Earnings+More - Definition of madness
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New ways to failThis marketing campaign is now a profit warning: Evoke has issued its first profit warning under the leadership of CEO Per Widerström, reporting what one analyst said was a “spectacular undershoot” after a UK marketing blitz failed to deliver the expected uplift in revenues. The shares tanked, falling over 14% on the day.
Plan
Warning by the numbers: Evoke said on Thursday that adj. EBITDA for H1 would be £35m-£40m below expectations, with the cost of H1 weighted marketing largely blamed for the falling margins. Q2 revenue of ~£431m was “broadly stable.”
This isn’t helping: Analysts at Investec were also disappointed. “We believe such a substantial profit warning in the first months of tenure of the new CEO and revamped management team is very unhelpful,” they noted.
🤦 A remembrance of warnings past: Evoke’s YTD share price Unlock new jurisdictional licensing in weeks, not months with OneComply! Your gateway to effortless licensing and compliance management. Say goodbye to the complexity of submissions and hello to 95% efficiency from start to finish! Complete your first licensing application 50% faster, get real-time alerts for immediate compliance actions, and slash legal fee costs by up to 90% with no more duplicate tasks. Click here to connect with us and discover how much more you can accomplish with OneComply. +MoreCutting remarks: Penn Entertainment's OSB and iCasino business is laying off employees within its ESPN Bet operation, according to LegalSportsReport, which cites a letter from CEO Jay Snowden saying there have been a “limited” number of job cuts. CNBC has reported the figure at ~100.
Superbet has applied for and is now guaranteed a license in Brazil when the market opens on January 1. It joins Kaizen Gaming as the only operators to officially apply for licenses so far. A temporary delay in the opening of the Washington DC market has been lifted, with Caesars and BetMGM now operating in the district alongside incumbent FanDuel. The Mirage in Las Vegas has officially closed, with new owner Hard Rock already moving in the bulldozers as it prepares to demolish the storied Strip property. Gaming affiliate provider SharpLink has initiated a formal review process after receiving a number of proposals, which could include either an outright sale or merger. Recall, SharpLink sold RSports Interactive for $22.5m in January. Read acrossThe Token Word this week reports on how the Republican Party program for November’s presidential election is decidedly pro-crypto. In Compliance+More, it’s a no in Oklahoma. What we’re readingChicago is chasing its losses with Bally’s deal, suggests a City alderman. In the Chicago Sun-Times.
Evolution’s Galactic dealNew frontier: Evolution has announced a deal to buy table game provider Galaxy Gaming for $85m in cash, with the company saying the acquisition solidifies its positioning in the US market. Evolution said management would be retained and it would continue to operate as a separate business unit.
Plugging a gap: Recall, at the time of the Q1 earnings, CEO Martin Carlesund admitted US growth had been sluggish and RNG market share was “not anywhere near where we want to be.” The deets: The deal has been approved by 14% of Galaxy shareholders and will now be put before the rest while various regulatory approvals will also be sought. It isn’t likely to complete before mid-2025. The announcement came ahead of Evolution’s Q2 earnings, which saw revenue rise 15% to €508m while EBITDA rose 11% to €346m. EBITDA margins stood at 68%. Live casino revenue rose 18% to €438m while RNG was essentially flat at €70.3m.
Earnings in briefCall the Copa: Betsson said revenue rose 15% to €272m while EBITDA was up the same percentage to €77.6m, helped by high levels of customer activity during the recent Euros and Copa America tournaments.
Accel’s Illinois moveI’ve got a new partner riding with me: FanDuel has a new market access partner in Illinois after distributed gaming specialist Accel Entertainment acquired Fairmount Holdings – the owner of FanDuel Sportsbook and Horse Racing – for ~$35m in an all-shares deal. Switching horses in midstream: On the call with analysts post-close Monday, president of US gaming at Accel Mark Phelan said the company would be assuming a 10-year contract with FanDuel. FanDuel originally launched with Fairmount in November 2020, having previously partnered with the Par-A-Dice casino in the state.
A day at the races: As part of the deal, Accel will also takes over racetrack operations at Fairmount Park and will exploit the existing permissions to build, first, a temporary casino followed by a permanent facility at the track, investing $85m-$95m. ** SPONSOR’S MESSAGE ** M&A Opportunity: Integrate Betting into PlayStation, Xbox, and PC Gaming Explore an exceptional M&A opportunity to acquire a technology that transforms hobby gaming into a sports betting experience. This system lets gamers place bets on their performance on PlayStation, Xbox, and PC. For example, Fortnite enthusiasts can bet on achieving at least 5 kills in their upcoming game. The platform supports probabilities for over 100 different betting scenarios, generating personalized odds with a 20-30% house edge. It doesn't require a gambling license and is compatible with any platform. Tap into a large millennial demographic with lower customer acquisition costs than traditional gambling. Visit www.betonskills.com to sign up and access a detailed 3-pager! The shares weekRush Street Interactive was up nearly 11% for the week after a report emerged suggesting a sale of the business might be completed in September, albeit without identifying a buyer. RSI has been linked previously with DraftKings, which was down 2% this week.
For the negatives this week, Evoke led the UK sector downwards with its 14% tank, while Rank fell 5% on Thursday. Entain was down 1% on the week but managed a half-point rise on Friday. By the numbersA slew: It was big-state reporting week this week, with New Jersey, Pennsylvania and Michigan all releasing their numbers.
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. Calendar
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Older messages
Situation vacant
Tuesday, July 16, 2024
The lack of a new CEO at Entain reflects the size of the task ahead ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
💰The billion-dollar mortgage
Monday, July 15, 2024
GLP stumps up nearly $1bn to fund Bally's Chicago casino build ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
The way out
Friday, July 12, 2024
Betway owner the 18th operator to conclude OSB is not worth the candle ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Turn on, tune in… drop out?
Tuesday, July 9, 2024
DraftKings' rumored sale of VSiN highlights another convergence failure ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Hearts a flutter
Monday, July 8, 2024
Flutter named as Boyd's potential Penn bid partner ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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