Scoop: Tipico ‘set to sell’ its US platform
Scoop: Tipico ‘set to sell’ its US platformTipico’s US platform sale, Novig shuts in Colorado, GLP on deal flow, startup focus – SBC First Pitch +More
I need to get me out of this joint. Tipico platform sale talkTip-stop: Tipico is set to sell its standalone proprietary US-facing sports-betting platform with MGM Resorts heavily rumored to be the buyer, according to multiple sources who spoke to Earnings+More on condition of anonymity. The move is thought to be imminent but sources weren’t in a position to divulge a price.
Size zero: It is not known whether the sale would include the US OSB and iCasino operations. Tipico officially launched OSB operations in New Jersey in October 2020 and subsequently expanded into Iowa, Ohio and Colorado. However, as with many other European operators, such as Kindred and 888, it has failed to achieve anything more than a tiny footprint.
Who’s buying? Sources pointed out a sale to MGM Resorts could make sense given its stated desire to own a sportsbook backend. It would offer the company the chance to move its LeoVegas sports-betting operations to an in-house platform. LeoVegas currently sits on the Kambi platform.
Tip the wink: The future of the Malta-based Tipico itself has also been the subject of speculation. It has been owned by private equity firm CVC – which itself was the subject of a €2bn IPO in Amsterdam last week – since 2016 with ownership having passed through various CVC funds, which explains the longevity of the ownership.
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. +MoreKeep it in the family: Bragg Gaming has secured $7m in funding from entities controlled by its own group director of content Doug Fallon, the founder of the Bragg-owned games studio Wild Streak Gaming.
Kambi has signed a sportsbook backend provision deal with the Choctaw Nation in Oklahoma for on-property and online operations. The company said that, pending regulatory approvals, the agreement includes the scope to expand into multiple states. It noted the Choctaw’s flagship casino is located near the Texas border and is the official casino partner of MLB’s Texas Rangers. Playtech has extended its strategic marketing partnership with Canada’s NorthStar Gaming with a further $3m of short-term funding. The week aheadA big week: The market should have a clear picture of the state of play by the end of this week after Caesars, MGM Resorts, Penn Entertainment and DraftKings all report.
Career pathsThe big move: Sportradar has named its next CFO with Craig Felenstein joining the company in June. Analysts at Jefferies noted Felenstein will be the third permanent CFO since Sportradar IPO’d in 2021.
The online gaming technology provider Huddle has appointed Tom Daniel as senior VP of trading. Daniel recently was a partner at Propus. Affinity Interactive has appointed Scott Butera as CEO, effective immediately. Butera most recently led Affinity’s Sports Information Group business. PrizePicks has appointed Renee White as chief people officer and Phil Sherwood as senior director of responsible gaming. Coming soon – The Token WordThe Token Word will cover key aspects of the crypto world including the rise of token ETFs, the crypto exchanges, the emerging regulatory structures, fan tokens and crypto-based betting and gaming. The debut edition will be sent on Wednesday. Novig calls ‘temporary’ haltOn the rockies: The future of the betting exchange appears to be in doubt after the company notified its customers in its only market to date in Colorado that it was “ceasing operations” as of April 30, at least temporarily.
Recall, Novig was founded by Harvard grads Jacob Fortinsky, CEO, and Kelechi Ukah, CTO. It raised a $6.4m seed funding round in August last year, led by Lux Capital with participation from Y Combinator, Paul Graham, Joe Montana, Soma Capital and a host of other investors.
GLP earnings recapIf it quacks like a duck: Talking of the pipeline, CEO Peter Carlino said the gaming REIT had consistently managed to “scrounge something out of the woodwork, year in, year out,” when it came to sourcing new deals and, while Q1 had been relatively quiet, a lot was going on behind the scenes.
Look no further: Matthew Demchyk, chief investment officer, said GLP was the “ideal choice” for any operator looking for “bespoke financing solutions.” “We've always been a dependable capital partner and in the current backdrop the value of that dependability has gone up.”
Higher for longer: Steve Ladany, chief development officer, noted that the higher-for-longer rates scenario currently playing out in the US means a lot of operators have seen increased debt costs “last longer than I think they maybe had hoped for or at least anticipated.”
Analyst takes – Boyd GamingOver & over: After a post-earnings 15% fall on Friday, the team at CBRE suggested the shares were oversold, with the market pricing in potential recession impact. The shares were left trading on a multiple of ~7x but, as the analysts pointed out, when taking into account the presumed $10-a-share value of the 5% stake in FanDuel that falls to ~6x.
😰 Boyd Gaming shares ship 15% on Friday 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 Funding roundsKutt and thrust: Social-betting startup Kutt has raised $1m+ from an institutional fund raise led by Lightning Capital, with the cash going towards growing the Kutt community and expanding its betting markets.
He shoots: Gaming affiliate Skores has completed a debt-funded MBO, with VCs Stags and MI3 coming on board as investors. The company said the new money will help fund international expansion. Startup focus – SBC First PitchFive go to Meadowlands: Five startups have won through to face the judges as part of the SBC North America First Pitch competition. Ahead of the event, representatives from the five spoke to Jesse Learmouth for the Betting Startups podcast. 916 Gaming: Co-founder Steven Astrachan said the company was founded on the idea of creating content for the younger demographic. “Think about crash games,” he said. “The goal is to provide content for those cross-sell players and something different that’s not just your typical slot content.”
EdgeSports: Only six months old, co-founder John Pereira noted the bootstrapped B2C-facing sports data startup set about the task very quickly to build a platform that was “super easy to onboard, very inexpensive and you had fast, quick data at your fingertips.”
Linemate: The “lifestyle brand” app wants to be the Expedia for sports betting. “We’re the one app to help sports fans to analyze, research, source and place their sports bets in one simplified, fun and engaging way,” said founder Calvin Konya. He noted the company had already achieved 175k downloads. StatX Sports: “At a basic level, we supply odds to odds and data feeds, to sports books, sports league, sports teams, media companies, podcasts, anybody who will have us,” said founder Shawn Tucker. The launch product is cricket where, he pointed out, betting has “just exploded,” particularly around the Indian Premier League.
THNDR: The peer-to-peer non-custodial wagering API provider will, says founder Desiree Dickerson, allow players to place bets and wagers with instant settlement for a “very incredibly low fee,” specifically using a Bitcoin wallet.
Growth company newsKero Gaming: The in-game microbetting provider will supply its sports-betting options to NeoGames Pariplay on its Fusion aggregation platform. Calendar
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