Earnings+More - The fateful eight
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Shining lightsMagnificence: The eight listed companies in global gaming with market caps of at least $10bn currently have a combined value of around $154bn. However, the extent to which they impact the overall direction of travel within the sector is debatable. Roll call: In order of market cap, the eight biggest players in the space are Las Vegas Sands, Flutter Entertainment, Aristocrat, Evolution, Galaxy Entertainment, DraftKings, MGM Resorts and Churchill Downs.
Reading the runes: Other than the name of the sub-sector in which they sit, no discernible sector-wide trends account for their recent share price movements.
Across the board: If any stock can lay claim to bellwether status given its spread of interests it is MGM Resorts. With a business spanning Las Vegas, an element of US regional gaming, a footprint in Macau and interests in online, it is the nearest the sector gets to a gaming conglomerate.
Bubbling under: A handful of companies within space stand a chance of breaking through the $10bn barrier, among them gaming supplier Light & Wonder, Wynn Resorts, Caesars Entertainment and Genting Singapore.
Cordon Bleu: Also potentially eyeing a place in the top bracket is Française des Jeux (FDJ). It is currently worth €6.77bn (or ~$7.5bn) but is in the process of finalizing the acquisition of Kindred.
London’s burning: The extent to which Flutter’s move was necessary for the company is on display in the European table where London listings have a sole representative in Entain, currently worth £4.05bn (or ~$5.31bn). Metric’s new multi-tenant sportsbook technology provides a shortcut to crafting a bespoke, premium sportsbook from the ground up, complete with operator-owned IP and built on highly performant technology, free of technical debt. Our philosophy is to deeply understand our partner’s business and treat it with similar care to our own. We aim to collaborate with ambitious brands to help them realise their long-term growth potential in regulated markets, globally. For sports betting businesses looking to finally take control of their sportsbook, there is no faster route to competing on product and price. To find out more, visit www.metricgaming.com +MoreCrown Resorts has announced the departure of CEO Ciarán Carruthers at year-end with current president and COO David Tsai to become acting CEO from 1 September. Apollo has received permission from the Nevada Gaming Commission to distribute $550m to its investors following what the company terms a “remarkable” performance in the past two years from the Venetian Las Vegas.
Walk on part: Entain’s Ladbrokes brand has signed a multi-year partnership to become Liverpool FC’s official betting partner in the UK and Ireland. The week aheadGiG and Rivalry represent the tailenders of the Q2 earnings season with the GiG reporting on Wednesday, likely its last earnings before the company officially splits, and the latter esports betting-focused Rivalry coming the day after.
The shares weekBetter things: Gaming affiliate giant Better Collective’s earnings last week pulled the rug out from under the share price as investors digested the message around the altered picture for media partnerships. The shares were down 3% on the week and are off by 15% YTD.
Evoke enjoyed a 9% increase on the week which ended on Friday with news of the acquisition of a majority stake in Romanian bookie Winner.ru though most of the uplift came earlier in the week.
Analyst takesPenn Entertainment: The upcoming football season is hotly anticipated by investors in Penn Entertainment, say the team at Jefferies who add that the fortunes of ESPN Bet is the most discussed issue.
Entain: For the team at CBRE, there is “more upside than downside” attached to Entain with the headwinds “well understood” and the potential for further progress under incoming CEO Gavin Isaacs.
Join 100s of operators automating their trading with OpticOdds. Real-time data. Proven trading tools. Built by experts. Meet us at SBC Lisbon & G2E Vegas. Join top operators at www.opticodds.com. By the numbers – Caesars’ sponsorship spendSaw them coming: After meeting with management, the analyst at JMP suggested that the company’s online division is set to enjoy a “sharp inflection” in cash flow as what amounted to $1bn worth of team and league sponsorship obligations in 2021 has now declined to $537m as of Q2.
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. Earnings calendar
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Got beef
Friday, August 23, 2024
Entain shareholders sue over Turkish bribery sell-off ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Back in the mixer
Wednesday, August 21, 2024
DraftKings could return as a bidder for Rush Street Interactive ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Reverse ferret
Tuesday, August 20, 2024
DraftKings backtracks on player surcharge ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🥇Puntare all'oro
Tuesday, August 20, 2024
Flutter bids for top spot in Italy with Snai talks ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Think Globo
Tuesday, August 20, 2024
BetMGM to partner with media giant for Brazil venture ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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