Earnings+More - Grande Nacional
So me and you, just we two, got to search for something new. 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:
Flutter joins the carnivalWe are flyin’ down to Rio: Flutter has agreed to pay $350m and will incorporate its existing Betfair Brazil business in return for a 56% stake in a new Flutter Brazil entity after agreeing a deal with NSX, the company behind the number four Brazilian brand Betnacional.
Make me a deal and make it straight: Flutter said the deal was in line with its local hero strategy. NSX is expected to generate revenue of ~$256m and adj. EBITDA of ~$34m in 2024.
All signed and sealed, I’ll take it: Peter Jackson, CEO at Flutter, said he believed combining the local expertise of NSX, the existing Betfair business and wrapping it up with the “power of the Flutter Edge” would create a “compelling opportunity” to capitalize on the growth opportunity in Brazil. Take me on a roller coaster: The deal was brokered by Tekkorp Capital, whose CEO Robin Chhabra told E+M Flutter had “fired the starting gun on M&A in Brazil.”
We’ve been around a long time: Analysts at Regulus said today that Flutter “learned long ago that Betfair and PokerStars are hard to leverage outside their product niches.”
Take me for an airplane ride: MGM Resorts recently announced a tie-up with media giant Globo and one investment source has suggested DraftKings is “intensely interested” in Brazil.
Not now KTOStaying with Brazil, Kambi has announced a sportsbook provision deal with Brazilian sportsbook KTO, replacing its current third-party provider.
Our new, multi-tenant platform is off to an auspicious start… Live for over 100 flawless days:
Anyone that has endured a maiden platform launch can attest to just how significant that is. We’ve built a powerful new tool for the industry, and we're looking to collaborate and grow alongside our partners, deploying our cutting-edge tech to launch unique and engaging new products. Get in touch to find out more. +MoreGaming & Leisure Properties has announced it has bought the land to be utilized for Bally’s permanent casino in Chicago for $250m from Blue Owl Capital. An AFR report said Star Entertainment has been asked by the New South Wales Independent Casino Commission for further details about its operations even as it seeks a A$150m ($101m) lifeline from investors. Sega Sammy has received permission from the Nevada Gaming Control Board to proceed with its $108m acquisition of GAN. The plan now goes to the Nevada Gaming Commission for final approval on September 26. Evolution has acquired arcade gaming streaming provider Arcadia Gaming Solutions for €2.5m in cash. An unspecified earnout based on performance is attached to the deal. Fanatics Betting & Gaming has launched in Washington DC via a market access agreement with NWSL team Washington Spirit. Read acrossSilence is not golden: In The Token Word, those playing the prediction markets at Polymarket were left disappointed by the lack of any mention of crypto by either candidate during this week’s presidential debate. We (almost) did it: Speaking of prediction markets, Compliance+More on Tuesday wrote about Kalshi’s court win over the Commodity Futures Trading Commission – and the CFTC’s ultimately failed attempts to stifle any offering with an emergency motion.
What we’re not watchingIn-house creative you say? We, er, really wouldn’t have guessed. +More careersThe big move: Former Superbet founder and original CEO Sacha Dragic has returned to the company to lead it in conjunction with current chief exec Jimmy Maymann, who himself replaced former CEO Johnny Hartnett in January.
Betfred has appointed Nick Cockerill as chief product officer. As noted last week, Cockerill announced previously he was leaving Stats Perform. Adi Dagan is the new senior director of partnerships of the gaming-centric CRM marketing solutions firm Optimove. Delaware North has appointed Jason Gregorec as president of its gaming division. Sports betting and lottery software provider Fincore has appointed Nemanja Maric as CTO.
Fox in the pictureLittle Lord Fuckleroy: Lachlan Murdoch, CEO at Fox, said the company was in the process of obtaining the necessary gaming licenses for it to take up the option to buy an 18.6% share of FanDuel.
Fox news: Recall, in November 2022 an arbitration tribunal valued FanDuel then at $22bn in a ruling that was welcomed at the time by owner Flutter. This would value Fox’s option at ~$4.1bn.
Table manners: Murdoch told the GS conference that Fox was always going to be “reluctant to leave $2bn on the table,” referring to a Goldman Sachs valuation that put a price of $35bn on FanDuel.
The end of the road: The tribunal decision also denied Fox’s claim against Flutter in the matter of Fox Bet that the latter “failed to provide commercially reasonable resources” to make it a success.
Election betting goes liveAll things go: Kalshi and new entrant Interactive Brokers have gone live with the first legal election bets in the US, hours after US District Court Judge Jia Cobb denied the Commodity Futures Trading Commission’s repeated requests to block the listings. Portents: Amping up the pomposity, Kalshi CEO Tarek Mansour said in a statement that “now is finally the time to allow these markets to show the world just how powerful they are at providing signal amidst the noise and giving us more truth about what the future holds.”
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. GiG splitKnowing me, knowing you: Gaming Innovation Group has set the date for the split between the gaming affiliate business, to be called Gentoo Media, and the GiG platform business, which will retain the GiG name. The division will occur on September 24.
Recall, in its Q2 earnings Gentoo Media generated revenues of €30.3m, up 39% YoY, and EBITDA of €14.8m, up 43%. In comparison, GiG Platform saw revenues decline 22% to €7.3m and an adj. EBITDA loss of €1.6m. Earnings in briefGolden Matrix: The wholly owned Meridianbet enjoyed a record month in August with iCasino operations seeing all-time high revenues, 13% above the average for 2024. Sports betting was 9% above the average for 2024. Analyst takes – hold dataStreet cred: ESPN Bet has made a credible start to the new football season offering up the most favorable prices for punters, according to data provided to the analysts at Truist by HoldCrunch.
Mission critical: The Truist team said it was “encouraged” by the data, suggesting ESPN Bet was competitive on price and they saw this as being “critical, especially as the platform looks to attract a wider audience, including those seeking more favorable prices.” Swimming with sharks: Noting that FanDuel and DraftKings continued to “stay in the same swim lane,” albeit with FanDuel “consistently more favorable,” the Truist team made the point that a “sizable opportunity” might emerge if either started to visibly alter odds to combat higher taxes.
Kero is a premier micro-betting provider, powering more than 150 operators across the globe. Calendar
An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Lucky General
Thursday, September 12, 2024
Entain's new CEO joins with a following wind ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Watered down
Monday, September 9, 2024
Penn bid would be dilutive unless it monetizes Flutter stake, say analysts ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Back to the drawing board
Friday, September 6, 2024
DraftKings will seek 'other solutions' after player surcharge retreat ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Kissing frogs
Wednesday, September 4, 2024
Supply side M&A chatter gets louder ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Selective amnesia
Friday, August 30, 2024
DraftKings surcharge reversal 'forgotten' with Simplebet M&A ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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