Earnings+More - Shake it out
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ErasShiny toy with a price: The prospective deal announced on Monday for Sportradar to acquire XLMedia’s North American gaming affiliate assets for up to $30m would mark the entry of a significant new player into the sector.
Alchemy: Observers noted Sportradar is likely to add any acquired affiliate assets to its existing ad:s marketing services arm. “Leverage is the key here,” said Adam Small, founder of Third Planet Affiliates.
Putting on the Ritz: Then there is what Sportradar can add to affiliation in terms of data, AI and marketing skills. “Every affiliate should be afraid,” said Chris Russell, founder and CEO at the OneTwenty affiliate business.
Entering the field of play: As one M&A advisor in the space argued, Sportradar is a “completely new buyer” in the world of affiliates, adding it was “interesting that it is bullish on the US when others are not.” Said another corporate advisor, “I like it.”
XL to XS: XLMedia had previously disposed of its European and Canadian-facing affiliate assets to Gillespie’s Gambling.com earlier this year for $43m.
Bargain! Kyle Scott Laskowski, the former founder of Crossing Broad, who sold out to XLMedia in 2020, said via LinkedIn that Sportradar was acquiring the sites at a knockdown price compared with the top of the market $75m all-in that he and his partners had negotiated.
How did we get here? Crossing Broad was one of the beneficiaries of a “frothy post-Covid period” of affiliate M&A, typified by the rise of one-time market leader Catena Media. But as per the news below, much like XL it is now a shadow of its former self. Meanwhile, a warningI forgot that you existed: Former sector leader and now the sick man of the affiliate world, Catena Media yesterday announced a €40m writedown of unspecified sports-betting assets and cost-cutting measures of €2.2m that will result in 29 job losses.
Hard core: The company said the write down came after a strategic decision to concentrate on a “cluster of core brands.”
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 +MoreSkeleton key: Sportradar also announced it is enhancing its partnership with the NBA ahead of the new season tip-off last night with next-gen fan engagement tools including skeletal tracking data.
Changing rooms: MGM Resorts has announced it will be rebranding the Delano property at its Mandalay Bay resort into a W Hotel via its strategic partnership with Marriott Bonvoy. The makeover will be completed before the end of the year. IGT is to provide its instant ticket lottery games to Française des Jeux for the French National Lottery. The contract for the games, which runs for three years, was awarded to IGT through a competitive bidding process. IGT currently supplies its primary lottery system to FDJ. Penn downgradesLosing the argument: Pressure on the B&M business combined with the poor online performance in September has seen Penn Entertainment suffer an earnings forecast and a target price downgrade on the part of the analysts at Deutsche Bank.
Pyrrhic: In the interactive business, Penn recently reduced its own loss guidance to $90m-$100m for Q3, which as DB noted is better than its own forecasts. However, the team said the favorable revision is “entirely related to a reduction in expenses.”
Hold that thoughtB-less: The second poor week in a row for the bookmakers means NFL hold was down to around 4% this week compared to a long-term average of 9%, according to the analysts at Macquarie. The team estimated a total hold across the market of 6%.
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. Gap analysisBridge of sighs: The question of whether the gap between the hold rates of the top two US OSB operators can be closed is the subject of discussion within a wider sector note from the analysts at Morgan Stanley.
Using the data from Illinois as a proxy, the team added that the gross win gap is now largely down to win rate on parlays and a combination of the number of legs on average and the customer mix.
Earnings in briefCrown Resorts: The Blackstone-owned Australian casino operator saw revenues come in flat for the year to June at A$2.8bn ($1.9bn) but the company managed to pare back its losses to A$165m, a 17% improvement on the year previously.
Venture playgroundStartup focus – LoserballWho are you? Founded by Jonathan Gruber, the Silver Spring, Maryland-based company boasts Rick Wolf of Full Moon Sports and Ed Moed of Hot Paper Lantern as its key advisors. Strategic partnerships include Fantasy Alarm and Bettor Sports Network, while Rolling Insights provides the live data. What’s the big idea? “Loserball roots for fumbles over field goals and penalties over points,” says Gruber. ”It's like opposite day for dedicated and casual sports fantasy football fans.”
Funding backgrounder: The company has raised ~$230k to date and is looking for $900k to take it through to the end of next year, when it plans to add DFS-style games with cash prizes. Growth company newsMicrobetting provider nVenue has reached an agreement with OpenBet to distribute its live micro markets to betting operators in the US and worldwide via an integration through OpenBet’s trading system. Betinvest has announced a strategic partnership with iGameMedia involving the distribution of Betinvest’s esports, fast sports and AI-driven offerings. What we’re reading 1: How Huddle elevates NBA betting with advanced player props and SGP products. What we’re reading 2: ParlayBay on why the future of the industry lies in hyper-customization. Is your organization managing licensing submissions across several jurisdictions? Are redundant licensing tasks and scattered personal data slowing you down? Now you can unlock new jurisdictional licensing within weeks, not months, with OneComply. By reducing application time from days to just minutes, OneComply improves efficiency by up to 99%. Click here to connect with us and discover how much more you can get done with OneComply. Events calendarEvent highlight: The 2024 Gaming in Germany Conference, which is being held on Tuesday, November 5, 2024 at the five-star Hotel Adlon Kempinski in Berlin, has announced a raft of new speakers. These include Christian Heins, director iGaming at Tipico; Stanisław Szostak, CEO of Astral Forest; Britt Boeskov, non-executive director at Mindway AI; and Annika Lindberg, psychologist and trustee at Gordon Moody.
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Older messages
Fumble
Monday, October 21, 2024
Penn's helming of ESPN Bet questioned after September flub ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Until the pips squeak
Sunday, October 20, 2024
Flutter ships $3.5bn in New York on UK gambling tax hike threat ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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