Earnings+More - Turn on, tune in… drop out?
Some people been driving too fast. Hard Rock Bet is all about fun and innovation. With a top ranked sportsbook & casino product, unique access to US states, and a globally recognized brand, join our team to help shape the online experiences that millions love. We’re currently seeking: SVP – Performance Marketing Sr. Director – Sports Promotions And other amazing positions here. About that convergence thingDollar general: The rumor that DraftKings is set to sell Vegas Sports Information Network (VSiN) back to its founder Brent Musburger for a nominal sum – think Dave Portnoy’s deal to take back control of Barstool Sports for a dollar – once again casts a shadow over hopes of a greatest convergence between sports betting and sports media. We are such stuff as dreams are made on: The $70m March 2021 deal was originally announced with a degree of fanfare, and during DraftKings Q121 earnings call CEO Jason Robins said VSiN had “synergistic qualities to acquire and retain users.”
Our little life is rounded with a sleep: However, with annual losses reportedly hitting $10m a year and a sale on the horizon, it seems clear such scenarios were wildly optimistic. Beating the book: While not as ambitious as the idea of taking the Barstool brand and translating it into a betting proposition, the VSiN deal still envisaged a greater degree of crossover between media and sports than appears to have been the case.
Other sports-betting and media plays have similarly fallen by the wayside, including Fubo TV’s short-lived attempt at running a sportsbook and Carousel’s ill-fated MaximBet. There but for the grace of God: It could have been worse. In November 2021 it was reported that both DraftKings and FanDuel were in the race to buy The Athletic when the then VC owners were reportedly seeking a price of up to $750m.
Stay tunedLife in the old dog yet: Of course, the convergence ideal does live on and, as per the report late last week that Flutter Entertainment was considering partnering with Boyd Gaming on a bid for Penn Entertainment, FanDuel is central to the argument. News just in: According to The Deal, as part of a joint bid with Boyd, Flutter is interested in buying Penn’s interactive business. This would see it take over control of the ESPN Bet joint venture, which is now perhaps the biggest betting and media convergence play in the US.
Time is of the essence: Penn insists the true test for the product and its integration with ESPN comes with the new football season in September. But a developing M&A picture might see the entire experiment handed over to Flutter. Recall, FanDuel has also dipped its toe in the sports-betting broadcasting waters with its own direct TV product.
Key dates
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. +More dealsMGM buys Tipico USNew train set: MGM Resorts confirmed in late June that its subsidiary LeoVegas has bought the product and platform of Tipico US for an undisclosed sum, as had been predicted by E+M. Tipico is now set to wind down its US operations ahead of the deal closing in the third quarter. 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.
Entain strategic reviewDampening effect: The strategic review undertaken by Entain’s capital allocation committee concluded in late May the only part of what can now be classed as a sprawling empire that should be disposed of is the non-core Georgia-based Crystalbet.
EveryMatrix buys FSBEvery picture tells a story: As revealed on Friday, EveryMatrix has snapped up rival sportsbook and PAM provider FSB Technology for a sum sources suggested is some way short of the rumored £20m price tag that had been put on the business by private equity owner Clairvest.
Caesars buys ZeroFlucsGive a flucs: Caesars Entertainment has moved to strengthen its OSB proposition by acquiring Australian-based sports-pricing provider ZeroFlucs for an undisclosed fee, in the latest stage of the trading capability arms race.
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Trading places: Among the other notable deals is DraftKings’ buyout of player prop oddsmaker Sports IQ, which sources suggested fetched up to $50m. As E+M reported, it is also thought DraftKings could further augment its trading operation by buying micro-betting specialist supplier Simplebet.
Juroszek thinks bigThis thing could be huge: Mateusz Juroszek, the ex-founder of Polish bookmakers STS and alongside his brother a 25% shareholder in GiG, said the soon-to-split-away gaming affiliate business could “very soon” become one of the largest providers in the space. Speaking to Earnings+More, Juroszek said the unit, which will be renamed Gentoo Media when it officially splits from the sportsbook and iCasino provision business later in the year, said the company would be “well-positioned to become one of the biggest affiliates in the world.”
Buy and build: Recall, Juroszek’s family have been building their stake in GiG for the past year or more, and recently became the largest shareholder after snapping up New Zealand casino operator Sky City’s 10.5% holding.
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Hearts a flutter
Monday, July 8, 2024
Flutter named as Boyd's potential Penn bid partner ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
EveryMatrix buys FSB
Friday, July 5, 2024
The OSB-to-iCasino provider snaps up rival ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Flush
Tuesday, July 2, 2024
Over $100m in new funding set to wash through the sector ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
And the debate winner is…
Monday, July 1, 2024
Polymarket hits the headlines with Biden drop out market ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Price might be right
Friday, June 28, 2024
Boyd bid 'being taken seriously' by activists, as Penn 'hires advisers' ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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