Earnings+More - 😬 This is… nuts?
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An expensive gamble🧐 Up to a point Lord Copper: DraftKings plans a gaming surcharge for customers in high-tax states it announced alongside its Q2 earnings, which broke a long run of revenues ad adj. EBITDA beats.
Here’s what you could have won: In the earnings presentation published last night, it said the surcharge would be integrated seamlessly, “ensuring transparency by identifying the gaming tax surcharge directly in the bet slip.”
Handing the competition an edge: But analysts at Deutsche Bank were skeptical. “From a competitive standpoint, if competitors aren't following suit, this feels like a potentially expensive gamble,” the team argued.
Soak the rich: The letter cited the “significant” tax increase in Illinois, which at the start of July instituted a new tax regime that disproportionately affects the market leaders DraftKings and rival FanDuel.
Cry foul: The company said it now faces the prospects of further tax increases in more states that would be “in excess of what we can absorb while still generating a reasonable profit margin and remaining competitive against the pervasive illegal market that pays no taxes at all.” 👎 Look at the retweets: Such a unilateral move might well be unique in the global betting sector despite the company somewhat spuriously citing “higher tax jurisdictions such as Germany.” Certainly, the controversial move ignited an instant reaction from posters on X.
Ups and downs: The news came with the Q2 numbers with revenue up 26% YoY to $1.1bn while adj. EBITDA came in 75% up at $128m which Truist noted was below their estimates.
Giving it back… to shareholders: DraftKings reiterated its 2025 target for adj. EBITDA of between $900m-$1bn and finally answered the question of what it would do with its excess cash by announcing a $1bn share buyback
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. +MoreTit for tat: Horse racing content from Churchill Downs’ TwinSpires and the New York Racing Association was pulled from their respective platforms due to a contract dispute. Inspired Entertainment and BetMGM have launched hybrid live-dealer game MGM Bonus City in Michigan. Gaming REIT VICI said on its Q2 earnings call it has opted not to exercise its call option to buy the real estate of Caesars’ two properties in Indianapolis saying it will use cash on other growth initiatives to diversify its asset and tenant base. Micro-betting provider Kero Gaming has announced a content distribution deal with Bragg Gaming. By the numbersUK: Q2 online GGY rose 12% YoY to £1.46bn driven by a 16% increase in online betting, according to the latest data from the UK Gambling Commission. Slots GGY increased 10% to £642m.
Business Development Manager – UK/Remote Director of Customer Service & Ombudsman – São Paulo Global Payments Manager – Malta M&A fever pitchGee up: The value of betting and gaming M&A deals announced in the past 10 days now totals over $11.4bn after Caesars announced the sale of the World Series of Poker brand for $500m to NSUS, the owner of GGPoker. The deal is the latest in a slew of acquisitions announced in the past 10 days. They include Apollo’s $6.3bn buyout of the IGT/Everi combination and Standard General’s $18.25 offer for the Bally’s shares it doesn't already own, which valued the entity at $4.6bn.
Caesars deal talkCash on the table: The WSOP deal includes $250m of cash and a promissory note for the remainder due five years after closing. Analysts said the cash flow being sold likely amounted to ~$22.5m implying an EBITDA multiple of ~22x.
Right to buy-in: Caesars Digital will also receive a license from NSUS to continue operating its recently upgraded WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania “for the foreseeable future.”
How to sell it: Caesars had signaled its waning interest in online poker on its Q2 earnings call this week when Eric Hession, precedent of digital, said “online poker does okay, but doesn't make a huge amount of money.”
Analysts weren’t surprised by the “non-core disposition” with Deutsche Bank suggesting there is “likely more to come” with proceeds earmarked for debt reduction and share repurchases. MGM catches an F1 flatSlipping and sliding: Earnings call comments from MGM Resorts CEO Bill Hornbuckle suggesting this year’s edition of the Las Vegas Grand Prix might be more of a struggle for the Strip’s largest properties caused a $1.4bn fall in the value of the company as the shares fell nearly 12.5% yesterday.
Can’t fight this feeling: Analysts remained bullish despite the adverse share price reaction. “While we do not believe the F1 commentary should be the takeaway from the call, it admittedly is likely to be just that,” said the Deutsche Bank team.
Moving the goalposts: Meanwhile, the CBRE analysts also noted MGM “seemingly moved away” from its previous guidance for $500m in online EBITDA in FY26, “leaving investors uncertain about the way forward.” 🚧 Wacky races: MGM Resorts hits a share price chicane 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 PointsBetEven keel: At a normalized EBITDA level, PointsBet expects to break even for the year to June, with expected losses of A$1.8m vs a loss in FY23 of A$49m. FY24 net win rose 16% to A$267m while Q4 was up 12% to A$68.4m.
You’ve got it all: PointsBet has completed both the distribution to shareholders of the US$225m proceeds from the sale of the US business to Fanatics following the receipt of the final US$50m from the purchaser and the complex transaction and approval process. Lottomatica’s better betGetting up to speed: Not content with the near 30% share between its various brands in the Italian sports-betting and iCasino market, the management of Lottomatica promised there was more to come once the SKS acquisition is fully replatformed and the product is “at the level of the rest of the group.”
Construction time again: Further acquisitions for Lottomatica are expected in the gaming franchise business where Angelozzi said there were “very attractive opportunities for consolidation.”
Sportsbook platforms don’t go live every day, and certainly not ones as sophisticated as this… Purpose-built technology, without compromise A competitive advantage All without the compliance or operational overheads of ownership, nor the inflexibility and service limitations of alternative providers. Sounds interesting? Find out more here: www.metricgaming.com Metric Gaming – Your in-house sportsbook, outsourced. Calendar
An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Take me to the Rivers
Thursday, August 1, 2024
Rush Street impresses investors with beat and raise ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Reign over
Wednesday, July 31, 2024
DraftKings pulls the plug on its NFT experiment ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Ain’t nothin’ goin’ on but the rent
Tuesday, July 30, 2024
Gaming REIT 'could not withhold consent' on Boyd bid for Penn ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🚀Apollo into orbit
Monday, July 29, 2024
IGT/Everi combination snapped up by private equity giant ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Keep ’em guessing
Friday, July 26, 2024
Boyd Gaming CEO keeps door ajar for possible Penn deal ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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