBITDA for 2024 is now expected to come in at the low end of consensus of £340m-£397m.
Getting the band back together: The update highlighted a raft of recent appointments, made in the months since Widerström took the reins.
Diary date: 888 will report its FY23 results on Mar. 26. 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. +MoreActivist investor HG Vora has said in a letter to Penn Entertainment that its practices around the staggered terms for board appointments were in violation of Pennsylvania’s corporation laws. The Ontario Lottery and Gaming Corporation is in the final stages of reviewing bids to operate Caesars Windsor, according to the Toronto Globe and Mail. Crumbs: Sportradar has launched FanID, an end-to-end first-party marketing solution combining the first data clean room for the sports industry with the company’s proprietary marketing activation technology. The company said the offering gives rights holders and brands “personalized fan engagement in a post-third-party cookie world.” What we’re readingCommanding heights: “There is nothing unlawful in monopolies that emerge this way.” The FT on GeoComply’s rise to geolocation dominance. By the numbersMassachusetts: The pattern appears set now with ESPN firmly ensconced in third place in Massachusetts, with handle (8%) and GGR (7%) some way distant from the market leaders DraftKings (50.5% GGR) and FanDuel (33% GGR).
New Jersey: The picture was more mixed for ESPN Bet in New Jersey where GGR market share was mired at a mere 3% for the month, notably behind both BetMGM (7%) and Caesars (6%) in third and fourth.
DraftKings analyst takesDelayed reaction: A bad run of results in the NFL in November means Q423 estimates for DraftKings might be out of whack, according to two notes issued early yesterday. Referencing recent management commentary, Jefferies said the two consecutive negative hold weekends of football in November will have hit revenue by ~$100m and with 70% flow through to the bottom line.
Shuddering halt: Noting that low hold is a “legitimate risk” for any sportsbook and reaffirming their own belief in the long-term picture, Wells Fargo acknowledged DraftKings remains a “momentum play.”
More analyst takesFlutter: Ahead of tomorrow’s trading update the team at Wells Fargo suggested investors will be cautious given concerns about a Q4 earnings miss in the US (see above). The team indicated US revenues will be 7% lower than the Street forecast at £1.12bn. The team has also lowered its H223 US EBITDA forecast to £71m vs. £83m prior.
Caesars: Also taking a knife to forecasts is CBRE, which has lowered its adj. EBITDA estimate to $945m from $951m, partly because the team believed Las Vegas labor costs would be higher than forecasts while the F1 weekend in November had less upside than initially thought.
Looking long-term, the CBRE team noted Caesars bonds have seen a 250 bps improvement in borrowing costs in recent months as interest rate hike fears have receded.
Gamification, mobile gaming, AI, UX enhancements and design and responsible gambling are just some of the trends that are set to dominate the iGaming industry in 2024 as it seeks to harness those new technologies and their benefits to millions of consumers across regulated markets worldwide. Read the Sof2Bet feature and let us know your thoughts on what we should look out for in 2024! Calendar
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