Earnings+More - Bally’s activist has mountain to climb
Bally’s activist has mountain to climbK&F move faces skepticism, Juroszek’s GiG share buying, startup focus – Caerus Risk Solutions +More
Any way you say it, the charade goes on. Skepticism over Bally’s activistTalk to the hand: Sources have expressed skepticism over whether activist investor K&F will have any success in persuading Bally’s investors to rally to their cause of stymying Standard General’s plans to take the company private. Bargain shopping: Recall, last week the activist fund fronted by Ed King and Dan Fetters, both partners at gaming-endemic VC Acies Investments, went public with its complaints about major Bally’s shareholder Standard General attempting to acquire the 74% of the shares it doesn’t already own “on the cheap.”
Hand in glove: Between Standard General and Noel Hayden, the former founder of Gamesys who owns 12% of Bally’s, the pair control ~38% of Bally’s shares. “There aren’t many disinterested investors at scale,” said the source.
Dysfunctional: One investment source pointed out that K&F’s central complaints about Standard General attempting to gain control of Bally’s “at a fraction of its fair value” doesn’t hold up given the travails of Bally’s share price. “It is all well and good for shareholders to complain about a bid at $15 a share,” they argued.
⛰️ Up the hill and down the slope: Bally’s five-year share price Japanese breakfast: Another analyst also questioned part of K&F’s prescription for Bally’s, suggesting the call for the company to divest itself of the international interactive segment due in large part to its involvement in the Japanese-facing gray/illegal market was naïve.
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. +MoreSpread the word: The UK’s Competition and Markets Authority’s Phase 1 decision regarding Spreadex’s proposed acquisition of rival spread-betting operator Sporting Index said it “may have created a monopoly” and could “substantially lessen competition” in the spread-betting space.
Better off out of it: Kindred has told customers of its Unibet operations in New Jersey it will be shuttering the site in mid-May, while those playing with the Pennsylvania site have been told the site will close in June. Recall, the company – which is subject to a $2.8bn bid from FDJ – announced its US exit in November last year. Churchill Downs has announced the opening of its $290m Terre Haute Casino Resort in Indiana, which includes a casino floor with 1k slot machines, 36 table games and a state-of-the-art sportsbook. Las Vegas Sands will begin work on the expansion of its Marina Bay Sands resort casino in Singapore in July with the development including a new hotel tower, the complex’s fourth. The work will take five years. Earnings in briefRivalry: The esports-led operator said FY23 revenue rose 34% YoY to C$35.7m ($26.2m), helped by a 92% rise in iCasino revenues to C$6.4m. However, Q4 revenue declined 32% to C$6.5m, which the company blamed on less favorable sports results. Net losses for the quarter were reduced to C$9m from C$12.3m while yearly losses fell by 32% to $24.3m. Career pathsPrizePicks said it could create up to 1,000 new jobs in the next seven years after it announced it was expanding its DFS HQ in Atlanta, Georgia, by relocating to a new $25m building complex. Catena Media has appointed Michael Gerrow as CFO with a start date of April 15. Technology supplier GR8 Tech has promoted Yevhen Krazhan to chief business development officer. A rolling stone: Ex-bet365 international head honcho Jon Moss has joined the board at gaming affiliate Raketech. The marketing chief at Matchbook, Eric Hegarty, has left his post to become a consultant. Bragg Gaming CFO Ronen Kannor is set to leave the company on June 3 to pursue other business opportunities. The company has begun the search for his replacement. Gaming affiliate provider QiH Group has appointed David Murphy as the company's first-ever CMO and promoted Andrew Lee to the newly created role of COO. Juroszek’s GiG stakeA family affair: The family of former STS founder and now chair Mateusz Juroszek now controls 15% of Gaming Innovation Group after it was announced his MJ Foundation Fundacja Rodzinna entity had bought a 3.8% stake. Piecing it together: According to a filing with the Oslo Stock Exchange, where GiG is listed, the 15% ownership comes from a series of stakes owned by various entities controlled by the Juroszek family, including Betplay Capital, Juroszek Holding, MJ Investments and now MJ Foundation.
A tease: Juroszek and his father Zbigniew sold their 70% stake in STS to Entain in a deal worth €750m in June last year. Juroszek hinted on social media there would be more news forthcoming, posting on X “wait for more.”
Breaking up: Recall, GiG is in the process of splitting the gaming affiliate business from the sports and iCasino backend supply business into separate listed entities. It hopes to effect the move later this year. To this end, this morning the company announced the make up of the boards for the two entities.
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 Analyst takes – IGTA lotto to like: In resuming coverage of the soon-to-be-split up IGT, the team at B Riley argued that fears over the lottery unit losing out on the Italian lotto renewal are overblown with “displacement highly unlikely.”
A numbers game: More generally, the analysts said growth visibility for lottery has been on the increase, driven by additional draws, higher denomination tickets, high-growth iLottery, larger jackpots and increased convenience access points.
More takesEveri: At the same time as resuming on IGT, the B Riley team have also resumed coverage of Everi, which will merge with the gaming elements of IGT. The team said welding IGT’s systems to Everi’s payments business would create a “modernization catapult” for the gaming sector. Red Rock Resorts: Following meetings with management, the team at Jefferies noted Red Rock’s plans for future developments have narrowed down to two options: further expansion at the recently opened Durango and the development of the Inspirada land parcel.
Startup focus – Caerus Risk SolutionsWho, where, when, what: Co-founded in June 2020 by Michael Adams, ex-FanDuel and bet365, and CTO Harsha Srinivas, ex-Facebook and Google, Caerus provides predictive analytics for global sporting markets, covering more than 100 football (soccer) leagues around the world. Caerus’ HQ is in the UK, with its tech team run out of New York.
Funding no-background: Caerus is 100% bootstrapped, with the two founders retaining full ownership of the business. The pitch: Caerus’ pricing solutions for football markets have been developed by specialist risk and trading professionals, using “cutting-edge” proprietary models and machine learning algorithms that have been “tried and tested in the market for four years,” says Adams.
What will success look like? Adams splits this into two parts. In B2B sports betting, it is “to become the go-to pricing solution for operators and localized sports-betting operators” that “want an edge in the market”, In sports analytics, the aim is “to add a number of soccer clubs to the roster.” Funding newsZeal Ventures, the VC arm of the German-listed lottery reseller, has led a €1m funding round for UK-based prize gaming operator Daymade, valuing the business at €12m. Zeal has been invested in Daymade since 2019 when it put €500k into its seed round. Growth company newsAlt Sports Data has appointed Tom Chapman as EVP of operations and finance. Most recently he was a member of the Lumen Learning executive team. Calendar
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Entain succession saga, Flutter takes, sector watch – esports +More ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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Activist takes aim at Standard General, MGM Resorts downward revision, Endeavor take-private move +More ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Debt load could lead Bally’s to ‘offload Gamesys’
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Caliplay dispute eclipses Playtech’s progress
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Playtech earnings review, 888's US B2C sale, sector leaders take bad news hit +More ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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