• Kahnawà:ke decision casts doubt over the future of Entain’s 2022 buyout.

• In +More: hold gets no better in first weekend of November.

• Wynn loses share in Macau; Melco gains.

• The startup focus is esports data supplier Rimble.

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What a waste

Throwing it all away: The future of Entain’s position in the Canadian market is in doubt after the Mohawk Council of Kahnawà:ke canceled its exclusive partnership for its Sports Interaction brand.

Let’s call the whole thing off: The news came in a statement from the Mohawk Council, which stated its Mohawk Online operation had ended the arrangement with Entain-owned Avid International, the supplier to its Sports Interaction business.

• The statement blamed the changes in the regulatory landscape in Canada and the regulation of the Ontario market for the move.

• It added that the end of the tie-up with Entain would “certainly bring forth new opportunities, as the conclusion of the partnership also releases MCK from its obligations of exclusivity.”

• It stated the Mohawk Council was now free to pursue “other opportunities in online gaming, under a new brand”.

All for nothing: Entain now faces the prospect of seeing the value of its C$300m ($215m) acquisition of Avid go to zero following the tribe’s move. The company bought the business – and its ongoing relationship with the Mohawk Council – in February 2022.

• Questions are sure to arise over Avid’s future now it is shorn of its only client.

• Sports Interaction was operated by MOL and licensed via the Kahnawà:ke Gaming Commission (KGC) based on Kahnawà:ke’s Aboriginal right to conduct and manage gaming. Avid was a B2B supplier to MOL.

Friends with benefits: The tribe said it would maintain a “cordial” relationship with Entain and that the latter will keep its back office from the Mohawk Territory of Kahnawà:ke. It will also maintain its licenses with the KGC.

The deal was signed during previous CEO Jette Nygaard-Andersen’s tenure. The company said at the time the acquisition would complement the operations of its existing Canadian-facing brands Party and Bwin.

• Entain also said at the time of its acquisition that Sports Interaction achieved revenues in 2021 of C$76m, up 40% YoY, and EBITDA of C$18m.

• It added that the post-synergy multiple for the purchase was ~7x EBITDA.

Entain was contacted by E+M but has yet to respond.

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+More

It’s the prediction markets wot won it.

Accel Entertainment has bought its way into route operation in its second state after acquiring an 85% stake in two gaming operators in Louisiana for $40m..

Intralot has extended its partnership with the British Columbia Lottery Corporation through 2028 and will provide it with an iLottery platform.

Bad run continues

A trouble shared: Last weekend’s NFL action provided another “slight headwind” for the sports-betting operators with more punter-friendly results adding to what the team at JMP said would be an “already troubled” Q4.

• The team suggested the bad start to the quarter would be “top of mind” for investors later this week when Penn and DraftKings report. Flutter reports AMC next Tuesday.

• Recall, Caesars said in its Q3 earnings call  last week that the October sports results had been the “single worst combination of results” in Caesars’ history.

Short termist: The JMP analysts said their back-of-an-envelope calculations suggested Q4 EBITDA would come in at a loss of $125m. But they added that a “glass half full” reading would point out October only accounts for ~30% of Q4 handle. 

• They said players would be taking their October winnings into the rest of the NFL regular season.

• The team added that they did not expect the ongoing Q4 headwinds to impact 2025 guidance.

Wynn losing

On the carpet: Having zoomed into the $10bn in market cap bracket in early October off the back of the optimism engendered by China’s policy stimulus measures, Wynn Resorts’ investors have subsequently pulled the rug after poorly received earnings.

• The shares fell over 9% yesterday after below expectation numbers, which saw Q3 revenue come in up 1% to $1.69bn while adj. EBITDA was down 0.5% to $528m.

• Wynn’s market cap settled at $9.63bn.

The blame game: The shortfall was largely due to Macau with market share down ~70 bps YoY, according to the analysts at Deutsche Bank, while Las Vegas earnings were “moderate,” according to Jefferies. 

• CEO Craig Billings said Las Vegas remained “healthy” despite the “challenging comps” in Q4. He said F1 week was “shaping up quite nicely” for Wynn, at least.

• He acknowledged the competitive environment in Macau was “clearly intense,” but added the long-term outlook was “decidedly bullish” while the UAE project was “rapidly progressing.”

Trickle down: Of the Chinese stimulus, Billings gave the impression investors had somewhat jumped the gun in assuming it would have an immediate effect on the fortunes of the Macau market.

• “It's a little early to say it’s having an impact,” he told the analysts.

• He added that 2016 was the most recent example of government economic measures “cascading through Macau.” 

• In that instance, Billings noted there was a “pretty substantial positive impact on both visitation and GGR.”

Earnings in brief

Melco Resorts: Enjoying a better Q3 outcome in Macau was the owner of the City of Dreams and Studio City casino resorts, which saw total revenues rise 16% to $1.18bn while adj. EBITDA rose the same percentage to $303m.

More to come: On the call, the company gave some color on the post-quarter Golden Week in October. “I think everybody knows October was very strong,” said CEO Lawrence Ho, who noted both Melco properties enjoyed a number of record mass drop days during that period.

• Ho was also positive about the stimulus measures. “With supportive Chinese policy, the Chinese economy will continue to recover,” he said. In such circumstances, the gaming industry will “continue to do well.”

• Analysts at Seaport suggested the ongoing marketing and operational enhancements seen in Q3 pointed to further market share gains for the remainder of 2024.

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.

+More earnings

Kambi: A new partnership with Hard Rock Digital for its Odds Feed product was the highlight for the quarter for the backend supplier, with new CEO Werner Becher, who joined the business in July, suggesting the product had excited great interest at G2E.

• Revenue for Q3 rose slightly to €43m but EBIT dived 22% to €3.6m.

• Over the period, Kambi signed a sportsbook partnership with Brazilian operator KTO and agreed a multi-year extension with Rush Street Interactive.

• Kambi will host a call with analysts later today.

Century Casinos: Revenue fell 3% to $156m while adj. EBITDA fell 1% to $32.9m, but the big news for the company came from Missouri where it opened its newest casino and hotel in Caruthersville. The property cost $51.9m to complete and was funded via a real estate deal with VICI.

Zeal Network: The German-based lottery reseller said Q3 revenue rose 41% to €121m while adj. EBITDA was up 51% to €35m, with the increases coming despite the lottery jackpot backdrop being less favorable. 

• The company said customer numbers reached an all-time high of 807k in the first nine months of the year, a 56% increase YoY.

QIH: The unlisted gaming affiliate operator of the Free Spins Wizard, Free Slots Genie and Slotswise sites said revenue for the year to September rose 59% YoY to £20.6m while EBITDA came in at £4.9m.

• The company said revenue growth accelerated in Q4, up 73% to £6.3m, while EBITDA rose 90% to £1.4m.

Venture playground

Startup focus – Rimble

Who are you? Rimble is a San Francisco-based esports odds supplier, founded in 2020 by CEO Shivam Shorewala (formerly of Simplebet) and CTO Sehaj Chawla. The company has since grown to a team of seven.

What’s the big idea? Rimble initially set out to create flash markets for esports but “soon realized key betting experiences were missing from the esports space,” says Shorewala. 

• Its first product, player props, was “successfully integrated” by several DFS and RMG operators. 

• Over time, offerings have expanded to include a range of pre-game and in-game odds for esports. and the company recently launched a complete same game parlay solution for all major esports titles. 

• Rimble has also secured official data partnerships and branched into sports such as kabaddi and cricket, “driven by growing demand” from its Asian customer base.

• Looking ahead, the company plans to “expand its customer roster through third-party integrations, virtual esports sims and streamer wagering options,” Shorewala adds.

Funding backgrounder: Rimble has been entirely bootstrapped, relying on revenue generated from existing products to fuel the company’s growth.

Growth company news

Blask award: The AI-powered analytics ecosystem for iGaming provider has been named startup of the year at the prestigious Starlet Awards. The company earned this recognition for developing a groundbreaking market intelligence platform that has redefined how gaming operators leverage data and market insights. 

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Events calendar

• Nov 11-14: Sigma Europe, Malta

• Dec 2-4: Thai Entertainment Complex Summit, Bangkok

• Jan 20-22: ICE, Barcelona

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