Earnings+More - Until the pips squeak
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When life gives you lemonsSqueeze: The UK-facing gambling sector could be facing a doubling of OSB and iCasino taxes as the Labour government looks to fill a hole in its finances, according to newspaper reports. It is thought the Treasury is weighing up plans that could raise up to an extra £3bn.
Bad timing: The news broke after market close in the UK but was early enough to rattle investors in New York who sent the Flutter share price plummeting by nearly 9%, causing a $3.5bn drop in value.
💥 Flutter suffers a Wall Street crash Wipeout: Analysts at Jefferies said the proposals apparently being considered would “all but wipe out bookmaker profitability in the UK.” But they added that the “extent of these proposals seems unrealistic.”
Oh what a tangled Webb we weave: The Treasury proposals were informed by a report issued by the left-leaning think tank, the Institute for Public Policy Research, in the summer.
IL conceived: The SMF report is thought to have been influenced by the debate over gambling taxes in the US. Notably, Illinois more than doubled its OSB tax rate to 35% earlier this year while New York has an effective tax rate of 51% and the tax on online slots in Pennsylvania is 54%.
Seamless Onboarding, Happy Players. It's That Simple. Experience the perfect balance between stringent identity verification and effortless onboarding with IDComply, a groundbreaking solution from GeoComply. Take your pass rates to new heights and shield your business from fraudulent activities. +MoreESPN Bet managed $3m of handle in its first three days of operations in New York and a GGR of $166k, according to data from the New York State Gambling Commission. The hold rate of 5.4% was the lowest of the nine operators.
Fanatics Betting & Gaming and the Major League Baseball Player’s Association have reached a non-exclusive licensing agreement, making the operator the first officially licensed sportsbook of MLBPA.
Derek Stevens, CEO and founder of Circa, told the Las Vegas Review-Journal last week that his business will be moving to its own tech platform before it launches in new states. Circa is currently live in Nevada, Colorado, Illinois, Iowa and Kentucky.
The week aheadEntain and Evoke might take the opportunity to discuss the tax hike newspaper report when each unveil their respective Q3 trading updates on Thursday and Friday. Any potential rise would be particularly poorly timed with each company’s UK businesses still in the recovery position.
Fellow UK-listed operator Evoke said at the time of its H1 earnings that Q3 revenue growth was within the target range of 5%-9%. The company will hope to be able to confirm the “significant improvement “ in profits vs. H1 when EBITDA fell 67% to £43.8m. Shares watchWe've got stars directing our fate: Rush Street Interactive put on 7% this week, helped by news at the end of the week that New York-based hedge fund Millennium Management had quadrupled its stake in the company during the second quarter.
Slap in the face: Less happy will be Penn Entertainment, which went to the trouble of hosting an investor event at the start of G2E in Las Vegas and was rewarded with a 2% decline for the week. Algosport are regarded as one of the ‘best-kept secrets’ in the gambling industry, currently supporting hundreds of Tier 1 and challenger operators with our proprietary Algosport Blackbox – a powerful engine capable of supercharging your sportsbook. We are best known for our next generation Bet Builder/Same Game Multiples product that offers the widest range of sports with unrivalled coverage, markets and features, both pre-match and in-play. To understand how we could help create more revenue get in touch at www.algosport.co.uk By the numbers – Wynn Resorts’ room EBITDASweating the assets: Looking at the EBITDA expectations for Wynn Resorts’ Al Marjan Island project in the UAE, the team at Deutsche Bank believed there was “credibility” in the $500m-$800m at maturity estimate put forward by the company in its investor presentation last week.
The DB team said that, based on the assumptions in the presentation, Wynn expected the Al Marjan Island property to generate $324k-$519k per hotel room on an annual basis.
🛌 Wynn gets the most from being the host +More numbersIndiana: B&M GGR came in down 30bps YoY at $194m in September, leaving Q3 GGR up 2.3% YoY. On a same-store basis, September GGR was down 5.8% YoY and off 3.4% YoY in Q3. For OSB, GGR rose 29% YoY to $53m on handle that was up 20% to $484m. For Q3, GGR was up 30% YoY.
Iowa: GGR for B&M gaming came in at $131m for September, down 8.9% YoY, with visitation down 6% YoY. For Q3, GGR was down 3.9% YoY. Sports-betting GGR of $27.5m represented a 14% YoY increase from handle that rose 10% to $271m. Maryland: OSB GGR came in at $65.4m, up 43% YoY, from handle that rose 20% to $533m. FanDuel controlled 50% of total GGR, followed by DraftKings on 31% and BetMGM trailing on less than 7%. Your Fast Track to Platform Ownership At Fincore, we believe ambitious operators should control their own platforms and customer data. Meet TRI///, our modular software suite including Sportsbook, RGS, PAM, Payments and Bonus. Each service works brilliantly alone, integrates seamlessly with your tech stack, or functions as a complete solution. Join us on a 3-step journey to owning your own platform: 1. Choose a module and we’ll customise it to your needs. 2. We’ll run it with you, acting as an extension of your team. 3. When ready, you can take full ownership and control. Find out more here Earnings calendar
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Older messages
Game theory, Florida style
Sunday, October 20, 2024
The calculations for FanDuel and DraftKings and any Hard Rock deal ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Overstated
Sunday, October 20, 2024
Figures attached to size of sweepstakes market misleading, say analysts ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🌊 The micro wave
Monday, October 7, 2024
Microbetting GGR in US tipped to explode in next five years ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Fat summer
Friday, October 4, 2024
Sector M&A worth over $11bn in Q3 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Mile High expectations
Wednesday, October 2, 2024
Bet365 makes 1000-strong Denver staffing commitment ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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