Earnings+More - Rebels rattle Penn
Rebels rattle PennPenn Entertainment investors revolt over pay, DB’s Las Vegas road trip, startup focus – Baricata +More
People getting ready for the news. Penn’s investor revoltSolidarity: Over a third of investors rejected Penn Entertainment’s executive compensation plans and over a quarter voted against the re-election of board chair David Handler at the company’s AGM, suggesting support is building for the ongoing activist investor campaign.
No, no, no: In the votes on board re-election, Handler saw 27% of shareholders vote against his remaining, while the same amount voted against the reappointment of Vimla Black-Gupta. Board member Anuj Dhanda received a 16% no vote.
Rebel alliance: The known dissident investors include Donerail, HG Vora, which went public with its concerns in January and controls 9% of the shares, and Greenlight Capital, which also has made public its dissatisfaction with the direction of travel at Penn. The art of persuasion: The investment insider who opted to speak in an anonymous capacity said they believed other shareholders “have been persuaded” to vote with the activists.
You are here: It’s not clear what the next steps are for the activists or the business, with the potential for a sale of the company still a possible scenario. Bids remain a possibility but they will start with informal approaches, suggested the investment insider.
Look who’s coming to dinner: Meanwhile, after a “well-attended dinner” in New York, the analysts at JP Morgan said Penn management “continues to be focused” on ESPN Bet’s top-of-funnel efforts and reiterated the company’s “lazer focus” on product improvements and integrations with the wider ESPN ecosystem. 🙊 The JPM team noted that “unsurprisingly” the management team made no comment on recent investor activism. However, sources suggested CEO Snowden was “quite dismissive” of Donerail.
🍿JPM also reported that Penn plans to host an investor day in October. 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. +MoreBetter Collective has completed its €2.4m share buyback program related to the AceOdds acquisition. William Hill is the new official title sponsor and betting partner of Scotland’s four professional football leagues. Kambi’s esports division Abios has partnered with Rei do Pitaco, a leading Brazilian daily fantasy sports operator, to power its fantasy esoccer product. Career pathsBragg Gaming has appointed Robbie Bressler as interim chief financial officer, effective July 1. Andreas Reimblad is stepping down from his role as director of sportsbook at Kindred. Fincore has appointed Dominic Le Garsmeur as chief product officer. Kaizen Gaming COO Aris Dimarakis will now also assume the role of deputy CEO, while Christos Tzalavras has been promoted to chief product officer. GiG has named Phil Richards as CFO of Platform and Sportsbook. FanDuel has appointed Karolina Pelc as VP of BeyondPlay, following the completion of its acquisition of the jackpot and multiplayer supplier. Innovation Capital has appointed Sue Fuller as managing director. Analyst takesHalo effect: After a trip to Las Vegas, the team at Deutsche Bank suggested the “halo of newsflow” about potential M&A (see Penn above) will “likely be positive” for the gaming operators.
Get creative: DB said any large-scale M&A would be “challenging, especially if it involves multiple partners and business lines.” While the team expected “proposed suitors to emerge, their level of interest is likely to vary.”
Solid as a rock: On current trading, the analysts reported operators as suggesting the high-end business “remains firm” and continues to outperform the low-end of the market. One area of contention remains F1 with this year’s Grand Prix looming in November.
Sportsbook platforms don’t go live every day, and certainly not ones as sophisticated as this… Sounds interesting? Find out more here: www.metricgaming.com Metric Gaming – Your in-house sportsbook, outsourced. By the numbersWith 26 states having reported April OSB data, the team at Jefferies pointed out that margins have stabilized following a weak March. Handle across the 26 was up 34% YoY while GGR rose 42% with margins at 10.2%, which represents a 2.3 ppt sequential improvement.
The duopoly continues: FanDuel remained at the head of the pack in April with combined OSB and iCasino growth of 45% in April across the 26 states. This was ahead of DraftKings on 30% and a growth rate of 34% for the market overall.
💥 Ain’t no stopping us now: FanDuel powers on Startup focus – BaricataWho, what, where, and when: Founded by CEO Shiraishi Kensei, games provider Baricata is headquartered in Malta and has a Cyprus subsidiary that holds a B2B Curaçao license. “We offer a new genre of live casino games that combine VTubers (real-time animated character streamers) with video games like roulette and baccarat,” says Kensei. Funding backgrounder: The company has trousered €1.1m in equity funding, completing its last round in July 2023; backers include the CEO and four angel investors. The pitch: Kensei believes the big opportunity lies in “bringing the wave of VTubers and AI casino dealer technology from Asia to the European online casino market.” The innovation, he says, enables animated character streamers to host live casino games, creating “unique casino experiences for operators.”
Young guns: The tech saw strong interest at SiGMA Asia from more than 10 casino operators. “Many commented positively on the innovative nature of our games tailored for younger generations and are eager to proceed with implementation,” says Kensai.
What does success look like? Within the next three years, the aim is to “achieve a monthly GGR of €1m, operate in 10 countries and collaborate with 100 casinos,” says Kensei.
Growth company newsPlaybook Fusion: The former CCO of Inspired Entertainment, Steve Rogers, has launched a new games studio with “never-before-seen” sports gaming content. Online gaming aggregator Dot Connections has partnered with ParlayBay to offer the latter’s sports microbetting product via its ACE platform. What we’re readingThe Pelosi tracker: Autopilot is an investment app that lets users copy the trades of the likes of Nancy Pelosi’s husband, Warren Buffet or Bill Ackman. In The New Yorker. Calendar
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