• Launch of iCasino app comes as ESPN Bet market share remains moribund.

• In +More: Acroud seeks bond resolution.

• Smelling sweeter: Analysts take a road trip to a new HRM facility in Virginia.

• I predict a riot: Riot Games gives the OK to betting partners.

Earnings+More will be taking a break until Friday, January 3. We wish all our subscribers Happy Holidays.

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A throw of the dice

Once upon a time in Hollywood: Penn’s launch of a Hollywood-branded iCasino app in its home state is the latest attempt to revive an online business that has signally failed to ignite, as the latest data confirms the failure of ESPN Bet to revive any meaningful market share.

• Penn confirmed on Wednesday the upcoming launch of the standalone Hollywood Casino app in Pennsylvania.

• The company said it plans to launch the app, accessible either directly or via ESPN Bet, in additional iCasino jurisdictions next year.

The Holly(wood) and the ivy: The earlier-than-planned launch comes as the data from the major states of New Jersey, Pennsylvania, Michigan and New York showed ESPN Bet signally failing to ignite its lowly market share.

• As it stands, in its home state, the latest data showed ESPN Bet on 3.4% and while this was an improvement on the 2.4% the month previous, it was still some way below the 6.5% high-water mark achieved in February.

ESPN Bet market share in PA, YTD (%)

• In the other major states ESPN Bet went backwards in November. In New Jersey, market share fell to 1.9% from 2.1%; in Michigan, it went from 5.4% to 4.2%; and in New York it dropped from 1.8% to 1.5%.

The weakest link: The disappointing numbers follow efforts by Penn to augment the ESPN Bet offering, including most recently the launch of the app linking with the ESPN mothership. Aaron LaBerge, CTO for Penn, posted on LinkedIn that this would be a ​​”game-changer for fans.”

• However, the data from November would suggest the wider sports-betting audience remains impervious to what LaBerge said was a “new era in sports engagement.”

• The team at JMP said the mid-month data for November showed ESPN Bet down 462 bps YoY at 2.1%, albeit up from an even worse 1.6% in Q3.

• But as the JMP team noted, the QoQ uplift is likely related to the late September launch in New York, “implying no initial uplift from the introduction of the account linking feature.”

Penn’s iCasino performance has been, if anything, even weaker than ESPN Bet. In its home state, Penn Interactive has generated 3.8% share in the YTD; in Michigan it is 2.4%; and in New Jersey it is 1.6%.

• On the Q3 earnings call, CEO Jay Snowden predicted a brighter future for the company’s iCasino business once the Hollywood app was launched.

• “That’s going to be a really nice shot in the arm for us in terms of continuing to grow our online casino business,” he told the analysts.

Misdirecting traffic: He reminded the analysts that Penn has four Hollywood-branded B&M properties in Pennsylvania and one in Michigan and noted the marketing of iCasino up to this point had been “messy” because players were being directed via the ESPN Bet app.

• “You’re marketing to your land-based casino database at Hollywood properties and telling them that they should download the ESPN Bet app to play their favorite slot machine,” he added.

Snowden noted the competition – notably Caesars – has launched standalone iCasino apps “with great success,” adding that the brand “connection” would be “pretty powerful.”

• As with other iCasino standalone apps, he said Hollywood Casino would “definitely be targeting slots first.”

• Worth noting then, that the PR for the launch makes specific mention of offering 700 games.

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+More

Restructuralists: Gaming affiliate Acroud filed a request for bondholder approval to restructure its debt, delaying interest payments until January. If the approval is granted, Acroud will issue a SEK65m ($5.9m) super senior bond due December 31, 2027 and will cancel the current SEK23.7m bond.

• Additionally, the maturity date for another SEK80m bond will be extended until June 30, 2028 and Acroud will acquire all remaining shares of Acroud Media from RIAE Media for €12m.

MGM Resorts has completed the rebrand of the former Delano Hotel at Mandalay Bay to W Las Vegas as part of its long-term strategic partnership with Marriott.

Staying with the Las Vegas Strip, the Venetian has secured a hotel licensing partnership of its own with Hyatt Hotels.

Bet365 has received a license to offer sports betting in Illinois, which will be the company’s 12th US state.

What we’re reading: America is one big casino now. In Business Insider.

Read across

Nothingburger: Senators John Kennedy and Josh Hawley hijacked the Senate committee debate on sports betting, opting to harangue Charlie Baker, NCAA president, over his body’s stance on trans athletes instead of keeping to the script. In Compliance+More.

+More careers

The big move(s): Thomas Winter, formerly the founder at Golden Nugget Online Gaming then subsequently working with DraftKings, has announced he has taken up a role as a non-executive board member at Rush Street Interactive.

• He said on LinkedIn he has “long been a big fan of the sensible, ambitious, product and UX driven leadership” of RSI CEO Richard Schwartz.

• Separately, he has also announced another board position with Awager.

Delaware North has appointed Lee Terfloth as chief interactive gaming officer. Terfloth was most recently CEO at Prime Sports, and prior to that worked at Borgata Atlantic City, Resorts Digital and Hard Rock.

Revolver Gaming has appointed Simon Hammon to its advisory board. Hammon most recently was the CEO of Relax Gaming.

• Chief Executive Officer – Brașov, Romania

• Senior PPC Account Manager – Remote

• Deputy Lottery Director – Abu Dhabi

Analyst takes – MGM Resorts

Comfortably numb: After talking with the management of MGM Resorts, the analysts at Truist reported the team there to be “encouraged by the stability in demand,” saying the company believed the recent F1 weekend to be a success despite the evident decline in demand vs. the excitement generated last year.

• The analysts noted MGM’s comments on Q1 where they said MGM was seeing a pick up in group and transient business.

• Still, the analysts pointed out MGM faces tough comps from this time last year and running into Q1, including a stronger F1 and the Super Bowl in Las Vegas in February this year.

Getting critical: Truist reported MGM as suggesting the company’s digital plans were now a “core piece of the portfolio,” with MGM insisting it would drive positive EBITDA in 2026/27.

• See more business: The Truist team noted MGM’s commitment to disclosing more of its digital KPIs, starting with its Q125 earnings statement.

• It added that MGM was “very pleased” with the near-breakeven being achieved by the LeoVegas international online business.

• As for further M&A in this direction, Truist said MGM “specifically” noted its international digital “buying spree was done.”

More takes

A rose by any other name: To celebrate the opening of its new $460m The Rose Gaming Resort, owner Churchill Downs invited a bunch of analysts on a road trip to Virginia to get a feel for the new facility.

• The reviews were suitably positive as the analysts took in the 1.6k+ HRMs plus hotel and restaurants.

• Wells Fargo analysts added that the Rose is likely to perform in line with Churchill Downs’ Derby City Gaming facility, which is on track to generate ~$100m in adj. EBITDA this year.

Historical monuments: The team at JMP noted this was the company’s eighth HRM facility in Virginia with a further two venues under construction. It said the HRM business was now worth 41% of Churchill Downs’ property-level EBITDA and was “one of the best growth stories in gaming.”

Earnings in brief

Zeal Network: The German lottery reseller has raised its FY24 revenue and EBITDA guidance after already surpassing previous targets set in October. The company now expects revenue to come in at €175m-€185m and EBITDA in the range of €55m-€59m.

• The company said the increases were due to the exceptionally high number of maximum jackpots in November and December.

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.

Connections

FanDuel has launched its first co-branded online slot game with the National Basketball Association. The modified game is called NBA Super Slam and is powered by White Hat Studios. The game is available exclusively on FanDuel Casino in Michigan, Pennsylvania, New Jersey and Ontario.

• iCasino games developer WorldMatch is partnering with Apostas Sociais to bring its catalog of games to Portuguese online betting platform placard.pt.

• Betway will integrate Aviatrix’s crash game into its platform in various African markets, including South Africa in early 2025.

• Swintt online casino games are now available in the Netherlands through a partnership with Hommerson.

• Veikkaus’ Fennica Gaming has integrated its first online casino title, Gold Reversinator, into Raw iGaming’s platform in the UK, Denmark, Holland, Spain and Sweden.

• Golden Matrix’s Expanse Studios has completed the filing process for a B2B gaming license in Ontario, Canada.

• Elsewhere, its MeridianBet offering has added Kuady’s full suite of payment solutions to its sports-betting and iGaming platforms in Latin America,

Sector watch – The Riot act

Watching the sponsors get lairy, it’s actually quite pretty, I tell thee: Riot Games has announced that its two premium esports IPs, Valorant and League of Legends, will allow betting sponsors from 2025.

• Previously, teams participating in the company’s franchise leagues were not permitted to explore gambling-adjacent partnerships.

• The company has emphasised the move is a “result of careful study and planning to settle on a move that will unlock new revenue opportunities for teams while also protecting competitive integrity and the overall fan experience.”

Obey the rules: Key facets of the policy change include that Riot-owned channels will remain free of gambling sponsorship, no betting brands will appear on broadcasts, Riot socials or team jerseys, and only gambling operators that gain Riot approval will be permitted.

• Operators must meet the company’s standards for “integrity, transparency and fan engagement.”

• All sportsbooks partnering with teams will be required to meet local regulatory and licensing requirements and “match Riot requirements around content and promotion.”

Ledge: The League of Legends World Championship 2024, taking place at London’s O2 Arena, achieved a peak viewership of 6.94 million, breaking the record for the most-watched esports event ever, according to Esports Charts.

• Valorant, meanwhile, is one of the fastest-growing esports properties and, as such, this development should be seen as a positive move for regulated operators looking to use esports to capture a younger, digitally native audience.

• Further details remain sparse, but based on what’s been revealed, it’s clear none of the leagues will take a betting sponsor, and in-play overlays, as seen in games such as Counter-Strike, are a long way off.

Walking through town is quite scary: Additionally, given the current sponsorship landscape, most crypto-led books may fall foul of Riot’s vetting process. As such, the uptake may not be as dramatic as optimistic industry commentators predict.

• It’s not very sensible either: Given that broadcasts are watched globally, and teams have fans across multiple jurisdictions, creating a tailored, coherent set of rules for the promotion of gambling brands will certainly pose a plethora of challenges.

• Regardless, this has to be seen as a net positive move for the industry. 2025 could be the year that tier-one operators finally take the plunge and fully utilise the potential of the esports industry.

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Earnings calendar

• Jan 20-23: iGB Affiliate, Barcelona

• Jan 20-22: ICE, Barcelona

• Feb 23-25: SIGMA, Eurasia Summit, Dubai

• Feb 25-27: SBC Summit, Rio de Janeiro

• Mar 12-13: Next: NYC 25, New York

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Algosport will be at ICE in Barcelona in January, so to book a no-nonsense conversation about improving your product or increasing your revenue, please drop us a line at ICE2025@algosport.co.uk or visit www.algosport.co.uk

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