Earnings+More - Apr 1: Weekend Edition #40
Apr 1: Weekend Edition #40Novibet SPAC listing, Sportradar analyst reaction, Bored analysts NFT, GAN and NeoGames analyst updates, Sector watch - financial trading +MoreGood morning. Novibet is to enter the listed fray, somewhat surprisingly, via a de-SPAC. A company that found the UK market apparently too competitive, we can reason, now has its eyes on even more fraught markets in North and South America. You can’t fault the opportunism. But we do wonder at the company’s chances of success. Hope springs eternal which is perhaps an appropriate motto for all SPACs. Separately we note the SEC is now looking at curbing bullish SPAC forecasts… Don’t believe the hype? Click below to sign up. Novibet SPAC listingAs it was in the beginning: Novibet, the Greek-based betting and gaming group which surrendered its UK license in February this year, announced it is to merge with the Artemis Strategic Investment Corporation SPAC and list on the Nasdaq.
So shall it be in the end: Novibet’s main markets include Greece, Ireland, Italy and Malta and says it hopes to “leverage” its track record in the US. It has a market access deal with Caesars for Pennsylvania and will launch in Q2 with New Jersey to follow in H2.
Targeting M&A: With $135m of unrestricted cash on hand after closing, it hopes to embark on mid-tier M&A opportunities and is looking at a range of global markets. The company says it is looking at targets with revenues in the $30m-$100m range and EBITDA of between $5m-$25m. As you were: Post-merger, expected to close H2, owner Rodolfo Odoni (previously of Centric) will serve as chairman and CEO George Athanasopoulos will remain in his position. Related: On Wagers.com, is the US market pricing out the competition. ** 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. WE+M NFT EXCLUSIVE DROPWe are delighted to announce the launch of the Bored Analyst (very) limited NFT collection. Coming to a marketplace near you. Probably. Maybe.
If you are interested, click here. Sportradar analyst reactionPlaying it safe: The sports data provider’s Q4 earnings were favorably received by the analysts with Jefferies suggesting the better-than-expected results means the timing of the forecast 2025 profits might be “conservative”. The team noted Sportradar expects losses in the US to decrease as growth, particularly in-play, increases. Compare and contrast: Deutsche Bank said Sportradar’s “continued profitability” at an adj. EBITDA level - €102m in 2021, forecast to rise to between €122m-€133m this year - lay in contrast to the “deeper losses” guidance among OSB operators.
How to get ahead in advertising: DB said a key takeaway from the call was about the success Sportradar was having with its ad:s marketing offering, particularly given the current high customer acquisition costs faced by operators. JP Morgan analysts said the company had “demonstrated continued uptake” of higher-margin products such as ad:s. Earnings+More pod #3This week, Jake and Scott discuss Boyd Gaming’s Pala Interactive deal, recent news surrounding Socios and the week’s earnings rom Sportradar and XLMedia. As well as via yesterday’s newsletter, the pod can be accessed via Spotify, Apple and YouTube. GAN analyst updateValue yet: The analysts at Jefferies suggest that despite GAN having “under-executed” for the past several quarters, recent transactions (notably Boyd Gaming’s Pala Interactive buyout) suggest there is “some value in the technological capability” in GAN’s B2B business.
Dazed and confused: The Coolbet B2C operation, meanwhile, “prospectively confuses” the market’s view on valuing the business. “It has become less clear how GAN defines its reasons for success longer term,” they add. Earnings in brief
Sector watch - financial tradingStop me if you think you’ve heard this one before: The meme stock frenzy is back, at least for some of the highest-profile of this strange club. Earlier this week Gamestop notched up its 10th session gain in a row, rising 143% between mid-March and the end of the month. Heard it through the grapevine: As can be seen, this left the Grapevine, Texas-based Gamestop (yes, Grapevine) still somewhat short of its previous highs over $325 in March 2021 when it became the focus of activity from a r/wallstreetbets crowd convinced they were taking part is an epic short squeeze. Working 9 to 5: Also boosted this week was Robinhood, albeit for the more mundane reason that it has announced it is extending its trading hours in both the morning and the evening as it moved towards allowing 24/7 trading. The share price pinged 25% at one point this week on the news before giving back some of its gains.
iGaming NEXT New YorkThe iGaming NEXT New York conference will take place on May 12-13 and will bring together the leading OSB/iGaming executives, institutional investors and leaders in the Web3.0 space. The event is supported by the likes of Morgan Stanley, Playtech, Spectrum Gaming and Evolution and is limited to 700 high-level delegates. To register with a special 10% discount, use the code: 10UNL050. Conference agenda, ticket purchases and registration details: www.igamingnext.com/nyc22 Startup funding news
Ontario licensingUK and Ireland-licensed online bookmaker Fitzdares has received its iGaming operator’s license from the Alcohol and Gaming Commission of Ontario (AGCO). Casino content aggregator and games supplier Relax Gaming is set to launch in the province on Monday. Sports betting solutions provider FSB Tech has also received a license for the province. Rush Street Interactive has become the first US-based online gaming and betting company to receive accreditations from Ontario’s Responsible Gambling Council’s RG check. On social: Peuchère ! Fitzdares CEO William Woodhams says the company is launching in the Provence. DatalinesColorado Feb22: NCAA grabbed 15.5% share of total wagering in Colorado in Feb of $440.5m, ahead of March Madness. Total GGR came in at $19.6m, up 79%. Table tennis hung in there with 1.7% of total wagering. Denmark Feb22: Betting revenue fell 17% to DK184m (€24.7m) while online casino was also down 2% to DK214m (€28.8m). Gaming machines bounced back to DK131m (€17.6m) after being out of action due to pandemic restrictions last year. Land-based casinos also benefited with saw revenue return to DK31m (€4.2m) from zero in Feb21. NewlinesDownstate: New York will award at least one casino license in New York City, according to the New York Daily News. Quoting Sen. Joe Addabbo, the paper says three casino licenses will be included in the budget with Genting Malaysia’s Resorts World and MGM Resorts Empire City getting two of them. World of wonder: Staying with New York, Genius Sports has announced a data supply deal with New York-licensed Resorts WorldBet to provide its official data and live-trading content. Upping downs: Churchill Downs upsized its senior notes sales to $1.2bn from an initial $900m. The cash will partly go towards financing the $2.5bn Peninsula Pacific acquisition. Unicorn hire: Entain has appointed Brian Lancey as the new chief marketing officer for its Unikrn esports betting brand. Unikrn is set to re-launch later this year. Pathway to profit: Scout Gaming will supply its fantasy sports and betting products to bet365, its biggest client to date according to the press release. What we’re readingAs night follows day: Matched betting comes to the US.
Caving in to Big Egg: Smaller producers are losing out to egg combines. Who’s in the hat? Make sure you understand the World Cup draw. On social For Chris, David and Martin. Hahahaha Scottish kid calling out the Wi-Fi code in the cafe to his mate and shouts Q for cucumber 😂😂😂😂 Calendar
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Earnings+More Podcast #3
Thursday, March 31, 2022
Watch now (27 min) | Managed decline
Mar 30: Nothing compares 2 US, says Sportradar
Wednesday, March 30, 2022
Sportradar Q4, Boyd Gaming, Gaming Realms and IGT analyst notes +More
Boyd agrees $170m Pala deal
Tuesday, March 29, 2022
Boyd Gaming's Pala Interactive buyout, New York data, XLMedia FY, 888's African JV +More
Mar 28: UK gambling’s cost-of-living crisis
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Gambling and the cost of living, March madness update, MGM analyst note, Truist online update, Startup Focus - MetaBet +More
Mar 25: Weekend Edition #39
Friday, March 25, 2022
Gambling.com Q4, WE+M pod #2, Deutsche Bank on promotional spend (again), sector Watch - streaming, Kero Gaming funding news +More
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