Earnings+More - Rakin’ Bacon maker fetches $1.1bn
Brightstar snaps up AGSSizzlin’: The land-based and iCasino gaming provider AGS has reached an agreement with Brightstar Capital Partners to be bought for $1.1bn. The $12.50-a-share all-cash offer represents a 40% premium on yesterday’s closing share price. The shares rose over 26% in early trading yesterday.
Seeking inspiration: In September 2022 AGS was involved in a failed $370m merger with fellow listed gaming supplier Inspired Entertainment. Analysts were doubtful Inspired would return with a counteroffer, with the Truist team noting Inspired’s recent comments that M&A was a low priority.
No comment: AGS reported its Q1 earnings yesterday, Thursday, but the earnings press release and the accompanying call were canceled. In the 10-Q posted with the SEC, the company said revenues for the quarter rose nearly 13% to $96m while adj. EBITDA was up 20% to $44m. It had long-term debt of $532m.
Bright sparks: The New York-based Brightstar has over $4.1bn of assets under management and was founded in 2015 by Andrew Weinberg. He said AGS’ “innovative approach to game development” provided a platform for growth.
Public letdown: The team at Truist suggested management at AGS, led by CEO David Lopez, had become frustrated with the stock’s relative underperformance and didn’t see its recent turnaround and ongoing fundamental outperformance as being “sufficiently reflected” in the share price. All roads lead to Rome: The move follows the news of IGT/Everi’s $6.2bn merger proposal in February. B Riley suggested there was a chance that a newly private AGS could look at acquisitions in future.
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 +MoreAce: Sportradar has signed a long-term official data and audiovisual rights deal with the UTR Pro Tennis Tour. The deal starts in January 2025 and will see the sports-tech company capture deep data from more than 20,000 PTT matches per year.
Penn’s ESPN Bet is to become the official sports-betting partner of the PGA Tour under a new multi-year agreement that runs through to 2026. Stake.com said it saw more than $100m in total handle on the Indian Premier League cricket season, which began in March. The largely crypto-based operator said it was targeting the country in the wake of other operators exiting the market following the imposition of the goods and services tax. Read acrossIn the Token Word this week, Coinbase is pushing on with its lobbying efforts ahead of November, Block is putting its faith in Bitcoin as the internet’s native currency and an arrest is made after the ZKasino rug pull.
Bragg review progressesBusiness as unusual: CEO and chair of Bragg Gaming Matevž Mazij said the company would continue to focus on growing the business, even as he revealed on the call with analysts that the board’s special committee has taken on Oakvale Capital and law firm Blake in Toronto to advise on its strategic review.
Render unto Caesars: In terms of Q1 trading, Bragg supplied its second exclusive game for Caesars Sportsbook and Caesars Palace over the period in Michigan and New Jersey. In total, Bragg released 19 new exclusive games in Q1 including seven in-house.
Earnings in briefMohegan Sun’s far east Inspire venture in South Korea opened in early March as the tribal operator completed its first international development, helping to push revenues for Q2 of the company’s financial year up 13% to $462m. However, adj. EBITDA was down 18% to $84m.
Century Casinos failed to buck the poor regionals trend with revenues of $136m missing consensus by 3%, while adj. EBITDA of $21m was short by 17% due to the bad weather at the start of the year. On the bright side, the company saw the launch of the new Riverview Hotel in Cape Girardeau in Missouri. GAN: Revenue fell 13% to $30.7m as the company’s Coolbet B2C offering suffered from lower sports margins and reduced customer activity. Its revenues fell 23% to $18.3m. However, B2B revenues rose 9% to $12.3m.
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Get in touch at opticodds.com/contact. The shares weekWhat’s your point? The fever of speculation around the Australian sports-betting sector in the wake of the BlueBet/Betr merger news would appear to have passed quite quickly. While it was not necessarily in the original conversation, PointsBet was still subject to speculation that it could be involved in some form of roll-up of challenger brands.
🙃 PointsBet unloved Sector watch – social gamingMoney down: DoubleDown Interactive, which reported earlier this week, said it was its social casino game that continued to be the driver for revenue growth, with the company saying it was growing monetization of its core customers via greater engagement and retention.
C-minus suite: Also reporting this week was Playtika, which showed YoY decrease in both revenue and adj. EBITDA, down 2% to $651m and 1.7% to $186m respectively. On the earnings call, CEO Robert Antokol said the company was responding by making some changes to its leadership team including eliminating the chief revenue and chief operating officer roles.
Route one: Direct-to-consumer was the bright spot with revenues up 13% YoY to $172m. The strength in D2C was led by existing games, including Bingo Blitz, Slotomania and Caesars Casino.
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