Share handouts analysis sees Flutter shine vs. DraftKings
Share handouts analysis sees Flutter shine vs. DraftKingsShare-based payments analysis, jobs losses in Gibraltar, Lottomatica shares watch, startup focus – SharpStakes +More
I can't tell if I'm a king pin or a pauper. Flutter US wins outAccounting standards can be interesting: A substantial difference in the amounts of share-based payments that Flutter US and DraftKings issue to their employees helps explain why the former will be generating substantially more EBITDA in the next two years, according to new analysis from Jefferies. Yes, accounting standards: Flutter recently released restated accounts in line with US GAAP reporting standards vs. its previous IFRS reporting. While this doesn’t affect top-line figures, it does change how analysts view the numbers at the EBITDA level. Crucially, the new reporting includes disclosures around divisional share-based costs, highlighting a difference between Flutter US and its major rival.
The differential: The treatment of share-based payments exacerbates what the Jefferies team identifies as an existing margin differential between Flutter US and DraftKings. It means, for instance, that going by what Jefferies terms further adj. EBITDA, Flutter US will generate $630m this year vs just $85m for DraftKings.
💵 Flutter US vs. DraftKings adj. EBITDA pre- and post-share-based payments Beg to differ: The team at Jefferies pointed out there is a wide variation in the treatment of share-based payments among analysts and that their approach is to reflect this element of the balance sheet as an operational cost. Analyst upgrade: Flutter got a vote of confidence from analysts at JP Morgan, who noted the company comes with a “strong moat” of strong product, scale and brand. The team added it continues to “reinforce its positioning despite increased competitive intensity (especially in the US) and ongoing regulatory headwinds.” Let’s Get Results. InclineBet’s specialist digital marketing services, including high-performance UA, CRM, Creative and Branding for clients in global regulated markets, are backed by data analytics and measurable results. With our deep market focus and unrivaled expertise, we build brands and help you acquire high-value customers and maximize lifetime value. We give you a competitive advantage. Learn more. incline.bet +MoreThe AGA predicts legal wagering on March Madness will hit $2.72bn this year or roughly twice the amount bet on the Super Bowl LVIII. Fanatics has launched betting operations in Arizona. EveryMatrix has opened its new development hub in Bucharest, Romania, while also reaching a milestone of 1,000 employees. By the numbersNew Jersey: B&M GGR was down 1.6% YoY to $212m while iCasino rose 28% YoY to $182m. Sports-betting revenue was up 24% to $67.6m on handle that rose 28% to $1.08bn. Massachusetts: Handle in February dropped 17% to $530m and GGR was down 26% to $51.8m. DraftKings stretched its lead to 6% by GGR, with FanDuel on 27% market share. Iowa: OSB GGR in February rose 15% to $13.6m on handle that rose 14% to $221m. DraftKings maintained its lead at 43% of GGR, followed by FanDuel on 34% and BetMGM on 8%. ESPN Bet grabbed 4% of GGR share and 5% of handle share. The week aheadSportradar will release its latest numbers on Wednesday. The company recently announced an extended exclusive deal with the German Bundesliga as well as launching a ‘future of tennis betting’ product in association with the ATP. The next day, super-affiliate Gambling.com will round out the sector’s reporting schedule with the company sure to face questions about what role it will play in the current wave of M&A. Careers+More – Gibraltar job lossesCanary in the coalmine: Gibraltar stalwarts such as Entain, William Hill and Lottoland are considering job cuts among their staff in the jurisdiction, but this only reflects wider pressures across the European gambling space, according to Gibraltar gambling commissioner Andrew Lyman.
Ich bin ein Berliner: “This is about a number of disparate things happening across the European-facing industry,” Lyman said, noting issues such as the troubled German market partial liberalization and the variety of ad bans and marketing restrictions in various jurisdictions as well as the introduction of harsher regulatory measures in the UK.
I get knocked down, but I get up again: Lyman noted how, in 2019-20, bet365 went down to less than 100 when it moved its “critical mass” to Malta. “But they have built back up to north of 200 again and have concentrated their international marketing center here,” he added. Gibraltar is an expensive place for those working in the industry to rent or buy a home, Lyman added. “There has always been an issue here about middle-ranking and below jobs being harder to fill,” he said.
Tickets still on sale – $100 off to subscribers with EARNINGS100 code. See here. Analyst takesGolden Entertainment: Truist initiated its coverage of Golden Entertainment with a glowing Buy recommendation. Following recent divestments, the team hailed Golden’s “back-to-basics” re-emergence as a Nevada-only operator.
Bally’s: After discussing with investors, Deutsche Bank said the international interactive segment at Bally’s – the Gamesys business – should be valued at 7.5x-8.5x adj. EBITDA. DB is forecasting ~$330m of adj. EBITDA this year, suggesting the business is worth $2.48bn-$2.87bn.
Regionals: JMP suggested the regional casino sector will be able shake off the weather-related downturn in January with February data, pointing to a normalization and conversations with management indicating the first two weeks of March also experienced growth.
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🇮🇹 Lottomatica’s shareholders enjoy a positive week Startup focus – SharpStakesLook sharp: “We loved tech and more than that we loved to hustle,” says Shubs Kaushal, CEO and co-founder of SharpStakes, of his university friendship with fellow co-founder and COO Jaiden Sarai. The idea for SharpStakes came last March “when we saw that sports betting was such an ambiguous area with no one our age knowing how betting really works.”
Pocket money: SharpStakes hasn’t raised yet. “We have been lucky to be revenue funded,” says Kaushal. “From day one we focused on monetization and profitability.” Sharp dressed man: The big opportunity, says Kaushal is that Gen Z needs a “trusted no BS platform” that supports their betting needs. “Placing a bet is a transaction, but what about before and after placing a bet? That user journey can be better curated for this demographic.”
The sharp end: “We want SharpStakes to be synonymous with Gen Z betting,” says Kaushal ”To the point where using it feels like a no brainer.” In the medium to long term, its goals revolve around user growth and increasing value.
Growth company newsDaily fantasy sports operator ThriveFantasy is reported to have failed to secure additional funding, which could result in a shutdown of the business, LegalSportsReport reported. Sparket has expanded its partnership with the World Jai Alai League. Calendar
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Eminence in charge: Entain’s Moelis hire an activist win
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Entain admits to BetMGM misjudgment
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