Earnings+More - FSB for sale… but who’s buying?
FSB for sale… but who’s buying?FSB sale rumors, Flutter reports Tuesday, Inspired’s earnings recap, startup focus – Sports IQ sale +More
I've got the brains, you've got the looks. FSB up for saleGive me an F: Sportsbooks backend technology and online gaming PAM provider FSB Technology has been put up for sale by majority shareholder Clairvest, which has hired Oakvale Capital – who else? – to advise on a sale.
Not for us: According to the last annual report available on Companies House, in 2022 FSB underwent a change of strategy with the “de-prioritization” of its US-facing offering. The company subsequently saw the departure of founder CEO David McDowell, who initially stayed on as a director before departing in October 2023, with Adam Smith taking over as chief exec.
In and out of Africa: Among its clients, FSB provides backend solutions to UK-facing Fitzdares and Baltics-facing OlyBet. The company also has a number of deals in Africa, including NairaBet, BetLion, BetYetu, Paribet and most recently South Africa-facing SuperSportBet.
A short list: The likes of Kambi (a sponsor of the E+M newsletter) have made no secret that ownership of a PAM remains a long-term aim, while other potential buyers include Genius Group. Yet, FSB isn’t the only sportsbook provider on the market right now, with Sporting Solutions also having had a for sale sign placed on it by owner FDJ. Several US states including New Jersey, Pennsylvania and Tennessee require authentication within Know Your Customer regulations. Knowledge-based authentication (KBA) is one of the oldest and most familiar methods, but KBA creates friction, leading to a 40% player abandonment rate for an operator in New Jersey. For operators who prioritize player experience, GeoComply offers a near-real time solution without the friction. Unlock more revenue with a 50% higher pass rate than KBA! Contact us to learn how we can help. +MoreThink Globo: MGM Resorts is reported to be close to announcing a partnership deal with Brazilian media giant Globo to launch BetMGM when the market fully regulates later this year. According to Brazilian media outlet SportsMKT, negotiations are at an “advanced” stage. Dutch launch: The Netherland-facing iCasino operator Betnation has announced its entry into the sports-betting space via a platform deal with Metric Gaming and Bragg Gaming. Kaizen’s Betano platform is now live in the UK through a partnership with BVGroup. By the numbersIndiana: Total GGR was up 1.3% YoY to $208m but was down 7.3% on a same-store basis. OSB was up 26% to $37.1m on handle that rose 23% to $394m. Iowa: GGR came in at $144m, down 5.9% YoY. Sports-betting GGR rose 17% to $16.5m on handle of $210m, up 21%. DraftKings led with 39% GGR share while FanDuel grabbed 37%. Illinois: Bally’s temporary property in Chicago saw revenues fall 7% to $10.4m as statewide B&M gaming fell 10% to $137m. Career pathsDraftKings has appointed Linda Bukata Aiello as its new chief people officer. Flutter’s Sportsbet has named Michael Foster as chief information officer. SIS has appointed Peter Camden as competitive gaming product manager. Caesars Entertainment has appointed Kim Harris Jones to its board. The week aheadFlutter Entertainment releases its Q1s on Tuesday. Looking at the state-by-state data, the team at Jefferies said it points to Q1 US NGR growth of 35%, which they suggested represents a slight deceleration against the +56% rate disclosed by Flutter for the first 11 weeks of the period.
The slowdown, the team added, is wholly related to OSB, with their tracker showing OSB NGR slowing from 64% growth in the first 11 weeks of the year to 33% for the full quarter.
Also reporting this week: supplier IGT also updates on Tuesday following merger partner Everi last week; sports data AV and sports trading supplier Sportradar reports on Wednesday along with Codere Online; while Aristocrat reports on Thursday, its first numbers since completing its merger with NeoGames. Earnings in briefInspired Entertainment: Lower service revenue from its UK betting shop machine placements lay behind a 3% YoY revenue decline to $63.1m, while adj. EBITDA dropped by 19% to €16.3m. Inspired’s second-biggest segment, virtual sports, also suffered a decline in revenue and profits, though chair Lorne Weil said the pullback had “run its course” and growth had returned post-close.
Endeavor: In its limited Q1 commentary, the soon-to-be-taken-private media and sports giant said its OpenBet and IMG Arena-led sports data and sports-betting tech segment saw revenues fall back 10% to $90.7m due to the loss of key tennis rights to IMG Arena rival Sportradar.
FansUnite: The provider behind Betting Hero said Q1 revenue would come in at $8.2m-$8.4m while adj. EBITDA would be the range of $1.5m-$1.8m. The company will report fully on Wednesday. Analyst takes – Rush Street InteractiveA fighting chance: After meeting with CFO Kyle Sauers, the team at Macquarie came away impressed with Rush Street’s “disciplined, iCasino-focused strategy,” suggesting it has allowed the company to “punch above its weight in a highly competitive market.”
More takes888: The team at Deutsche Bank has initiated on 888 with a Hold, saying its valuation of 8x the online division and 4x the retail estate reflects the fact the company is currently growing slower than peers in its core markets and also has unregulated market exposure.
Playtech: DB also initiated on Playtech with a Buy rating, saying that while the Caliente legal dispute and Asian shareholder presence pose issues, the opportunity presented by live casino expansion is “significant.” SJM: The team at Seaport suggested SJM’s recent Q1s showed improvement despite a continuing “tepid” ramp up at the Grand Lisboa Palace. They added that the long-term return on investment at the property would remain “suboptimal” and, on this basis, the stock remained a Sell. 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. Startup focus – Sports IQ saleHeat map: The sports data analytics space is one of the hottest areas right now. Banach to PointsBet (and subsequently Fanatics) and Angstrom to Entain remain the headline deals and now Vancouver-based Sports IQ can be added to the list of providers snapped up by operators looking to gain a yard on the competition in the odds provision stakes.
Arms race: The news from Sports IQ points to the extent to which operators are now hoping to weapon up in the sports data space, racing to provide their customers with more customized and unique odds offerings. In this instance, it is the provision of proprietary player data that has clearly attracted DraftKings. Lean on me: During DraftKings’ Q1 earnings call, CEO Jason Robins made much of the company’s product enhancement efforts, including the recent launch of progressive parlays and SGP cashout. Specifically, he said the company continued to “lean in” on product enhancements.
The rash of deals where operators have snapped up providers in this area does, however, pose a question about whether being a B2B in the space has long-term viability. Sources suggested more deals are likely as operators continue the search for odds exclusivity. Growth company newsKero Sports has teamed up with Novibet for the launch of FlashBets, a “first-of-its-kind in-play experience” that combines live streaming and interactive player chat with Kero-powered micro bets. As noted last week, player conversion and reactivation services provider Enteractive has secured a new limited and non-controlling investment from Bettor Capital in order to fund a further push into the US market.
Calendar
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. An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Rakin’ Bacon maker fetches $1.1bn
Friday, May 10, 2024
AGS take-private, Bragg reports, shares watch – PointsBet +More ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Super Group buys an Apricot
Thursday, May 9, 2024
Super Group earnings review, Wynn beats, Light & Wonder on track, earnings in brief +More ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Exit routes: getting out on top
Tuesday, May 7, 2024
The pathway to getting out, Pelc from BeyondPlay on selling to Flutter, Inside the Raise – Kutt +More ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
I’m full: DraftKings cautions on doubling up on deals
Monday, May 6, 2024
DraftKings earnings reaction, Churchill Downs' Derby win, Penn's investor worries, startup focus – Bettormetrics +More ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Penn slips on worsening ESPN Bet guidance
Friday, May 3, 2024
Penn's negative guidance, DraftKings' customary beat/raise, VICI NFI'd, Rush Street's share push +More ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
You Might Also Like
Hack to define your key activation event
Wednesday, December 25, 2024
Inro, Qolaba, MySEOAuditor, ContentRadar, and SEO Pilot are still available til end of this week. Then, they're gone!! Get these lifetime deals now! (https://www.rockethub.com/) Today's hack
Polymarket, Sora, and The Hallmark Killer
Tuesday, December 24, 2024
What's on the top of my mind today?
ET: December 24th 2024
Tuesday, December 24, 2024
Exploding Topics Logo Presented by: Exploding Topics Pro Logo Here's this week's list of rapidly trending topics, insights and analysis. Topic #1 Perfume Layering (trends) Chart Perfume
10 Steps to Improve The Odds You Get Funded
Tuesday, December 24, 2024
And happy holidays from SaaStr! To view this email as a web page, click here saastr daily newsletter This edition of the SaaStr Daily is sponsored in part by Prismatic 10 Simple Steps to Improve The
End 2024 with a BANG💥 (Huge GIVEAWAY!)
Tuesday, December 24, 2024
Over $12K in gizmos & gadgets up for grabs View in browser ClickBank Hi there, We've got something totally different for you today, some good value fun (with no-strings-attached) to wrap up
Survey: Tech VCs ride wave of optimism
Tuesday, December 24, 2024
Crypto headhunter turns VC; unicorn valuations are stampeding; Nordstrom family inks $6.25B take-private for chain Read online | Don't want to receive these emails? Manage your subscription. Log in
The Daily Coach's Picks: 10 Recommended Books of 2024
Tuesday, December 24, 2024
These books promise to help empower your journey of growth and transformation.
Here's everything retail media network experts are asking for this holiday season
Tuesday, December 24, 2024
If retail media network experts could write a letter to the North Pole, here's what they'd ask for. December 24, 2024 Here's everything retail media network experts are asking for this
Hack offline word of mouth
Tuesday, December 24, 2024
Inro, Qolaba, MySEOAuditor, ContentRadar, and SEO Pilot are still available til end of this week. Then, they're gone!! Get these lifetime deals now! (https://www.rockethub.com/) Today's hack
🎯 Stop Planning Your Goals Like An Amateur
Monday, December 23, 2024
Here's how to actually crush 2025 while everyone else is nursing their hangover... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏