DraftKings digs deep for Golden Nugget
DraftKings acquires Golden Nugget Online Gaming A rich seam: DraftKings acquires Golden Nugget Online Gaming in an all-stock transaction valuing GNOG at approximately $1.56bn. The offer is at a 7.6x multiple on 2022E revenue and is a 51% premium on GNOG’s closing price on 6 August. GNOG will own 6.6% of DraftKings going forward. The […]
Read MoreDraftKings readies for NFL return
DraftKings Q2 and earnings call The top line Revenues up 297% to $298m, operating losses hit $321.5m vs $160m Q220. Adjusted EBTIDA losses were $95.3m vs $57.5m Q220 and marketing costs came in at $170m. DraftKings raised FY21 revenue guidance from $1.05bn-$1.15bn to $1.21bn-$1.29bn, implying YoY growth of 88%-100%. Monthly unique player were up 281% […]
Read MoreChurchill Downs Q2 earnings call
Capital projects: Capex plans will focus on the $76m expansion of the Derby City Gaming facility and three major racetrack projects to be completed in the next three years: the Homestretch Club, the Turn 1 Experience (costing $135m in total) and the Paddock Area redesign (uncosted). CEO Bill Carstanjen said the group will aim to […]
Read MoreSector watch – NFTs
Some candy talking: DraftKings’ move into the NFT space via the launch of Marketplace confirmed fan tokens as another area where the convergence between sports and sports betting will potentially be played out. DraftKings is following a path already trod by others including sports merchandise market leader Fanatics (which will soon have ex-FanDuel CEO Matt […]
Read MoreEvolution gives it 100%
Evolution Q2 The top line Revenue rose 100% YoY to €256.7m while EBITDA was up 115% to €174.7m corresponding to margins of 68% (up from 63.2% Q220). H121 revenues up 102% to €492.5m. Cashflow from operating activities amounted to €125.3 in Q2, €227.21m in H1. Live casino organic growth up 59% to €203.7m, up 10.9% […]
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