Earnings+More - Hot Tipico
Hot TipicoMGM Resorts confirms LeoVegas Tipico US buyout, Boyd/Penn skepticism, Entain review is ongoing, startup focus – 7Qz +More
You’ve got a real type of thing going down. Done dealSigned, sealed: MGM Resorts has confirmed its subsidiary LeoVegas has bought the product and platform of Tipico US for an undisclosed sum. Tipico will wind down its US operations ahead of the deal closing in the third quarter.
Going it alone: MGM Resorts said the acquisition of the Tipico US platform would allow LeoVegas to operate a “purpose-built proprietary sportsbook across all international markets and brands” excluding those exclusive to the BetMGM JV. LeoVegas currently operates on the Kambi platform.
Kit and kaboodle: Gary Fritz, president of interactive at MGM Resorts said the deal was a “significant milestone in the strategic development of MGM Resorts’ global digital gaming business.”
Tiny dancer: Despite the well-regarded tech platform, Tipico failed to make much of an impression in the US since its launch in October 2020, managing to establish nothing more than a toehold in New Jersey, Iowa, Ohio and Colorado.
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. +MoreSkins regime: Following the news Betfred is to exit Maryland next month, it has been reported that Bally Bet is set to launch in the state soon alongside a new operator called VSC. Meanwhile, also hoping to get the go ahead in the coming weeks is Betr.
By the numbersUS iCasino: Same-store GGR from the iCasino states rose 28% YoY in May, accelerating from the 23% gain in April and equalling the rise in Q1, according to the analysts at JMP. Career pathsGenius Sports has appointed Kenneth Kay as its new board chair, replacing David Levy, who will continue as strategic advisor. iGP has appointed Jovana Popovic Canaki as deputy CEO, reporting to CEO Giovanni Paticchio. Most recently, Popovic Canaki served as VP of partner success at Aspire Global. Mark Show has joined Flutter as the company’s new director of global payments strategy having previously fulfilled the same role at Spotify. What we’re readingA gambling ring in 10 Downing Street: The betting scandal engulfing the ruling UK Conservative party. And there could be more names to come. Boyd/Penn: a skeptic writesA pinch of salt: Assessing the chances of Boyd Gaming being successful in its rumored bid for Penn Entertainment, the analysts at Deutsche Bank outlined what they suggested is an improbable chain of events that would need to occur for a deal to happen.
First, kill all the lawyers: As detailed by DB, the list of parties that would need to agree and/or cooperate alongside the two protagonists is long.
The tear sheet: The DB team made the point that while it is no surprise – given the current noise around Penn – the company is in play, Penn would likely not accept a bid in the mooted region of $20-$25 a share.
A change is gonna come: Whether Boyd ends up launching a full-scale bid or some other corporate action takes place, Jefferies reported, after meeting with Penn management at their conference in Nantucket last week, their impression was the status quo wouldn’t hold.
📈 I love your price action: Penn and Boyd on Friday Strategic reviews foreverDon’t stop the rock: Entain’s capital allocation committee will continue its work in reviewing strategic options, “leaving the door open” for further potential sales, according to the analysts at CBRE after meeting with management.
Situation vacant: However, the team reported there was no further progress on the appointment of a new CEO, noting that after two “short-tenured CEOs back-to-back” – Shay Segev and Jette Nygaard-Andersen – the board is “taking a strict approach to finding the right leader for the business, which will likely extend the process.” 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. Venture playgroundA new fund called Ixia Capital has raised $20m to invest in real-money gaming, esports and related digital technologies with a focus on India, Africa and the UAE. The fund is headed up by Mona Motwani, ex-Sportradar.
Dream job: Jordan Gnat, the former CEO of Playmaker Capital – the media and affiliate play bought by Better Collective in November last year – has joined Dreamcraft Ventures, the VC firm founded by BC’s own Jesper Søgaard and Christian Kirk Rasmussen, as a limited partner. Startup focus – 7QzWho, what, where and when: Registered in the US with a subsidiary in South Africa, fantasy and prediction games provider 7Qz was founded in 2022 by CEO John Maylam. The company’s key differentiators revolve around two principles, he says:
Funding backgrounder: The only funding round to date was friends and family, which raised $92k in Oct22. Jumping someone else’s train: Retaining customers is “difficult,” adds Maylam. “Players jump from sportsbook to sportsbook based on promotions.”
Egg chasing: Following nine-months of beta testing, 7Qz signed a deal to host a premium college rugby competition in South Africa, the Varsity Cup. This resulted in plenty of interest from companies looking to “expand their footprint throughout Africa.”
What will success look like? “Medium term, we are looking to establish our brand and increase our footprint across multiple regions,” says Maylam. “Longer term, we would like to make this format one of the standard sports-betting modalities of the future: player vs player instead of player vs house.”
Growth company newsPro League Network has received approval for wagering on CarJitsu in New Jersey. Meanwhile, a new app dedicated to real-money gaming on tractor pulling called Full Pull Picks has launched, according to SportHandle. Calendar
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