Earnings+More - Situation vacant
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Career opportunityYour mission should you choose to accept: It is six months since previous CEO Jette Nygaard-Andersen stepped down, which reflects both the difficulty in finding a replacement and the size of the task facing the new chief of Entain. Much ado about nothing: The “dampest of squibs” strategic review, which concluded that only Georgia-based Crystalbet was surplus to requirements, was met with some skepticism. Ivor Jones, analyst at Peel Hunt, commented: “I assume that if there were any offers for other parts of the business, they were not at the level the board thought worth pursuing.”
An outrage: Recall, the strategic review was prompted by activist investor Eminence Capital, which slated Entain over last summer’s $750m STS buyout, suggesting the deal was “perplexing on many levels.” Eminence was rewarded for its activism with a seat on the board..
It’s the tech, stupid: But changes of personnel are not enough. Despite all the M&A brickbats, insiders suggested the Capital Allocation Committee has come to the conclusion that rather than the acquisitions being the problem, it is the platform and operational efficiency that were not up to scratch.
Migration watchEverybody get together right now: There has been a change of tack from management on the need for integrations, which does not feel fully resolved with 35% of the company’s operations remaining on acquired platforms rather than the core Entain platform. Just you wait: But interim CEO Stella David has rowed back on previous promises to migrate all the acquisitions to Entain’s own platform, saying instead there are no plans “at the moment” to move the other businesses from their platforms onto the core platform.
Finding fault: “You can’t migrate everything to the core platform because it’s not up to scratch,” said the former executive. “The more jurisdictions you add, the harder it has to work. Flexibility is the issue and it will take time and money to fix.”
The elephant in the room: And what about BetMGM? The Capital Allocation Committee said “winning in the US” was crucial to the future with much resting on the capability within recent acquisition Angstrom.
El Güero Vega, Sea Ice and a Ferrari The story of how we built and launched the world's most sophisticated sportsbook platform in just 31 months, as told by Metric Gaming CEO, Keith Hayes. Read in full here (<6min read) +More takesNo room at the innDownward dog: Speaking of Investec and Entain, the team issued a note in early July suggesting the negative trend evident in Q1 was likely to have continued into Q2, with online in the UK & Ireland still down a high single-digit percentage and international down marginally. But they added that the UK is likely to turn around in Q3 as the impact from the introduction of safer gambling measures from last year leads to easier comps. The new no. 1: The team at JMP said last week that Flutter is the best of the online bunch, with it being the largest brand in the US, having “best-in-class” management and offering investors a hedge against US regulatory action, as well as a global footprint that generates $2bn of EBITDA growing at a high single-digit rate.
DraftKings: “Incremental questions” is how Deutsche Bank gently suggested some increasing skepticism over DraftKings’ long-term adj. EBITDA guidance of $2.1bn, saying it is “becoming increasingly more questionable over the next 12-18 months.”
No vacancies: The closure of the Mirage and the Tropicana will see a near 5% contraction in room supply on the Strip, which the team at CBRE suggested “sets the stage for a favorable rebalancing of supply and demand and a potential earnings catalyst for Strip operators.”
Golden Entertainment: Meanwhile, CBRE has adjusted its revenue and EBITDA targets downwards for the operator of the Strat off the back of continued weakness at the tower end in Las Vegas and increased labor costs. The analysts noted the expected cooling of the promo environment had failed to materialize in Q2 and was persisting longer than expected. Alberta risingFollow the leader: The potential for Canada’s fourth-largest province, Alberta, to follow Ontario and open up the market to commercial operators could be a catalyst for the share prices of major global operators, according to the team at JMP.
Not so simple: Somewhat less enthused by the move were the team at Regulus. While admitting that “on a political level Alberta’s position is both refreshing and positive: clear, open and following a proven neighboring licensing model,” they went on to warn that “simple does not always work.”
Size matter: The most obvious difference is size, Regulus pointed out. While Ontario is a market of nearly 15m people, Alberta is less than a third of this. “Market size matters in open regimes because the economics of industry hope and the reality of effective compliance tend to clash,” the team added. The likely outcome is that all Ontario licensees gain an Alberta license. But that would mean each individual licensee would achieve average revenues of ~US$14m. Alberta might take the view that the economies of scale between Ontario and Alberta might justify such under-powered licensees.
Pattern recognition: Meanwhile, JMP said the existing gray market and DFS brands would likely dominate any regulated market, suggesting it would likely follow the pattern of Ontario where bet365 and theScore have been successful.
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 Inside (earn)outSpiraling out of control: A London court case involving Genius Sports and the former owners of the adtech business Spirable, which it bought for $37.5m in cash, shows how the relationship between the founders and their new owners quickly deteriorated over the level of earnout.
According to court documents seen by Sportico – filed by previous owners Dave O’Meara and his brother Ger O’Meara – alongside the initial cash, Genius offered an earnout of $17.5m depending on hitting “technical targets” as well as key personnel remaining with the business.
Not a happy marriage: However, as the legal documents seen by Sportico detail, the relationship between the O’Meara’s and Genius soon deteriorated after Genius first said targets had been met before then changing course to say they hadn’t. The Spirable founders also contend that just enough executives were fired to get below the figure needed to achieve the retention earnout. Fail harder: In its own legal response, once again as seen by Sportico, Genius Sports admits the acquisition was “not a success.” It said it was “unimpressed” with the output from Spirable and that individuals within the business “were slow to grasp the technology employed by [Genius Sports] and made slow progress on their various projects.”
The case continues: Sportico noted the case is ongoing, adding that arbitration between the two parties failed in the spring and that discovery is now underway. Join hundreds of operators using OpticOdds for trading, risk management and Same Game Parlay analysis. Real-time data and trading tools for sports betting + fantasy operators. Built by those who have done it before. Looking to join the fastest growing data provider in the sports betting industry? Join the team now. Calendar
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💰The billion-dollar mortgage
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Flutter named as Boyd's potential Penn bid partner ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
EveryMatrix buys FSB
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The OSB-to-iCasino provider snaps up rival ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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