Earnings+More - Fourth down
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Losing streakComing up short: The most customer-friendly run of results in the NFL regular season since the launch of regulated sports betting in 2018 has been blamed for Flutter’s revenue shortfall of $390m and a hit to forecast adj. EBITDA of $260m.
Taking a knock: The post-close announcement caused a near-3% fall in after market trading, implying a $1.3bn loss of value. The team at JMP said they believed the worse-than-anticipated Q4 earnings would be “viewed in a negative light” by investors.
Gut punch: The impact on the US business was stark. Total GGR was off by $643m, meaning revenue came in 6% lower at ~$1.59bn or $550m short of the previously communicated target. US adj. EBITDA took a $360m hit, coming in 56% lower at an estimated $161m.
Temporary respite: The bright spot for Flutter was that the ex-US business continued to see momentum over the quarter, partly due to what it said were “favorable” results in the English Premier League.
Cape fear: The news confirms the fears of analysts who in recent days had been busy cutting their estimates for both Flutter and rival DraftKings.
Feeling the heat: The news of Flutter’s warning means its rivals, notably DraftKings, will now be under pressure to follow suit. JMP said this week it expected DraftKings was all but certain to miss guidance, estimating a $105m-$110m hit to adj. EBITDA.
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+MoreThe previously announced acquisition of CasinoPortugal by Cirsa has received the needed approvals from the gambling regulators and the competition authorities. Red Rock Resorts is reported by the Las Vegas Review-Journal to have begun construction of the $116m Phase II expansion of its Durango property, which includes additional casino floor space. Jackpot.com has launched its online lottery app and website in Arizona, its eighth US state. The Musburger Media-owned VSIN Sports Betting Network will be available via SiriusXM as of January 17. Everyday peopleFlagging: Disappointing is not a word oft-used when talking about the performance of bet365, but that was how the analysts at Regulus termed the results from the company’s accounts for the year to March 2024.
Rebound: Still, profits did rebound to £396m following the loss reported for the previous year of £24.5m, which the company said was due to investments in new market launches and a sizable increase in its tech and infrastructure spending.
Worry monster: Yet, Regulus do worry that bet365 is losing market share “dangerously rapidly” in an environment where in-play growth has stalled and is now a “relatively mature commodity.”
EveryMatrix delivers iGaming software, solutions, content and services for casino, sports betting, payments, and affiliate/agent management to 300+ global Tier-1 operators and newer brands. The platform is modular, scalable, and compliant, allowing operators to choose the optimal solution depending on their needs. EveryMatrix empowers clients to unleash bold ideas and deliver outstanding player experiences in regulated markets. Analyst takesThe river runs dry: The analysts at JMP argued that the rate of conversion of fantasy-into-sport betting appears to be slowing, at least for DraftKings and FanDuel.
Macau: The weaker-than-expected December numbers were generally seen as being “underwhelming,” said the team at Seaport, who suggested the concerns over GGR and “geopolitical developments” were weighing down on Macau-related stocks.
Tariff raff: The DB team tackled the subject of those geopolitical concerns, namely the likely reaction to Trump’s threatened tariffs on Chinese goods. As DB noted, “while the rhetoric and potential actions should have little to no effect on the Macau operator stocks, it is likely they will.”
Enigma machine: Complaining about the complexity of attempting to understand the puts and takes (mostly takes as far as the management incentive scheme is concerned), the team at Peel Hunt said forecasting the future for Playtech is “hard.”
Venture playgroundGrowth company focus – High Roller TechnologiesWhy go down the IPO route? It is rare for smaller companies to opt for an IPO, but, for High Roller, this path represented “a massive opportunity, not just for us but also for investors to participate in the rapid growth of the online casino industry,” says Ben Clemes from previous owners Happyhour.io.
How will High Roller capture and retain investors? “The High Roller experience – centered around exclusivity, excitement and world-class service – positions us as a premium offering in this space,” says Clemes.
What’s next? M&A is “certainly something that remains on the horizon if the right opportunity aligns with our overall strategy,” says Clemes. But the immediate plan is to “execute on our strategy post-IPO, deploying capital into our existing markets and fueling growth.”
Funding newsFriendly society: UK-based social-betting company Betmate said it has received $2m of funding from London-based venture capital outfit Accelerate Ventures, which itself was only formed last year. This is Accelerate’s debut investment.
GeoComply's international solutions are unlocking compliance and security for the global market, so players everywhere can enjoy seamless, worry-free gaming experiences. GeoComply’s Brazilian solution is designed specifically for the local market, offering seamless geolocation compliance (without requiring a companion app), robust anti-fraud measures, and streamlined licensing support—all while minimizing customer friction. Visit GeoComply at ICE Barcelona (booth #5L16, Jan 20-22) and learn how our advanced geolocation, identity, and fraud solutions safeguard your platform from account takeovers, fraudulent chargebacks, promotion abuse, and more! Earnings calendar
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. An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
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Luxury tax
Monday, January 6, 2025
DraftKings adds 'subscription' option in New York ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Out of left field
Friday, January 3, 2025
Crypto.com's further threat to OSB status quo ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Last chance saloon
Friday, December 20, 2024
Can Hollywood save Penn's online business? ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Jam today
Thursday, December 19, 2024
Gambling.com buys OddsJam for up to $160m ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Beefed up
Thursday, December 19, 2024
Flutter could be worth more than $100bn in four years, say analysts ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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