Earnings+More - Into your arms: NYSE welcomes Flutter
Into your arms: NYSE welcomes FlutterFlutter listing, Rank earnings reaction, Nevada analyst takes +More
Everybody here was someone else before. Flutter NYSE listing reactionWelcome to New York: Flutter can be happy with its reception this week following its dual-listing on the NYSE at the start of the week, as the analysts assessed the likelihood that it will be the precursor to a primary listing later this year.
Meant to be: The team at Wells Fargo said Flutter’s corporate pivot to New York reflected a ”natural evolution” given that, over time, the US is predicted to be the company’s primary profit center.
Mind the gap: The hope is Flutter will be able to close the valuation gap that has opened up between it and nearest direct rival DraftKings. The CBRE team estimated the current implied valuation for Flutter of 14.5x FY25 EBITDA is some way behind that of DraftKings, which is currently trading at 23x.
Moat building: JMP suggested, when it comes to FanDuel, Flutter is in the process of building a position of strength via higher investment in product and innovation, including a further push into parlays.
Kambi Group is the leading provider of premium sports betting technology and services, empowering operators with all the tools required to deliver world-class sports betting and entertainment experiences. The Group’s services not only include its award-winning turnkey sportsbook but also an increasingly open platform and a range of standalone sports betting services from frontend specialists Shape Games, esports data and odds provider Abios, and AI-powered trading division Tzeract. Together, we are limitless. For more info, go to www.kambi.com +MoreEndeavor is integrating its OpenBet sportsbook backend business and the IMG Arena data business under the one umbrella, as the company seeks a deeper integration over areas such as odds pricing.
Affiliate giant Better Collective has announced BLS Capital, a Copenhagen-based investment firm, has taken a 6.7% stake in the company. BLS says on its website it is a boutique asset manager with focus on long-term investments in “robust, listed companies with the purpose of creating attractive, long-term risk-adjusted returns.” Bet 365 has launched online sports betting in Indiana. Meanwhile, BlueBet has furthered the rollout of its ClutchBet offering in the US via a launch in Louisiana, and supplier EveryMatrix has obtained approval from the Pennsylvania regulator to offer its services in the state. By the numbersOhio: Total sports-betting GGR rose 29% to $87.1m on handle that fell marginally to $830m. FanDuel led OSB on 44% market share, followed by DraftKings (30%) and ESPN Bet (9.7%). Product+MoreDigitain has launched a new sports-betting tool, AutoBet, allowing players to customize their betting with preferred odds ranges. Compliance+MoreThe Georgia sports-betting bill has passed a vote in the Senate – but with a constitutional amendment added that means it will need two-thirds majorities in both houses of the legislature and to be put on the ballot in November. See C+M on Tuesday for more. Startup fundraisingSports data and analytics solutions provider ALT Sports Data has announced a $2.5m seed funding round co-led by Eberg Capital and Relay Ventures, with additional participation from Trinity West Ventures, NuFund Venture Group and several notable sports and technology industry veterans. Splash Sports has secured $14.1m via a Series A2 funding round, which will in part go towards the launch of a new partner solutions company. The funding round was led by Boston Seed, Velvet Sea Ventures, K5, Elysian Park, Acies Investments, Accomplice, Counterview and others. Earnings reaction – Rankr u UK? The casino-to-bingo venues operator is one of the winners to have come out of the prolonged UK Gambling Act reform process and CEO John O’Reilly said yesterday the company would have “lots of opportunities” to invest further in its offerings.
Bingo is less positive as the company continues to shrink its estate to concentrate on “more vibrant” venues. The estate is now down to 55 having lost one venue in H1 and two more are set to close in the second half of the financial year.
The shares week – EvolutionInvestors warmed to the live casino giant’s Q4 report yesterday, sending the shares up 7% on the day. The company said revenues rose 17% to €475m while EBITDA increased 21% to €337m. 📺 Evolution gets a warm response from investors to its Q4 earnings 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. Nevada December analyst takesI didn’t know you had dandruff: The record-breaking GGR figures for Nevada in December were only surpassed by the handle total of $6.2bn, which, as the team at CBRE said, came in “head and shoulders” above the previous record of $5.7bn in Dec22.
JMP noted that January and February represented two important months for the market, suggesting January should remain strong while February, of course, has the Super Bowl.
Analyst takesVICI: The gaming REIT was “very active” in 2023, pointed out the analysts at CBRE, with deals totalling $2.2bn of potential capital commitments. But they noted the deal – in terms of size, quantity, financing type and asset type – “bucked” the company’s typical trends.
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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. An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Concentrate! Evolution’s top 5 exposure up to 41%
Thursday, February 1, 2024
Evolution earnings, PointsBet positivity, AGS debt move, Rank earnings +More
Finders keepers: FanDuel tops for retention in Pennsylvania
Tuesday, January 30, 2024
Player research in PA, Flutter's fund flows, F2P data from Brazil +More
Flutter’s double take
Monday, January 29, 2024
Flutter dual listing, Super Bowl room rates, startup focus – Konquer +More
Portnoy redux: DraftKings ’close’ to Barstool marketing deal
Friday, January 26, 2024
Barstool return, LVS booming, Betr's Mass exit, Sportradar restructure, FDJ/Kindred reaction +More
Making things happen: activist investors flex their muscles
Tuesday, January 23, 2024
Change makers, FDJ/Kindred reaction, New Jersey's surprising November +More
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