Earnings+More - Boyd agrees $170m Pala deal
Boyd agrees $170m Pala dealBoyd Gaming’s Pala Interactive buyout, New York data, XLMedia FY, 888's African JV +MoreGood morning. On the agenda today:
Stardust or Stardust. Sign up to WE+M Boyd Gaming’s Pala Interactive buyout
Own the tech: The buyout of the B2B and B2C provider/operator bolsters Boyd Gaming’s digital ambitions. Pala comes with its own player account management system and casino, poker and social gaming platforms.
‘Duel commitment: Smith was keen to emphasize this didn't affect Boyd’s “commitment” to its sports-betting partnership with FanDuel. “We remain fully committed,” he said. In return for market access, Boyd Gaming has a 5% stake in FanDuel. We are Stardust: However, Boyd does plan to migrate its current Stardust gaming operation to the Pala platform from FanDuel and will integrate its B Connected loyalty program.
Overripe: Jefferies suggested the deal might set the scene for a further round of M&A. “Our view is that conditions and valuations in the market are ripe for more acquisitions of digital names. In this regard, BYD's acquisition could look increasingly attractive over time.” Ryan’s express: Pala Interactive was funded by the Pala Band of Mission Indians back in 2013 and is headed by ex-PartyGaming boss Jim Ryan. ** Sponsor’s message: Venture capital firm Yolo Investments is home to €350m of equity in more than 50 of the most exciting companies across fintech, gaming and blockchain. It continues to build one of gaming’s most dynamic portfolios as it eyes up seed and A-stage opportunities across the sector. Its dedicated 28-company, €135m AUM gaming fund already houses holdings in fast-growing suppliers and operators, including Kalamba Games, SimWin and ThriveFantasy. Yolo Investments is also on the lookout for LPs as it looks to scale new concepts, including its high-roller live casino brand, Bombay Club. As a proud sponsor of Earnings+More from Wagers.com, Yolo Investments wants to hear from readers of this newsletter. Get in touch with your pitch, or for a chat. New York dataMad hatter: Handle for the first week of March Madness rose to $428m, up 5% WoW, but GGR was down 29% to $26.1m. FanDuel continued its market share march, holding top spot by both metrics at 29% of GGR and 56% of handle. Second with handle was DraftKings at 26% while Caesars took the second spot by revenue with 17%. XLMedia FY
Pinning foundations: The group’s FY presentation said its OSB-focused growth was underpinned by its recent US acquisitions of Sports Betting Dime and Saturday Inc., which complemented that of CBWG in 2020.
Penalty clause: The group has been fined by Google for the poor quality of its casino sites and will continue the “managed decline” of its European casino assets as part of its strategic redirect.
Ops highlights: XL moved much of its workforce to the UK offices of Blueclaw, the SEO agency it acquired in Sept21, while its personal finance assets will be “re-platformed” in the US during 2022. It also recently appointed Caroline Hoskyns as its new CFO. Startup funding newsMe generation: Mobile messaging and CRM platform 2mee has raised £500K in its latest funding round. It will use the cash to grow its commercial team and develop more partnerships with online sportsbooks and casinos.
Life of Riley: CEO James Riley said the cash would allow the company to “drive greater awareness of the 2mee product and to work with more operators and brands than ever before”, particularly in the sportsbook and online casino sectors. 888 African ventureI hear the drums echoing tonight: 888 has announced a joint venture with a group of European industry veterans to launch the 888 brand in selected regional markets in Africa. The company has a minority stake in 888Africa. Former stars: 888Africa is led by Christopher Coyne, former CMO the Stars Group alongside Andy Lee, chairman of Voxbet; Alex Rutherford, former CPO at Editec Online; Ian Marmion, former sportsbook trading director at the Stars Group; and Helen Scott-Allen, former CFO of Premier Bet.
What we’re readingOn Wagers.com: Steve Ruddock looks at Michigan’s impact on multi-state online poker. Earnings in briefElys Game Technology said it expects revenues to increase 22% to ~$45.5m for 2021 and online GGR to rise 74% to ~$54.9m. The company said its recent entry into the US B2B market had a “very positive effect” though revenues for the segment remain small at ~$1. Regulatory roundupGeorgia legislators revived sports-betting efforts and passed legislation through a House committee. The House Economic and Tourism Committee's hearing Monday restarts hopes Georgia could have legal sports betting by 2022 but the bill must pass the full House before going back to the Senate. The AGA has sent a letter to the Kentucky Senate in support of a bill that would ban unregulated skill games in the state. NewslinesDFS out: FanDuel will close down its DFS site in Ontario from April 1. The province is set to go live with regulated sports-betting on April 4 and DFS would come under the same regulations as online betting, casino or poker. According to press reports, FanDuel would be required to geofence its DFS platform to Ontario-only players. Colorado shop window: Betsson has launched its Betsafe online sportsbook in Colorado under a market access deal with Dostal Alley Casino. It is the group’s first B2C offering in the US. Betsson has said it does not plan to invest or compete in a major way in the B2C space and will use the site as a display of its B2B capabilities. Lights out: Star Entertainment CEO Matt Bekier resigned amid the investigation into the company over possible breaches of anti-money laundering and counter-terrorism at its casinos. Fake fan: Fanatics further expanded its digital presence, announcing a partnership with World Wrestling Entertainment on Monday. The deal comes as Fanatics continues to pursue entry into the legal online sports-betting space. On socialCash out - now!
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