End of Gibson 'necessary step’ in Entain CEO search
End of Gibson 'necessary step’ in Entain CEO searchEntain succession saga, Flutter takes, sector watch – esports +More
Entain succession sagaBarnacles off the boat: The resignation of Entain chair Barry Gibson might be the prerequisite for a new CEO to take up the currently vacant post, according to multiple sources. He will be replaced by Stella David, who is currently filling in as interim CEO. But then, who ends up being King Potato? The company said yesterday Gibson would be leaving his post at the end of September, or before should the company succeed in finally finding a permanent replacement for departed boss Jette Nygaard-Andersen who resigned in December.
Departure lounge: Gibson joined the board at Entain in 2019 and became chair in February 2020, replacing Lee Feldman. He was instrumental in the hiring of Nygaard-Andersen, who succeeded Shay Segev in January 2021, and who herself left under a cloud after press reports alleging corporate expenses excesses.
The well-informed source, who chose anonymity when talking to E+M, said that while the Gibson departure “may” have some influence on the identity of the next CEO his removal from the picture might also spark further M&A interest.
Sales forecast: Recall, apparently under the influence of Sandler and Eminence – which before being appointed to the board went public with its worries over the company’s M&A strategy – it is thought Entain’s previous policy of bolt-on acquisition has gone into reverse.
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Flutter takesIf we only knew: Admitting that 20/20 hindsight is a wonderful thing, the CFO at FanDuel, David Jennings, told the analysts at JMP that the company feels it would have spent even more money on player acquisition in 2021 and 2022 now that it knows the level of rewards it is reaping from those customer cohorts.
Split the difference: Separately, Jefferies argued this week that the differential in EBITDA flow-through between Flutter US, at ~30% for FY24, vs. DraftKings, which is forecasting 55%, was down to “differing approaches” to marketing.
Death and taxes: Answering questions around the news about the potential rises in OSB tax rates in New Jersey and Illinois, JMP reported Jennings as suggesting such developments were a “theme that has historically occurred across gaming globally.”
Pay the ferryman: JMP made a point in its note about the levels of fee US operators pay to payments processing firms, where it was impressed upon the analysts that, as with its peer Draftkings, FanDuel pays ~12% of revenue, which is a “multiple” of the percentage Flutter pays in the rest of its business.
Markets+MoreCodere: The Spain and LatAm-facing operator once again enjoyed a decent week on the markets, with its share price rising 9% on Wednesday before slipping back 6% the following day. Still, it leaves the share price up over 135% in the year to date. 👀 Codere Online’s good start to 2024 Earnings in briefNagaCorp: The Cambodian casino operator saw GGR rise 24% in Q1 to $145m off the back of higher levels of international visitation, which hit 18%, according to the government. Premium mass table games revenue was a key driver, up 51% YoY. EBITDA rose 30% to $80.3m. White Paper worries? Join Rank Group plc and other leading operators in getting a head start on the coming era of additional checks from the sector experts. Book your demo today at https://dotrust.co.uk Offices in London and Gibraltar. FCA, ICO registered. ISO27001 certified. Capital Markets ForumNew York is getting closer. Secure your place with the EARNINGS100 discount. Sector watch – esportsI predict a Riot: When in search of increased sponsorship revenue, who you gonna call? The gambling industry. A report from industry source, The Esports Advocate, suggested League of Legends and Valorant publisher Riot Games is exploring new sponsorship categories to open previously closed revenue streams to top-tier teams.
Caution is the better part of: Riot Games’ first-person shooter title Valorant is one of the fastest-growing esports in wagering and viewership. The global circuit houses over 10,000 teams across a multitude of regional leagues, with top-tier competition split between the Americas, EMEA, Pacific and China.
Opening gambling sponsorship in specific regions, with careful due diligence relating to player age and broadcast, is far from impossible. Counter-Strike: 2 continues to drive the bulk of esports wagering revenue and has always permitted gambling sponsorship. The sponsorship breakdown in the ongoing Counter-Strike major are as follows:
The biggest stumbling block, should Riot decide to permit gambling sponsorship, is the prevalence of gray-market operators and cryptocasinos in the esports marketing landscape. Tournament sponsorship is dominated by companies such as 1XBet and GG.Bet, after Entain shuttered £50m acquisition Unikrn’s B2C arm following a botched multi-million sponsorship at the last Counter-Strike major in Brazil.
London calling: The culmination of the 2024 season will take place on 2 November at London’s O2 Arena. It promises to be the biggest yet, and should the doors swing open to gambling sponsorship, there’s opportunity aplenty. Calendar
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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