Earnings+More - FanDuel shrugs off football hit
I keep on rollin' with the flow. FanDuel’s football hitAdverse sports results in November cost $343m but revenues continue on an upward path. Win some, lose some: Flutter’s US revenues in Q4 came in at £1.14bn, which was £147m below previous guidance as the company was hit by two consecutive bad weeks of football results in November. But revenue still grew 19%, helped by better-than-expected gross win margins across the quarter, which CEO Peter Jackson attributed to FanDuel’s success with its parlay product.
Mentioning no names: Jackson added that Q4 was also a quarter where there was ”lots of competitive intensity.” “Every year it’s competitive,” he said. “This year was very intense, but the quality of the product stands us in very good stead.”
Dial the numbers: Total Q4 revenues rose 15% YoY to £2.67bn, with UK and Ireland online up 21% to £572m (retail up 6% to £75m), Australia down 9% to £304m and international flat at £582m. Due to regulations related to the upcoming New York listing, no EBITDA figures were given.
Making Britain great again: Jackson extolled Flutter’s progress in the UK where he said the brands Sky Bet and Paddy Power were “taking significant market share.” Edgecliffe-Johnson said Flutter had “stepped early” on positioning the company for the new regulatory landscape. Grow it alone: Jackson appeared to hint at possible deal activity around the recently opened up Brazilian opportunity. “Our approach to markets around the world is we have always been focused on organic growth,” he said.
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Also, our push format API offering real-time betting odds from 150+ sportsbooks: player props, alternate markets, injury data, historical odds, schedules, ranking, scores & more, is available upon request. Book a meeting here or get in touch at ryan@opticodds.com. +MoreFriends forever: IGT has announced it has received a contract extension to continue to supply the UK National Lottery’s core system ahead of the switchover to a new platform, as part of Allwyn's transformation program for the National Lottery.
Bleakhuis: Entain is suing the previous owners of BetCity, which it acquired for up to €450m in June 2022 over a contract dispute. The case has been brought in the commercial court in London. Earnings in briefGolden Matrix – which hopes to complete its reverse takeover with Meridianbet in the coming months – saw FY23 revenue rise 23% to $44m while adj. EBITDA fell 32% to $2.4m. The company attributed the loss to increases in expenses, including operational costs for B2C operation MexPlay. By the numbersKansas sports-betting GGR nearly doubled YoY in December to $20.1m, with DraftKings leading on 43% followed by FanDuel on 36%. Ontario: GGR rose 22% QoQ to C$658m ($487m) in Q3, representing a 44% YoY leap, with active accounts up to 1.2m. Of total wagers, iCasino accounted for 79% with OSB contributing 18%. Shares watchRush Street Interactive enjoyed a red-letter day on Wednesday, with its share price rising over 14% on the day. 🔥 In a Rush: RSI shares up over 15% in the week 888 reactionSinking feeling: 888’s share price dropped over 10% at one point yesterday before stabilizing later to end the day less than 2% down, as investors digested a mixed trading update, which the team at Peel Hunt characterized as a ”kitchen-sinking” of mildly bad news.
No pain, no gain: 888 has been through a “painful transition”, noted the Peel Hunt team, who added the £30m of additional costs savings that have been identified from the William Hill merger will now be plowed back into product and marketing. The team at Regulus noted the business is now moving into a period of easy comps compared to the UK compliance and Middle East VIPs issues this time last year. They added there are some “quick wins” available for the new management team led by CEO Per Widerström.
Drive to survive: “Over the last decade both 888 and William Hill have taken brief respites from endemic underperformance and claimed the beginning of a turnaround,” they added.
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Glide path: For online in the US, the team said they expected market growth to slow from 68% in 2022 to ~40% in 2023 and they forecasted a further slowing to 10% this year. They noted the lack of new market openings this year would likely benefit the bottom lines at market leaders FanDuel and DraftKings. Strip mining: The team at JMP gave credence to fears that Las Vegas is “over-earning”, saying the hesitancy from investors around key stocks Caesars Entertainment and MGM Resorts was understandable.
Analyst takesGambling.com: After meeting with management, the team at Jefferies noted Gambling.com has effectively sworn itself off significant M&A “irrespective of the improvement in the opportunity set.”
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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. An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
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