Earnings+More - The Italian job
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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.
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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
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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 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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