Earnings+More - The Italian job
Maybe today you are singing songs with someone 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:
Gold medal huntShout to the top: Flutter Entertainment has announced the anticipated acquisition of Playtech’s Italian-facing Snaitech for €2.3bn, vaulting itself to #1 in the Italian market. Playtech had said it was in exclusive negotiations with Flutter over the future of Snaitech in mid-August. The deal is expected to close in Q2 2025.
M&A by the numbers: In a trading update released yesterday with the Caliente settlement news (see below), Playtech said Snaitech “continues to see underlying growth in wagers against a tough comparative while being negatively impacted by customer-friendly sporting results in Italy, particularly at the start of the year.”
Share and share alike: Flutter said the acquisition of Snai would give it ~30% of the Italian online market, just ahead of current market leader Lottomatica, which currently controls ~29%.
🥇 Flutter aims for bragging rights in Italy Cut and shut: Flutter said it expected to benefit from ~€70m of synergies from combining its Italian businesses in the three years subsequent to completion. It added that unquantified revenue synergies were also expected.
Nacional ambitions: Just last week, Flutter announced a deal to buy a controlling stake in NSX, the operator behind the Betnacional brand in Brazil, involving the injection of $350m in cash.
Diary date: Flutter will be hosting an investor meeting next week, September 25. Kero is a premier micro-betting provider, powering more than 150 operators across the globe. The Playtech sideFree as a bird: Playtech said, following the sale, it would continue as a focused tech-led B2B provider with an “accelerated” growth plan and a portfolio of strategic ventures.
Rolling in it: After completion the company said it would return €1.7bn-€1.8bn to shareholders and would also repay an outstanding €350m bond, “significantly strengthening” its balance sheet.
Premium: Investec analysts said the deal represented a “very attractive price” for Playtech. Indeed, the team at Jefferies noted the €2.3bn represented a 16.5% premium to the “undisturbed” Playtech share price.
Buy the rumor: Playtech’s shares were already up nearly 20% in the past five days, helped by a report from Sky News yesterday of the imminent announcement of a deal for Snaitech and its Caliente update yesterday.
🔥 Playtech on fire, shareholders are satisfied +MoreWynn Resorts added to its debt with Deutsche Bank, lumping a further $71.8m onto the term loans and extending the maturity date until 2027. BetMGM and USA Today publisher Gannett have announced a strategic partnership that will see the operator become the preferred OSB and iCasino partner, providing odds and betting information across the network.
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. By the numbersNew Jersey: B&M gaming in August hit $294m, up 4.9% YoY, while iCasino GGR came in up 28% YoY to $198m but sports-betting GGR was down 35% to $62.7m.
Massachusetts: Sports-betting GGR of $34.5m was 47% up YoY on handle that rose 42% to $447m. DraftKings led by GGR with 49%, followed by FanDuel (32%), BetMGM (7%), ESPN Bet (4%) and Caesars (2%). 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
An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Ill omens
Monday, September 16, 2024
ESPN Bet's start to the NFL season not going to plan ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Grande Nacional
Friday, September 13, 2024
Flutter announces agreement with NSX in Brazil ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
You Might Also Like
Influence Weekly #355 - TikTok's E-commerce Expansion: 12 Industry Experts Weigh In On Opportunities And Strategies
Friday, September 20, 2024
Beast Games Contestants Sue MrBeast, Amazon Over Alleged Sexual Harassment, Mistreatment
Weekly Dose of Optimism #112
Friday, September 20, 2024
Three Mile Island, Obesity Goop, Metformin, Antigravity, The Prize, Porphyrion ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
New hope dawns for VC
Friday, September 20, 2024
The 10 most active data center investors; TPG boosts sustainable jet-fuel specialist; Schroders launches UK VC fund Don't want to receive these emails? Manage your subscription. Log in The Daily
Hawaii, gambling, and the potential future of TV rights valuations
Friday, September 20, 2024
There's a lot of money out there in that late-night TV window. Can Hawaii, or others, claim it?
🚀 I'll prove global hiring is the future
Friday, September 20, 2024
The pros, cons and pros of building out a global team. 🌐
🔔Opening Bell Daily: September, September
Friday, September 20, 2024
Investors can thank Jerome Powell as the stock market looks on pace to break a historic losing streak.
DOJ vs. Google: Can the digital media industry learn from the last 15 years?
Friday, September 20, 2024
Can the industry save itself from short-term thinking, even if Google is dealt a blackened eye, or bloodied nose during a raft of government tussles? September 20, 2024 DOJ vs. Google: Can the digital
"Notes" of An Elder
Friday, September 20, 2024
Everybody wants to be paid, but not everybody wants to do the work.
In A Nutshell
Friday, September 20, 2024
Stay weird, Nutter Butter.
Issue #34: AI Metal Revolution
Friday, September 20, 2024
Issue #34: AI Metal Revolution